Banner 3 Banner 2
GhanaLotteriesNews

Ghana Revenue Authority Declares Lottery Winnings Will be Subjected to A 10% Tax

The Ghana Revenue Authority (GRA) has notified the general public, especially lottery players and operators, that a 10% withholding tax will be applied to the gross winnings from all lotteries, including lotto, betting, gaming, and other games of chance.

This withholding tax was implemented and is currently in effect as a result of the Income Tax (Amendment) Act, of 2023 (Act 1094).

To prepare for and carry out the tax, the National Lottery Authority (NLA) and Private Lotto Operators (PLOS) were given a six-month extension. It is scheduled to expire at the end of December 2022.

Read Also: Bet9ja Celebrates 132 Staff members who have marked a decade at the company

Therefore, starting on January 1, 2024, the NLA and PLOs have been ordered by the GRA to begin implementing the 10% Withholding Tax on Lotto Gross Winnings. Per Section 78 of the Revenue Administration Act, 2016 (Act 915), the GRA stressed that noncompliance with the tax law is an offense. Operators not complying with the specified tax regulations will face sanctions.

The current 15% Value Added Tax (VAT) rate on each stake is replaced by the tax, which is levied on profits received following each win.

The GRA clarified that a change to Act 1094, the Income Tax Act 2023 (No. 2), is in line with the new policy. Ghana Lottery Withholding Tax

The updated policy is under Act 1094, the Income Tax Act 2023 (No. 2). Edward Gyamerah, the Commissioner of the GRA’s Domestic Tax Revenue Division, made it clear that gaming companies that disobey the new regulation would suffer repercussions, including revocation of their licenses.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

You cannot copy content of this page

Adblock Detected

Please consider supporting us by disabling your ad blocker