Majority Leader in Parliament, Osei Kyei Mensah-Bonsu has reacted to why it is imperative to tax winnings on sports betting and lottery.
According to him, betting does not encourage hard work but rather teaches people to engage in lazy activities which will corrupt the youth in Ghana.
Speaking in an interview, the lawmaker reiterated that it is about time the youth work hard and quit betting.
He added that God only blesses hard and does not encourage lazy behaviours.
“I don’t believe in betting. I don’t believe in luck. I believe in hard work and sweating to get money. Let’s be serious. As for me, I’m against betting coming into the country. I don’t support it because it doesn’t encourage hard work,” the Suame MP told Kumasi-based Angel FM.
“As an individual, I don’t engage in lottery because I don’t believe in that. I don’t believe in luck. Work hard so God will bless it.”
Meanwhile, the Ghana Revenue Authority (GRA) has announced that it will start with the implementation of a 10% withholding tax on all gross gaming winnings from August 15, 2023.
According to the Authority, the previous 15% Value Added Tax (VAT) rate on each stake will no longer be applied. Instead, withholding tax will be imposed on earnings that are accrued after each win.
The GRA further explained that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.
A Commissioner of the Domestic Tax Revenue Division at the GRA, Edward Gyamerah said there would be a punitive measure against any gaming company that disregards the new policy.
He stated that companies that flout the law would be subjected to fines, including having their licenses revoked.
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