Bet tax – Adomonline.com https://www.adomonline.com Your comprehensive news portal Thu, 15 Aug 2024 00:30:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png Bet tax – Adomonline.com https://www.adomonline.com 32 32 Mahama’s promise to scrap bet tax will encourage more youth to gamble – NPP’s Nana Bediako https://www.adomonline.com/mahamas-promise-to-scrap-bet-tax-will-encourage-more-youth-to-gamble-npps-nana-bediako/ Thu, 15 Aug 2024 00:30:46 +0000 https://www.adomonline.com/?p=2434085 Nana Bediako, a member of the NPP’s Communications Team, has raised concerns about former President John Dramani Mahama’s promise to abolish the betting tax.

Speaking on Adom FM’s Burning Issues with host Akua Boakyewaa Yiadom, Bediako argued that removing the tax could lead to an increase in gambling among the youth.

Bediako criticized the proposal, stating, “From where I sit, it seems that removing the tax might inadvertently encourage more young people to engage in betting. Nowadays, children are going so far as to steal from their mothers or even their employers to place bets, which is a serious issue. Allowing easier access to bet could potentially divert them from working and focusing on productive activities.”

He emphasized the need for careful consideration of policies related to gambling, stressing that they should not inadvertently foster irresponsible behaviour among the youth.

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]]> Mahama’s promise to scrap bet tax will encourage more youth to gamble - NPP's Nana Bediako nonadult Check out how much GRA will make from gaming tax https://www.adomonline.com/check-out-how-much-gra-will-make-from-gaming-tax/ Wed, 16 Aug 2023 19:50:31 +0000 https://www.adomonline.com/?p=2284123 The Ghana Revenue Authority (GRA) is hoping to rake in some GH¢400 million from the new gaming tax. 

The new tax seeks to charge 10 per cent tax on bet wins. 

Speaking to Citi News, a member of the Gaming Committee at the GRA, Spio Abedu said the taxes will be deducted at source. 

He explained that “They are the withholding agent by law of the Commissioner General. So, they will withhold and pay same to the Commissioner General on the 15th of every month.

“The amount since 2021 was around 400, so it was suggested that it also includes the gross gaining revenues from the entities. We are looking at something that is close to more than 400 million,” he stated.

The Ghana Revenue Authority (GRA) announced that it will begin implementing a 10% withholding tax on all gross gaming winnings on August 15, 2023.

The GRA explained that the withholding tax will be charged on profits accrued after each win and that the existing 15% Value Added Tax (VAT) rate on each stake will no longer be charged.

The GRA said that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.

Speaking at a media engagement session, the Commissioner for the Domestic Tax Revenue Division at the GRA, Edward Gyamerah, said that gaming companies that fail to comply with the new policy will face sanctions, including the withdrawal of their licenses.

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