Starting from today, August 15, 2023, individuals engaging in betting, gaming, and lottery activities will be subject to a 10% withholding tax on their winnings. The initiation of the government’s 10% tax on profits from sports betting marks a significant change following the amendment of the Tax Act, which introduces this withholding tax on lottery and sports betting winnings.
The betting industry in Ghana has experienced remarkable expansion over the past decade, resulting in the establishment of numerous betting companies within the country. This growth has generated mixed opinions among Ghanaians, with some expressing concerns about its impact on the younger generation. Conversely, others argue that betting is a legal activity and cannot be deemed inappropriate when conducted within the confines of the law.
However, the decision to implement a 10% withholding tax has faced criticism from various quarters in Ghana, with individuals using social media to voice their discontentment with the government’s stance. Influencer KalyJay tweeted, “You pay tax on data, import cars, online purchases, and now even on your betting wins, yet we don’t see the money being put to good use. It’s frustrating.” Similarly, a Twitter user named LilMoGh expressed, “Did anyone who imposed the 10% betting tax even consider its implications? It’s as if they assume you win every single bet you place. This is really disheartening.”
As per the new betting tax regulation, individuals who win bets will need to relinquish 10% of their winnings to the government in the form of tax.
Source:.pulse.com.gh
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