Ghana to apply withholding tax on gambling winnings

The GRA has warned that there will be punishments for companies that do not comply.
The GRA has warned that there will be punishments for companies that do not comply.

The new tax on gambling winnings will replace a previous levy on stakes.

Ghana.- The Ghana Revenue Authority (GRA) has announced that it will start to implement a withholding tax on all gross gaming winnings from Tuesday (August 15). A withholding tax of 10 per cent will be applied to earnings from each win.

In line with an amendment to the Income Tax Act 2023 (No.2), Act 1094, the previous 15 per cent Value Added Tax (VAT) rate applied to each stake will no longer be applied. GRA Domestic Tax Revenue Division commissioner Edward Gyamerah has warned that punitive measures will be taken against any gaming company that does not comply with the new policy. He said companies that breached the law would be subjected to fines and could have their licenses revoked.

Meanwhile, Suame MP Osei Kyei Mensah-Bonsu has claimed that gambling is corrupting Ghanan youth. In an interview on Kumasi-based Angel FM he said: “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.

“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.”

The Stoke-on-Trent-based betting operator bet365 announced the launch of a sportsbook in Ghana in November. It described the launch as a “landmark moment” and a major advance in its African presence. It said it had timed the launch around Ghana’s participation in the 2022 FIFA World Cup.

A spokesperson said: “We are delighted to announce the launch of a dedicated bet365 website for customers in Ghana. In a country with such a passion for sports, particularly football, we are excited to provide an unrivalled sports betting experience, with a key focus on both localised and international markets.

See also: 888Africa to buy online bookmaker BetLion

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