Ghana Revenue Authority To Begin Charging 10% Tax On Lottery Winnings From January
- The GRA will begin implementing the 10% withholding tax on the gross winnings of lotteries from January 2024
- National Lottery Authority (NLA) and Private Lotto Operators (PLOS) were granted a six-month extension
- The GRA began implementing a 10% withholding tax on all gross gaming winnings on August 15, 2023
The Ghana Revenue Authority (GRA) is set to implement the 10% withholding tax on the gross winnings from all lotteries from January 2024 after a 5-month delay.
National Lottery Authority (NLA) and Private Lotto Operators (PLOS) were granted a six-month extension to prepare and implement the tax, which is set to expire at the end of December 2023.
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The authority has mandated the NLA and PLOs to begin the implementation of the 10% withholding tax, starting January 1, 2024.
The GRA emphasised that compliance with the tax law is mandatory, and failure to do so is considered an offence under Section 78 of the Revenue Administration Act, 2016 (Act 915).
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The GRA began implementing a 10% withholding tax on all gross gaming winnings on August 15, 2023.
The tax is charged on profits earned after each win, replacing the existing 15% Value Added Tax (VAT) rate on each stake.
GRA cashing out from betting tax
The Ghana Revenue Authority has accrued GH¢15 million in its first two months from its recent tax on sports betting winnings.
The Authority has said it is targeting GH¢60 million by the current football season ends.
The GRA introduced a 10% withholding tax on betting on August 15, 2023, to raise about GH¢400 million annually.
No new tax on bloggers
The GRA clarified earlier that no new tax is being created for bloggers, brand influencers, and MCs.
The Authority said it is trying to expand the tax net by ensuring the incomes of bloggers, brand influencers, and MCs are taxed.
While the GRA refuted speculation that it is creating a new tax, it has stressed that all income generation must be taxed.
Uber and Bolt car owners to pay new vehicle income tax
The GRA has issued a notification to ride-hailing vehicle owners regarding the implementation of a new tax policy.
Ride-hailing car owners on platforms like Uber must now pay a Vehicle Income Tax from January 1, 2024.
The GRA released a statement with guidelines for ride-hailing companies and users to adhere to.
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Source: YEN.com.gh
