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GRA to implement withholding tax on gross winnings from betting, games of chance – Skyy Power FM
Ghana Revenue Authority will on August 15 this year begin the implementation of a 10 per cent withholding tax on the gross winnings from all Betting, Gaming, Lotto, and other Games of Chance.
The Withholding Tax deduction will apply to winnings paid or payable by Private Lotto Operators, Sports Betting Operators, Casino Operators, and Route Operators.
Others are Remote Interactive Games Operators, Operators of Marketing Promotions, and Operators of Other Games of Chance.
Mr Edward Gyamerah, Commissioner Domestic Tax Revenue Division, who announced this at a media briefing, said some operators in the industry, including Casinos, Route Operations, Marketing Promotions started the implementation of the policy on June 1, 2023.
However, Sports Betting and Private Lotto Operations are expected to commence implementation from 15th August 2023, he said.
Mr Gyamerah said the move was in line with the passage of the Income Tax (Amendment) (No. 2) Act, 2023 (Act 1094), which allowed the Authority to implement some tax policy initiatives to boost domestic revenue mobilization.
The initiatives include the Electronic VAT, Electronic Tax Clearance Certificate, Upfront Payment on imported goods, Excise tax stamp, a resumption of the payment of Vehicle Income Tax amongst others.
Mr Gyamerah also announced the implementation of Textile Tax Stamp at the entry points from 1st October 2023 to protect the industry from unfair trade practices.
The Textile Tax Stamp programme seeks to control the importation and local manufacture of excisable goods for revenue purposes, check the evasion of taxes through smuggling of imported textiles, check the illicit trading and counterfeiting of local textiles products, check under declaration of imported textiles and protect and increase tax revenue.
“The introduction of the textile tax stamp is therefore seen as a bold initiative to reverse the ever-dwindling fortunes of the industry, put it back on the path of growth, retain and create more jobs,” he said.
Additionally, textile tax stamps have been introduced to amongst others protect the local textile industry, reduce smuggling of textile products, eliminate pirating of local textile designs, and ultimately increase revenue from the sector.
Mr Gyamerah said there would be a transition period from 1st October 2023 to 31st December 2023 after which the implementation would strictly be enforced at the point of sale from 2nd January, 2024.
There will also be Tax Stamp on Newly Introduced Excise Products such as Fruit Juices, all sweetened beverages, e-cigarette and e-cigarette liquids, beginning 1st September 2023.
There would be enforcement at the points of entry from 1st October 2023 and a Transitional period from 1st October 2023 to 31st December 2023.
They will be enforced at the points of sale from January 2, 2024.
Overall, the Excise Duty aims to raise about GHS 455million this year, revise the Excise Duty for
cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Directive.
“These policies are key to contributing to our revenue performance this year,” he said.
Source: GNA
Source: skyypowerfm.com
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