The 10% withholding tax on winnings from gaming and betting is on repel by a private member’s bill by four National Democratic Congress (NDC) MPs.
Francis Xavier Sosu (Madina), Dr. Cassiel Ato Forson (Ajumako Enyan Esiam), Isaac Adongo (Bolgatanga Central), Teddy Safori Addi (Ayensuano), and Alhassan Suhuyini (Tamale North) are the Members of Parliament who are supporting the bill.
The MPs emphasized the need for policies to alleviate citizens’ financial obligations and outlined the current economic issues in a letter to the Clerk of Parliament. Along with the persistent problems of unemployment and financial hardship, they mentioned the effects of the Domestic Debt Exchange Programme (DDEP).
They maintained that in order to lower Ghanaians’ cost of living, encourage savings and investments, and support long-term economic growth, tax relief measures are must be in place.
On August 15, 2023, the Ghana Revenue Authority (GRA) implemented a 10% withholding tax on gaming earnings, which is applicable to all gross gaming winnings.
This tax via the modified Income Tax Act of 2023 (Act 1094), replaced the former 15% VAT on each stake.
In view of growing economic difficulties, the MPs hope that this law will help Ghanaians by fostering economic resilience and offering financial assistance.
