Osei Kyei Mensah-Bonsu, the Majority Leader in Parliament, has responded on why it is critical to tax sports betting and lottery earnings.
Betting, he claims, does not encourage hard work but rather educates individuals to indulge in idle activities that would ruin Ghana’s youth.
In an interview, the congressman stated that it is past time for the youth to work hard and stop gambling.
He went on to say that God only favours those who work hard and does not promote laziness.
“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,” the Suame MP told Kumasi-based Angel FM.
“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.”
Meanwhile, the Ghana Revenue Authority (GRA) has declared that a 10% withholding tax on all gross gaming earnings would be implemented beginning August 15, 2023.
The former 15% Value Added Tax (VAT) rate on each share, according to the Authority, would no longer be imposed. Instead, a withholding tax will be levied on earnings that accrue after each victory.
According to the GRA, the new policy is in accordance with an update to the Income Tax Act 2023 (No.2), Act 1094.
According to Edward Gyamerah, Commissioner of the Domestic Tax Revenue Division of the GRA, any gaming corporation that disregards the new rules would face penal measures.
He added that firms who violate the rule will face penalties and maybe have their licences withdrawn.
