The Government of Ghana intends to introduce a 10% tax on winnings from sports betting at the time of payout. This represents a measure by the Ghanaian Government which aims to broaden the tax base and increase national tax revenues. However, the President must approve a bill that is passed by the Parliament. The tax would apply to the earnings from lotteries and gambling, too.
If this happens, the punters must expect that 10% of their winnings will be deducted in the form of taxes. Before the president’s decision, they took to social media to voice their concerns regarding the potential impact on their earnings. Probably this was one of the reasons for the multimedia sports journalist Fentuo Tahiri Fentuo to focus on the issue. Here, he emphasized that taxes would be deducted before the eventual winnings of individual players would be paid out. The news portal GhanaWeb noticed that he wrote in a tweet that betting sites now are charged a 20% tax.
The Government aims to overcome the economic crisis with tax measures
However, the planned introduction of a 10% tax on winnings from sports betting, lotteries and gambling currently doesn’t represent an isolated case in Ghana. On 31 March, parliament passed three new tax measures. GhanaWeb explained, for example, that they include the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, plus the Income Tax Amendment Bill 2022. The Government previously presented its plans to the parliament to generate about 4 billion GH¢ in national revenue per year.
Additionally, these measures assume a key role in the battle for the approval of the 3 billion US dollar programme of the International Monetary Fund (IMF). At the end of the last year, a staff-level agreement was reached. The IMF set criteria for a bailout, and the Ghanaian Government met them by adjusting the tariffs of the Public Utilities Regulatory Commission (PURC).
Furthermore, it published the Auditor-General’s report on COVID-19 pandemic expenditure. Additionally, it integrated into the Ghana Integrated Financial Management Information System (GIFMIS) the Ghana Education Trust Fund (GETFund), the District Assemblies Common Fund (DACF) as well as the Road Fund. Besides, the Government motivated the introduction of the tax with its crucial role in overcoming the current economic crisis.
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