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The Domestic Tax Revenue Division of the Ghana Revenue Authority (GRA) has reported that it has generated GH¢15 million within the first month of implementing the betting tax.
The tax collector is optimistic that this amount will increase to GH¢60 million by the end of the football season.
The GRA explained that there are two streams of taxes related to betting: the gross revenue tax and the withholding tax.
During the initial month of implementation, the gross revenue tax averaged GH¢20 million, while the withholding tax generated around GH¢15 million during the lean season. The GRA anticipates that these figures will increase significantly by May.
A 10% withholding tax was implemented on various forms of betting as a means to generate additional government revenue, to raise approximately GH¢400 million in total, the revenue collected will contribute to the country’s finances.
NKONKONSA.com
