Concerned Betters of Ghana (CBOG) has rejected the implementation of 10% tax on all betting, games and lottery wins announced by the Ghana Revenue Authority (GRA).
The Ghana Revenue Authority (GRA) served a notice that 10% withholding tax on all gross gaming winnings from August 15, 2023.
The GRA explained that the withholding tax will be charged on profits accrued after each win and that the existing 15% Value Added Tax (VAT) rate on each stake will no longer be charged.
The GRA said that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.
In response, the group said an attempt to go ahead to levy the ordinary Ghanaian, especially the youth in betting, in an already tax-burdened society is a recipe for chaos.
This was contained in a statement signed by the Convener of Concerned Betters of Ghana, Richard Aguda, dated Wednesday, August 9, 2023, and copied to otecfmghana.com.
“Betting, games and lottery has become an avenue for livelihood for millions of Ghanaian youth due to unavailability of existing jobs and taking 10% of its winnings is a scandalous means to push the youth into a more abject poverty,” the statement said.
The group in its press release on April 2023 on the rejection of 10% tax was of the hope that government would have listened to the plea of the teaming youth in betting, but was as unusual, ignored.
“Taking the very source of survival for many Ghanaians in this current economic hardship is clueless and must be rejected,” it added.