Government is expected to make over GH¢30,000 in taxes from a GH¢367,543.46 sports bet win.
Over the weekend, a sports betting company announced that its ultimate winner, identified as Salifu A. for the weekend won for himself an amount of GH¢367,543.46 after he had wagered, GH¢1.00 on fifteen games.
On March 31, Parliament approved three bills on taxes; Income Tax Amendment Bill, Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill, which were tabled before it as part of the government’s measures to generate more revenue.
The President has signed the bills with implementation taking effect from May 1, 2023.
The components of the tax imposed on sports betting and lottery earnings include a 10 percent withholding tax at the point of payout deduction for every win made.
The existence of these taxes means that Salifu A. would have to pay more than GH¢30,000 as a 10 percent withholding tax on his winnings to the government.
With the introduction of these new taxes, the government is optimistic that implementing these bills will aid it in generating the revenue needed to secure the IMF deal and improve the country’s revenue situation.
But the Concerned Bettors of Ghana believe the decision by government to impose a 10 percent tax on their earnings is a rather lazy approach to generating domestic revenue.