GRA Makes GH¢15 Million From “Investors” In Less Than Two Months

The Ghana Revenue Authority has accrued GH¢15 million from its recent tax on sports betting winnings. The Authority has said it is targeting GH¢60 million by the time the current football season comes to an end.

The GRA introduced a 10% withholding tax on betting on August 15, 2023, to raise about GH¢400 million annually. The Ghana Revenue Authority has made GH¢15 million from its betting tax. The authority is targeting GH¢60 million by the end of the 2023/2024 football season.

Edward Gyambra, the Commissioner in charge of DTRD, expressed confidence that the Authority will surpass its revenue targets by the end of the year. Gyambra noted that the money it made came during the lean football season period.

“We have two streams of taxes: the gross revenue tax and the withholding tax,” – he explained.

“We anticipate this to quadruple by May,” – the GRA official added.

The GRA introduced a 10% withholding tax on betting to raise GH¢400 million to bolster government revenue. The implementation of the tax began on August 15, 2023. No tax new tax on bloggers and MCs The GRA has clarified that there is no new tax being created for bloggers, brand influencers and MCs.

The authority said it is trying to expand the tax net by ensuring the incomes of bloggers, brand influencers and MCs are taxed. The GRA also said it is only fair that businesses generating income contribute their share to the national purse.

John Dumelo speaks against tax on bet winnings Earlier, YEN.com.gh reported that NDC politician John Dumelo appealed to President Nana Akufo-Addo to reconsider the move by the government to tax winnings from sports betting.

Dumelo, in a post shared on Twitter, said the new move could lead to an act of resistance from the already suffering youth. Social media influencer Code Micky rants over controversial tax YEN.com.gh reported that Code Micky went on a rant because of the tax on all betting, lottery, and gaming wins. In a viral video on TikTok, he said the move was poorly thought through.

Source: yen.com.gh

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