The Ghana Revenue Authority (GRA) has served notice that the new 10% withholding tax on all betting, games and lottery wins will take effect from next week, August 15, 2023.
This comes after the government amended the Tax Act, therefore, introducing withholding tax on winnings from sports betting and lottery.
And according to a report by UTV Ghana, the GRA said they aim to ensure full compliance with the newly amended Tax Act and to generate about GHC 1.2 million from lottery activities.
It will be recalled that earlier this year, the government of Ghana announced plans to introduce taxes on all betting, games and lottery wins.
The new tax was widely criticised by young Ghanaians on social media, many of whom were involved in sports betting.
The betting industry in Ghana has seen tremendous growth in the last decade, leading to many betting companies setting up shop in the country.
In recent years, sports betting has often divided opinion among Ghanaians, with some quarters highlighting its effects on the youth.
Others also believe betting is legal and therefore cannot be described as a bad practice when no laws are broken.