New Betting Tax: 10% Withholding on Wins Begins Today.
Starting from August 15, 2023, individuals engaging in betting, games, and lotteries will be subject to a 10% withholding tax on their winnings. The government’s decision to amend the Tax Act brings about this introduction of withholding tax on earnings from sports betting and lottery activities. Over the past decade, Ghana’s betting industry has experienced remarkable growth, leading to the establishment of numerous betting companies in the nation.
Did whoever impose the 10% tax on bet, even had a second thought about it.. or they think you win every game you stake.. eiiiii Bibiniiii nso y3 nnipa ooo. You stake 10k and lose, you stake 5k and win let’s say 10k you want to withdraw, aban se mede3 1k.. Awurade Nyame 💔
— CLINTON 🇬🇭💫 (@LilMoGh) August 14, 2023
The topic of sports betting has sparked debates among Ghanaians, with some emphasizing its impact on the younger generation. Others argue that betting, being legal, cannot be labeled as harmful as long as it abides by the law.
However, the decision to impose a 10% withholding tax has faced criticism from various segments of Ghanaian society. Critiques of the move took to social media platforms to express their discontent.
Notable influencer KalyJay tweeted, “You pay tax when you buy data, you pay tax when you import a car, you pay tax when you purchase something online, you pay tax on your betting winnings, but we don’t see where the money goes. Our nation is in turmoil.”
You go buy data you go pay tax, you import car you pay tax, you buy something online you pay tax, you win bet you pay tax but we no dey see where the money dey pass. Oman fu sei
— KALYJAY (@gyaigyimii) August 10, 2023
Another Twitter user with the handle LilMoGh pondered the rationale behind the 10% tax on betting, highlighting the unpredictable nature of betting outcomes. The new tax regulation mandates that individuals who win bets are required to allocate 10% of their winnings as tax to the government.
