General News

Bettors Voice Out Against 10% Tax

A group calling itself Concerned Bettors of Ghana (CBOG) has registered its displeasure at the introduction of a 10% tax on betting, gaming and lottery wins.

In a press statement dated April 11, the group rejected the tax and urged President Akufo-Addo not to assent to the bill.

According to CBOG, the imposition of the tax will be a “recipe for chaos and a means to find other criminal and dubious ways of survival”.

This comment follows the passage of a 10% withholding tax at the point of payout deduction from winnings from lotteries, sports betting, and games of chance.

Also, betting companies operating in the country will be deducted a 20% tax on gains.

The tax falls under one of the three taxes that were approved on March 31 by Parliament.

“For the information of the government, betting, games and lottery has become an avenue for livelihood for millions of Ghanaian youth due to unavailability of existing jobs,” the group noted.

It described the government as “clueless” for introducing the tax at a time of economic crisis.

CBOG’s call adds up to that of unions that have risen against the taxes.

According to the government, the three taxes namely the Income Tax Amendment Bill, Excise Duty Amendment Bill and Growth and Sustainability Amendment Bill, are among the conditions that need to be satisfied to get the $3 billion International Monetary Fund (IMF) bailout.

The government argues that at 13%, Ghana has the lowest tax-to-GDP ratio in West Africa and therefore plans to raise it to 20%.


Source: Fuseini

Related Articles

Back to top button