MP for Madina Francis-Xavier Sosu and four other NDC legislators have introduced a private member’s bill in Parliament to repeal the 10% withholding tax on winnings from betting and gaming.

In a letter dated November 7 to the Clerk of Parliament, the MPs emphasised the significance of this move, citing the current economic challenges facing Ghanaians and the need for policies that reduce their financial burdens.

They argued that the tax on gaming winnings adds to the financial difficulties many Ghanaians are already experiencing, especially in the wake of the Domestic Debt Exchange Programme (DDEP).

The MPs noted, “Considering the impact of the Domestic Debt Exchange Programme (DDEP) and the compounded challenges of unemployment and economic hardship, there is an urgent need to introduce policies, including tax relief measures, to help alleviate the cost of living for Ghanaians, promote savings and investments, and foster sustainable economic growth.”

The 10% withholding tax on gaming winnings, introduced by the Ghana Revenue Authority (GRA) on August 15, 2023, applies to all gross gaming winnings.

This replaced the previous 15% VAT on each stake and was implemented under the amended Income Tax Act of 2023 (Act 1094).

Through this bill, the MPs aim to provide financial relief and foster economic resilience among Ghanaians, particularly in light of mounting economic pressures.