The Ghana Revenue Authority (GRA) has announced that the implementation of the 10% withholding tax on the gross winnings of lotteries and betting will start on Monday January 1, 2024.
The authority earlier this year granted the National Lottery Authority (NLA), and Private Lotto Operators (PLOs) a six-month extension period to prepare for the implementation.
“The extension expires in December 2023 and therefore the NLA and the PLOs are required to commence the implementation of the withholding tax on Lotto Gross winnings effective January 2024”, a statement from the GRA said.
The GRA said lotto patrons and operators, are obliged by law to implement the 10% withholding tax on the gross winnings from all lotteries, including lotto, betting, gaming, and other games of chance.
It emphasised that compliance with the tax law is mandatory, and failure to do so will be considered an offence under Section 78 of the Revenue Administration Act, 2016 (Act 915).
The GRA warned that the sanctions will be applied to operators who do not adhere to the stipulated tax regulations.
“Patrons, players, punters, operators, and tax consultants are urged to take note of this directive”, the statement concluded.
Latest Stories
-
Nana Ama Mcbrown to host Ghana to the World concert in USA
4 mins -
It’ll be good if Bawumia is elected President – Ahafo Regional House of Chiefs President
11 mins -
Anti-Gay bill suit: Supreme Court grants Richard Sky’s request to amend application
11 mins -
Procurement chamber trains private contractors and suppliers on accurate tender procedures
17 mins -
Otumfuo’s words have been key – Kotoko forward Mukwala on team’s resurgence
21 mins -
We created a room for Botsio to be comfortable – Azamati on running third leg
25 mins -
EC’s limited voter registration got off slowly due to inadequate publicity – Otokunor
26 mins -
T-bills: Government borrowed GH¢15.60bn in April 2024
43 mins -
Two busted for attempting to smuggle 130 bags of cocoa beans to Togo
50 mins -
April 2024 inflation declines marginally to 25 percent
56 mins -
Ian Gelder: Game of Thrones actor who played Kevan Lannister dies aged 74
1 hour -
Current players of Kotoko do not deserve to play for the club – Augustine Ahinful
1 hour -
2024 polls: Bawumia’s humility and policies good for Ghana – Ahafo Regional House of Chiefs President
1 hour -
Your policies are good for Ghana’s next generation – Ahafo Regional House of Chiefs to Bawumia
1 hour -
Ghanaian clubs need financial support to perform at continental stage – Coach Zito
1 hour