SportsEntertainment News

Winnings on sports betting to be taxed from April – GRA

From April 1, 2022, winning bets on your favorite football club will be subject to tax.

The Ghana Revenue Authority (GRA) has decided to tax online betting and other web-based enterprises starting next month.

The move is part of the government’s aim to expand the tax base and increase domestic tax collection.

Currently, the nation has over 33 licensed sports betting firms and 8 authorized casinos. These businesses are meant to help the government earn money.

According to GRA Assistant Commissioner Dr. Martin Yamborigya, these firms’ activities have risen over time, necessitating taxation. “It is a burgeoning region. Many individuals are switching from brick-and-mortar to internet businesses.

The tax collecting methods have been finished and asked betting operators to cooperate when the tax collection starts in April.

The Ghana Revenue Authority has been working with the Gaming Commission and operators in the gaming and betting businesses to ensure players pay the correct taxes.

“We will vigorously tax participants in the e-commerce market,” said GRA Commissioner-General Ammishaddai Owusu-Amoah. We have put in place procedures that will allow us to make advances into this area this year”.

Mr. Owusu-Amoah said the projected E-levy and digitalization of the economy will enable the GRA meet its GH80.3billion income goal for 2022.

He stated that once the procedures are finished, computerized invoicing would replace manual billing and stop VAT leaks.

Source: GhBase

Leave a Reply

Back to top button