Betting tax Archives - Wontumi Online

12 Mar

Betting Tax Was Never Implemented Under NPP – Former Finance Minister

CUD WontumiBusinessAmin Adam, Betting tax

Former Finance Minister Amin Adam has dismissed claims that the New Patriotic Party (NPP) administration implemented the 10% tax on sports betting winnings. His response follows an announcement by current Finance Minister Dr. Cassiel Ato Forson that the government has scrapped the tax while presenting the 2025 Budget Statement and Economic Policy in Parliament on Tuesday, March 11. “We will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax’,” Dr. Forson stated. In addition to the betting tax, the government has also removed the E-levy, the COVID-19 tax, and the emission levy. However, addressing…

12 Feb

Scrapping betting tax will be suicidal for Ghana’s economy- John Kwakye

MAN WontumiNewsBetting tax, John Kwakye

Dr. John Kwakye, an economist and director of research at the Institute of Economic Affairs (IEA), has stated that he believes that gambling ought to be subject to taxes. He claims that it would be financially foolish and suicidal to leave betting untaxed. He wrote in a post on his X page that,”“Betting will become an increasing part of the economy with a huge tax revenue potential. Leaving betting untaxed would, therefore, be fiscally ill-advised and, indeed, suicidal!” The Mahama government is working to repeal the 10% betting tax, as promised during the 2024 election season. Dr. Cassiel Ato Forson,…

12 Feb

It Will Be Suicidal, Financially Ill-Advised Not To Tax Betting – John Kwakye

CUD WontumiBusinessBetting tax, Dr. John Kwakye

Economist and Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has firmly asserted that betting must be taxed, warning that failing to do so is both reckless and detrimental to the economy. In a compelling post on his X page, he declared, “Betting is poised to become a significant component of the economy, presenting a substantial opportunity for tax revenue. Allowing betting to remain untaxed is unequivocally fiscally irresponsible and, indeed, suicidal!” His comments come as the Mahama administration seeks to remove the 10% betting tax, following a campaign promise made during the 2024 election period.…

24 Jan

Increase Betting Tax To Make It Effective – GNCCI Boss

CUD WontumiBusinessBetting tax

The CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has argued that the current betting tax rate is ineffective in curbing gambling activities in the country. Speaking on Joy News’ PM Express Business Edition on Thursday, January 23, he stated that the government should consider increasing the tax if it truly aims to deter people from betting. “If you want it [betting tax] to be effective, you rather have to increase it. Otherwise, it is totally a waste,” Mr. Aboagye stressed. According to him, the current 10 percent tax rate is insufficient and will not discourage…

25 Aug

Ghana’s Betting Tax: Balancing Revenue Boost And Responsible Gambling

wontumionlineSportsbetting, Betting tax, gambling, Ghana, Tax

Over the past ten years, the betting sector in Ghana has experienced remarkable expansion, attracting numerous betting firms to establish a presence in the country. As part of the government’s strategy to enhance revenue generation for developmental purposes, a new measure has been implemented as of Tuesday, August 15, 2023. This measure involves the introduction of a withholding tax set at 10% for both betting and lottery winnings. It’s important to note that this tax will not be applied to the initial amount invested in placing bets or participating in the games. Rather, it will solely be imposed on the…

17 Aug

Pius Hadzide Fires NDC For Protesting 10% Betting Tax

wontumionlineBusinessBetting tax, Government, GRA, Pius Hadzide

The Chief Executive Officer of the National Youth Authority (NYA), Pius Enam Hadzide, has berated the opposition National Democratic Congress (NDC) for protesting the recently imposed 10% betting tax. He said the NDC’s conduct means they support activities that will affect the value systems of the country. The former Deputy Information Minister speaking in an interview with Citi FM on Wednesday, August 16, urged Ghanaians to call out the NDC. According to him, the NDC is just being populist for election purposes. “I’m pretty much scandalised listening to NDC, with the impression they are creating. If there is a problem…