withholding tax

The Ghana Revenue Authority (GRA) will, from today, Tuesday, August 15, 2023 begin a deduction of ten percent from all gross gaming winnings as withholding tax. The tax, which affects winnings on betting and lottery, according to the GRA, will no longer be subject to the former 15 percent Value Added Tax (VAT) rate. However, profits accrued, following each victory, will be subject to the ten percent withholding tax. In line with an amendment to the Income Tax Act, 2023 (No. 2), Act 1094, gaming companies that disregard the new policy will suffer punitive measures, including fines and revocation of…