Communication Director of the ruling New Patriotic Party (NPP), Mr. Richard Ahiagbah has disclosed one of the reasons why the ruling government has intended to place a 10% tax on sports betting earnings.
The move is to discourage the youth from participating in sports betting or gambling.
“Betting is making the youth lazy: a 10% winning tax is another method to decrease the number of youths who gamble,” Mr. Ahiagbah wrote on the back of the announcement.
The government of Ghana’s aim of expanding domestic tax revenue in the country has decided to tax all earnings from sports betting and lotteries. A 10% tax will be deducted from the earnings of gamblers at the point of payout.
The news as relayed by the Ghana Revenue Authority reads:
“Withholding tax on winnings from betting, lottery, and games of chance.
Betting, lottery, and game of chance winnings will now be subject to a 10% withholding tax at the point of payout.”