Implementation of 10% Bet Tax Begins Today
The revised taxes include the Excise Amendment Act, of 2023; the Income Tax Amendment Act, of 2023, and the Growth and Sustainability Levy Act, of 2023.
Under this new tax regime, Bettors will pay 10% of their gains to the state, while lottery and gaming companies would pay 20% of their total income. Individuals who receive gains from investment assets or liabilities and other non-gift-related earnings may have to pay 25% of the value to the state.
The Growth and Sustainability Levy Act mandates banks, non-bank financial institutions, telecommunications businesses, and oil corporations to pay the state 5% of their profit before taxes.
The Ghana Union of Traders Association recently stated that the new amended taxes will have a significant impact on business and raise consumer costs.
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Reactions of Ghanaians to the 10% Bet Tax
Following the passage of this Tax, many Ghanaians have been reaction to the tax, many have been describing the tax as a ‘extortion’.
SOURCE: Papergist.com