Business
10% withholding tax on lottery and betting winnings starts from Monday January 1, 2024
The Ghana Revenue Authority (GRA) has announced that the implementation of the 10% withholding tax on the gross winnings of lotteries and betting will start on Monday January 1, 2024.
The authority earlier this year granted the National Lottery Authority (NLA), and Private Lotto Operators (PLOs) a six-month extension period to prepare for the implementation.
The extension expires in December 2023 and therefore the NLA and the PLOs are required to commence the implementation of the withholding tax on Lotto Gross winnings effective January 2024”, a statement from the GRA said.
The GRA said lotto patrons and operators, are obliged by law to implement the 10% withholding tax on the gross winnings from all lotteries, including lotto, betting, gaming, and other games of chance.
It emphasised that compliance with the tax law is mandatory, and failure to do so will be considered an offence under Section 78 of the Revenue Administration Act, 2016 (Act 915).
The GRA warned that the sanctions will be applied to operators who do not adhere to the stipulated tax regulations.
Patrons, players, punters, operators, and tax consultants are urged to take note of this directive”, the statement concluded.
-
Business1 week ago
QNET Triumphs at PR Awards 2024 with Three Prestigious Wins
-
Business4 days ago
Lagos State Officials Praise Jospong Group’s Eco-friendly Waste Management Module, Eyes Similar Module
-
General News2 weeks ago
Mawuena Trebarh passes on at 52
-
Entertainment4 weeks ago
Massive turnout at MTN SIW in Kumasi, ACP Kofi Sarpong lauds organisers
-
AgriBusiness3 weeks ago
Africa’s Agrifood Entrepreneurs Called to Action: Applications Open for the US$100,000 GoGettaz Agripreneur Prize Competition
-
Technology3 weeks ago
“AI is about partnerships, collaboration not replacement” -Bernard Acquah
-
Company/Corporate News3 weeks ago
QNET engages Stakeholders to mark 2024 World Health Day
-
Education2 weeks ago
UCC Council Chairman Creates Commotion Over Appointment of Registrar And Director of Human Resources