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.