Accra, Dec. 30, GNA – The Ghana Revenue Authority (GRA) has announced that the implementation of the 10 per cent withholding tax on the gross winnings of lotteries will start on Monday, January 1, 2024.
The 10 per cent tax, which is also applicable to betting, gaming and other games of chance, comes following a six- month expiration granted to enable the National Lottery Authority (NLA), and Private Lotto Operators (PLOs) 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 statement urged patrons, players, punters, operators, and tax consultants to take note of this directive.
It reminded operators that failure to do so would be considered an offence under Section 78 of the Revenue Administration Act, 2016 (Act 915).
The Act stipulates that offender is liable on summary conviction to a fine of not less than 1,000 penalty units (GHS12,000) and not more than 2,500 penalty units (GHS30,000) or to a term of imprisonment of not less than two years and not more five years or to both.
GNA