The Ghana Revenue Authority (GRA) has revealed its intention to initiate the enforcement of a 10% withholding tax on all gross gaming winnings, starting from August 15, 2023.

As outlined by the authority, the former 15% Value Added Tax (VAT) rate that was applied to each stake will no longer be in effect. Instead, the imposition of withholding tax will take place on the earnings accrued subsequent to each victory.

The GRA went on to elaborate that this updated policy aligns with the amendment made to the Income Tax Act 2023 (No.2), Act 1094.

Edward Gyamerah, a Commissioner of the Domestic Tax Revenue Division at the GRA, emphasized that stringent measures would be taken against any gaming company that fails to adhere to this new policy. He highlighted that firms found in violation of the law could face penalties, which might even involve the revocation of their licenses.

“From August 15, we expect that when you are making the payments, you will withhold 10 percent to the Ghana Revenue Authority (GRA). As you have been appointed as withholding agents, the obligation is on you to withhold”, he said.

The GRA also disclosed a revision to the Excise Duty Act, which broadened the application of excise duty to include all fruit juices and altered rates for specific goods.