Francis-Xavier Sosu, four others seek repeal of 10% withholding tax on gaming winnings
Accra, Ghana - Nov 8, 2024 - Five Ghanaian lawmakers, including Francis-Xavier Sosu, Dr. Cassiel Ato Forson, Isaac Adongo, Teddy Safori Addi, and Alhassan Suhuyini, have introduced a private member's bill to Parliament seeking to repeal the 10% withholding tax on betting and gaming winnings.
This move aims to alleviate the financial burden on citizens amidst Ghana's current economic challenges.
In a letter to the Clerk of Parliament, dated November 7, the MPs emphasized the need for policies that ease financial burdens, citing the Domestic Debt Exchange Programme's (DDEP) impact, unemployment, and economic hardship.
They argue that the tax exacerbates financial challenges, limits economic choices, and hinders economic resilience.
“Considering the impact of the Domestic Debt Exchange Programme (DDEP), and the related exacerbation of the twin challenges of unemployment and economic hardships, as well as the seeming lack of adequate safety measures to cushion vulnerable Ghanaians against daily pressing needs.
“There is, therefore, an urgent need to introduce programmes, including tax policies and measures that seek to rescue Ghanaians in light of the harsh economic realities, reduce the cost of living, promote savings and investments, and achieve economic stability and sustainable growth, hence this Bill.”
The 10% withholding tax, implemented by the Ghana Revenue Authority (GRA) on August 15, 2023, replaced the 15% VAT on each stake, under the amended Income Tax Act (Act 1094).
The MPs seek to provide financial relief, promote savings and investments, and foster sustainable economic growth through this bill.
Source: Lead News Online
