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Five National Democratic Congress (NDC) MPs have proposed a private member’s bill to eliminate the 10% withholding tax on gaming and betting winnings.
Alhassan Suhuyini (Tamale North), Isaac Adongo (Bolgatanga Central), Teddy Safori Addi (Ayensuano), Francis Xavier Sosu (Madina), and Dr. Cassiel Ato Forson (Ajumako Enyan Esiam) are the MPs that are supporting the bill.
The MPs emphasized the recent economic difficulties and the necessity of policies that lessen citizens’ financial responsibilities in a letter to the Clerk of Parliament. They mentioned the effects of the Domestic Debt Exchange Programme (DDEP) as well as the persistent problems of unemployment and financial difficulties.
In order to lower Ghanaians’ cost of living, encourage savings and investments, and support sustainable economic growth, they contended that tax relief measures are desperately needed.
All gross gaming earnings are subject to the 10% withholding tax on gaming winnings, which was implemented by the Ghana Revenue Authority (GRA) on August 15, 2023.
The modified Income Tax Act of 2023 (Act 1094) established this tax in place of the former 15% VAT on each share.
The MPs hope that this bill will help Ghanaians become more resilient financially, especially in the face of growing economic strains.
Source: Ghanatodayonline.com
