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The government’s recent adoption of a 10% withholding tax on wins from gambling, games, and lotteries has caused a great deal of popular uproar. Mr. Kennedy Agyapong, a candidate for the New Patriotic Party’s (NPP) flagbearer candidacy, vehemently defends the recently implemented taxation policy, in contrary to the general consensus on social media.
The contentious choice, which will take effect on August 15, 2023, has sparked passionate debate across the country. The young of Ghana, a group heavily involved in sports betting for both amusement and possible cash, have expressed strong opposition of this development.
Agyapong argues that the tax is appropriate despite the fact that it has received a great deal of criticism by drawing comparisons to the United States, where lottery tickets and other comparable games of chance are subject to significant taxes.
“[The 10% tax on betting] is in order and it should have been more,” Mr. Agyapong said in an interview on TV3. “If you go to America and win the US lottery, a billion, you’d take home about $600m because it’s free money and it’s taxable, so 10% they have been charitable.”
“I will be honest with the [youth] betting is not anything good for your future that’s why it should be punitive to discourage young men and women coming up to take their destiny into their own hands instead of spending time on games and all those things. Whatever money you’re going to make today is temporal and betting what are you going to get out of that? So, we have to be careful,” he added.
Mr. Agyapong continued by pleading with the young for a chance to serve as president. He claimed to be able to deal with the pressing unemployment problem that the country is now facing.
Agyapong hopes to empower the next generation by inspiring them to seek more substantive and long-lasting career paths. He believes he can offer real answers.
The 10% tax on all wins from sports betting and lotteries that went into effect on August 15 has been announced by the Ghana Revenue Authority (GRA) to sporting and lottery firms.
The government’s initiatives to broaden the tax base and boost domestic income include this.
When three new legislation were enacted by Parliament in March 2023, this issue first came to light.
The Growth and Sustainability Levy Bill, 2022, the Income Tax Amendment Bill, 2022, and the Excise Duty Amendment Bill were those bills.
After five months, the GRA is reminding those who engage in these gaming activities to be aware of this new guideline and follow it.
Some sports enthusiasts in Ghana are concerned about the decision and how it can affect their income in the meantime.
Source: Ghanatodayonline.com
