The Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA) has announced an impressive GH¢15 million generated from the newly implemented betting tax in just one month. This significant revenue boost has set the stage for a bold target of GH¢60 million by the conclusion of the football season, according to reports by City TV news.
Edward Gyambra, the Commissioner spearheading the DTRD, expressed unwavering confidence in the Authority’s ability to surpass its revenue goals by the year’s end.
“We have two streams of taxes: the gross revenue tax and the withholding tax,” he elucidated.
“During the initial month of implementation, we averaged GH¢20 million for the Gross Gaming Revenue (GGR). As for the withholding tax, we’re just commencing the betting season, but during the off-peak period, we averaged GH¢15 million. We anticipate this to quadruple [GH¢60m] by May.”
The GRA has instituted a 10% withholding tax on betting, with the ambitious aim of bolstering government revenue by an estimated GH¢400 million. This tax, tailored for the betting industry, is poised to contribute significantly to national finances.
With the success witnessed in this early phase, the GRA remains resolute in its commitment to meeting and exceeding fiscal objectives. As the football season gains momentum, all eyes are on the Authority to witness if they can achieve the targeted GH¢60 million in revenue by the season’s end.
Despite a lot of agitations and protests by the youth and majority who are into sport betting in Ghana, the development has showcased the potential for strategic tax measures to significantly impact government revenue streams, demonstrating the importance of effective tax policies in bolstering economic stability and growth. The GRA’s initiative not only provides an additional revenue source but also aligns with broader efforts to ensure a sustainable and prosperous economic future for Ghana.
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