Madina MP Francis-Xavier Sosu, along with four other members of Parliament, has submitted a private member’s bill aimed at repealing the 10% withholding tax on winnings from betting and gaming.
In a letter dated November 7 to the Clerk of Parliament, the MPs emphasized the necessity of this initiative, citing the economic challenges facing the nation and the need for policies that reduce the financial strain on Ghanaians.
They argued that the tax on gaming winnings adds to existing financial pressures and restricts economic options for citizens, especially given the economic impact of the Domestic Debt Exchange Programme (DDEP).
“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,” the MPs noted.
“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 on gaming winnings, enforced by the Ghana Revenue Authority (GRA) starting August 15, 2023, applies to all gross gaming winnings. This tax replaced the previous 15% VAT on each stake and was implemented under the amended Income Tax Act, 2023 (Act 1094).
