The amended tax income bill enacted by the Ghanaian Parliament on March 31, 2023, is distressing the lottery and sports betting sector.
Recently, the call for the Ghana government to review the newly passed income tax law that concerns lottery and sporting betting companies has increased. This call is in response to the reinstated 10% tax on lottery wins removed in 2017 and the introduction of a 20% tax on the earnings of lottery and sports betting companies.
Mr. Justice Ayeh Donkor, the convener of the coalition of small business owners (CBSO), admonished the government of Ghana to introduce tax relief into the mid-year budget review.
“In supporting the position of the Ghana National Chamber of Commerce and Industry (GNCCI), the Government should consider the introduction of tax reliefs in the upcoming 2023 Mid-Year Budget Review as a means of cushioning the suffering and struggling businesses in the Country.”
Mr. Justice Ayeh further expressed that Ghana’s private companies are already overtaxed. Imposing another 10% and 20% taxes will further hamper the revenues and performance of private sector businesses.
Businesses in Ghana are facing enough challenges. The 20% and 10% taxes should be removed, and more favorable policies should be introduced to create a thriving business environment.