The Domestic Tax Revenue Division (DTRD), a subsidiary of the Ghana Revenue Authority (GRA), has generated GH¢15 million from the latest tax rate placed on sports betting.
Edward Gyambra, Commissioner of the DTRD, said in an official statement that the authority body generated an average of GH¢15 million per month in the current football season. The authority body, therefore, aims to accrue a total of GH¢60 million before the season ends.
“We have two streams of taxes: the gross revenue tax and the withholding tax. During the first month of implementation, we averaged GH¢20 million for the GGR. As for the withholding tax, we’ve just started the betting season, but during the lean season, we averaged GH¢15 million. We anticipate this to quadruple by May” – Edward Gyambra, Commissioner of the DTRD.
The GRA aims to meet a target of GH¢400 million in annual revenue to increase government tax revenue. Therefore, it introduced a 10% withholding tax on bet winnings on August 15, 2023.
Edward Gyambra communicated his trust in the Authority’s ability to reach the target revenue by year’s end because the tax man earned money during a slow phase of the football season.