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Madina MP Francis-Xavier Sosu, along with four other Members of Parliament, has proposed a bill to repeal the 10% withholding tax on betting and gaming winnings. In a letter to Parliament’s Clerk dated November 7, the MPs emphasized the need to reduce the economic burden on Ghanaians, especially amid current financial challenges.
They argued that the tax on gaming winnings worsens financial hardships and restricts economic choices, particularly following the impact of the Domestic Debt Exchange Programme (DDEP). They cited the ongoing challenges of unemployment and economic hardship, emphasizing the absence of sufficient measures to protect vulnerable citizens.
The MPs explained that the bill aims to introduce policies that would ease the cost of living, promote savings and investment, and support economic stability.
The Ghana Revenue Authority (GRA) implemented the 10% withholding tax on gross gaming winnings on August 15, 2023, in place of a previous 15% VAT on stakes, as part of the updated Income Tax Act, 2023 (Act 1094).
