Monday September 14,2015 : GHANA IMPOSES 17.5 PERCENT BETTING TAX?

Betting tax will benefit development of the country.

The Ghana Revenue Authority (GRA) has reportedly introduced a 17.5 percent tax on betting companies and patrons saying given the rise in popularity of the pastime, taxes collected would benefit the development of the country.

Revenue officer for the Tamale district, Erasmus Ayenor Tei, said at a bookkeeping and tax workshop held in Bolgatanga that the GRA had reviewed its  tax laws to include betting, GhanaWeb reports.

Betting companies have been instructed to deduct a 17.5 percent VAT charge on winnings which in turn would be turned over to the GRA.

Ayenor advised betting companies to keep up-to-date records and ensure it explained in detail the newly imposed tax to their bettors.