Ghana's Tax Regime Gov’t to enforce 5% tax on lotto winnings

This was revealed by the Deputy Commissioner in charge of Policy and Programmes at the Ghana Revenue Authority, Edward Gyamerah.

  • Published:
Stanbic Bank- Daily Graphic Executive Breakfast Meeting play

Stanbic Bank- Daily Graphic Executive Breakfast Meeting

(Graphic.com.gh)
24/7 Live - Subscribe to the Pulse Newsletter!

Government is to start strict collection of  the 5% tax imposed on all lotto winnings exceeding GHC2,592, following a re-classification of lotto as an investment activity under the country's new tax law.

This was revealed by the Deputy Commissioner in charge of Policy and Programmes at the Ghana Revenue Authority, Edward Gyamerah.

According to him, government specifically refrained from taxing all earnings from lotto and instead resorted to the GHC2,592 as the base figure, which will be collected by the lotto vending agents.

READ MORE:Harsh taxes are currently inevitable- Seth Terkper

He explained that the new law was meant to help clarify issues with taxes and called for all to support it by engaging in self-assessment of their tax obligations.

Addressing the gathering at the Stanbic Bank Daily Graphic Executive Breakfast Meeting on Tuesday, Mr. Gyamerah said “Once a company does that it would have been exempted from penalties from the authority.”

The meeting was attended by Minister of Finance, Seth Terkper who has been shedding some light on government’s current tax regime and how it fits into  plans to restructure the current economic situation of the country.

 

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 Street Lights In Ghana ECG is not responsible for your street lights –...bullet
3 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
4 Petroleum Prices Gov't to reduce fuel prices by 4% after 28% jumpbullet
5 Black Stars Nana Aba comes under attack over Black Stars...bullet
6 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
7 Retirement How to calculate your SSNIT pensionbullet
8 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
9 Chattered Accountants Forum ACCA holds forum on...bullet
10 Ponzi Scheme Two MMM officials arrestedbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Entrepreneurship How to be resourceful as an entrepreneurbullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
9 Support Finance minister buys Kantanka carbullet

Business