Gov’t to enforce 5% tax on lotto winnings

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.

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.