Gov’t to enforce 5% tax on lotto winnings

quist

May 31, 2016 12:41 PM

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

Stanbic Bank- Daily Graphic Executive Breakfast Meeting

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.

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.

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