The Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA) has reported a significant boost in revenue following the implementation of the betting tax. In just one month, the DTRD has generated GH¢15 million in tax revenue, marking a promising start to the new taxation initiative.
Edward Gyambra, the Commissioner in charge of DTRD, expressed optimism about the potential of the betting tax to further bolster government revenue. He stated, “We have two streams of taxes: the gross revenue tax and the withholding tax. During the first month of implementation, we averaged GH¢20 million for the GGR. As for the withholding tax, we’ve just started the betting season, but during the lean season, we averaged GH¢15 million. We anticipate this to quadruple by May.”
The GRA introduced a 10% withholding tax on betting as part of its efforts to enhance government revenue. The goal is to raise approximately GH¢400 million to support various government programs and initiatives. With the current rate of revenue generation, officials are optimistic that the target will be achieved before the football season comes to a close.
Edward Gyambra further expressed his confidence in the GRA’s ability to surpass its revenue targets by the end of the year, emphasizing the positive impact the betting tax is having on the nation’s finances.
“We believe that this tax will continue to yield substantial revenue for the government, and we are committed to ensuring that our revenue targets are met and exceeded,” he added.
