The Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority has reported a significant achievement in revenue generation, with GH¢15 million collected in just one month from the recently introduced betting tax. The tax authorities are confident that this figure will escalate to GH¢60 million by the conclusion of the football season.
Edward Gyambra, who holds the position of Commissioner overseeing DTRD, has expressed strong optimism regarding the Authority’s ability to exceed its revenue targets for the entire year. He elucidated the tax structure, which comprises two components: gross revenue tax (GGR) and withholding tax.
In the inaugural month of implementing this tax, the GGR averaged around GH¢20 million, while the withholding tax, which is tied to the betting season, began at GH¢15 million. It is anticipated that this withholding tax will experience a substantial increase, potentially quadrupling by the time May arrives.
This strategic move by the GRA involves the imposition of a 10% withholding tax on betting activities, aimed at contributing approximately GH¢400 million to augment government revenue. The authority’s dedication to optimizing tax collection is clearly bearing fruit, and this initiative is poised to significantly bolster the nation’s financial resources.
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