I don’t believe in sports betting; I believe in hard work—Osei Kyei Mensah-Bonsu on 10% tax on bet wins

Osei Kyei Mensah-Bonsu, the majority leader in parliament has defended the 10% withholding tax on winnings on betting and lottery.

According to Mr. Kyei Mensah-Bonsu, gambling is a lazy adventure if unrestrained will ruin Ghana's youth.

In an interview with Kumasi-based Angel FM, he said that gambling causes individuals to indulge in idle pursuits rather than encouraging them to work hard.

In his view, God only blesses hard work and does not encourage lazy behaviors.

“I don’t believe in betting. I don’t believe in luck. I believe in hard work and sweating to get money. Let’s be serious. As for me, I’m against betting coming into the country. I don’t support it because it doesn’t encourage hard work.

“As an individual, I don’t engage in lottery because I don’t believe in that. I don’t believe in luck. Work hard so God will bless it,” Osei Kyei Mensah-Bonsu stated.

The Ghana Revenue Authority (GRA) has announced that it will start with the implementation of a 10% withholding tax on all gross gaming winnings from August 15, 2023.

According to the Authority, each share will no longer be subject to the former 15% Value Added Tax (VAT) rate. Instead, profits that are accrued following each victory will be subject to withholding tax.

The GRA further explained that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.

A Commissioner of the Domestic Tax Revenue Division at the GRA, Edward Gyamerah said there would be a punitive measure against any gaming company that disregards the new policy.

He stated that companies that flout the law would be subjected to fines, including having their licenses revoked.