Five opposition MPs from Ghana’s National Democratic Congress (NDC) have introduced a bill to abolish a 10% withholding tax on betting and gaming winnings, aiming to ease financial pressures on citizens.

Led by Francis-Xavier Sosu, the MP for Madina, the legislators submitted a private member’s bill to Parliament, calling for the repeal of the tax.

In a letter to the Clerk of Parliament on November 7, the MPs argued that Ghanaians are already grappling with economic difficulties exacerbated by the country’s Domestic Debt Exchange Programme (DDEP). They say the tax on winnings is worsening the situation, especially for young people facing high unemployment.

“Given the compounded challenges of unemployment and economic hardship, there is an urgent need for policies that reduce the cost of living, promote savings and investment, and foster sustainable growth,” the MPs said.

The 10% withholding tax, introduced by the Ghana Revenue Authority (GRA) in August 2023, is applied to all gross gaming winnings. It replaced a previous 15% VAT on each stake, enacted under Ghana’s amended Income Tax Act of 2023 (Act 1094).

The NDC legislators hope the bill will offer economic relief and help Ghanaians build resilience amid rising living costs.

Source:TheDotNews