The voter register needs to have more credibility by making sure we all refrain from all other unacceptable activities - New Patriotic Party Advises the presidential aspirants. After the vetting of these people who joined the race of flagbearers for the New Patriotic Party qualified. The party in political party in power, the New Patriotic Party has offered strong advice to all the potential aspirants to portray their utmost discipline as they are about to undertake their presidential primaries.
August 15 would be the effective date for the implementation of the 10 percent tax on lottery wins. As per government intervention for the country to recover from the economic hardship, the government introduced certain taxes that will help the country to generate some revenue. In view of this, the taxing on the lottery wins attracts 10 percent and the effectiveness of this begins on August 15. This also explains that all forms of lottery activities are going to be taxed 10 percent before the winner even receives the rest.
Again, the entire gaming revenue accrued from all those who stake shall also be taxed. That's the overall amount of money that has been gathered through all staking is also going to be taxed at 20 percent. This means that it's the same taxing amount within which winners are going to be paid off. The Ghana Revenue Authority is suggesting that a lot of money can be made from these lottery companies. It is estimated that over Gh¢1.1 billion can be gathered even at the early stage of implementation.
The Ghana Revenue Authority however believes that Ghana can duely mobilize a wide amount of money from these lottery operators in the country. So if the GRA is able to accrue GH¢1.2 billion at the early stage of its implementation, then the subsequent amount that can be mobilized would increase so much and it is expected not to be anything less than GH¢3 billion. Now, the argument is that the current development in the country is a result of the implementation of the Income Tax.
The Act, of 2023 (Act 1094) is what really paved the way for the implications of this lottery wins tax. The amount will however be deducted by the lottery operators and transferred to the Ghana Revenue Authority. Again, this enforcement affects all forms of lottery activities. The commissioner under the Ghana Revenue Authority declared to the general public during an interview with news journalists of some particular media houses in Greater Accra.
During the event, the commissioner therefore explained this policy initiative and also appealed to the media to add up their voices to let the entire populace understand and accept it in good faith. One may ask what if the lottery operators don't comply?. From the commissioner, all the lottery operators are expected to comply with this initiative and make sure payment to the Ghana Revenue Authority. The attention of the lottery operators was drawn to the fact that they needed to make all the necessary modifications to their software in order to ensure the smooth running of this initiative. This implementation and administration are again backed by the Act.
The lottery operators are also required to store the necessary invoices and payments made to the Ghana Revenue Authority for reference and reporting purposes. The commissioner also mentioned that the operators under all forms of the lottery are to adjust themselves and anticipate August 15. He said that the operators who become non-compliant with this initiative would therefore have their license withdrawn from them.
This step taken is basically to ensure that the domestic revenue generated is boosted up. This initiative is also one of the plans of the Ghana Revenue Authority.