Ghana Government To Scrap Taxes On Lotteries
The government has announced that it will continue the ongoing tax reform of the lotteries industry to abolish tax on lotto agents as part of tax policies in the 2018 budget.
Dr. Edward Larbi-Siaw, Head of Tax Policy Unit at the Ministry of Finance MOF, announced this at a Post Budget Dissemination Seminar orgainsed by the Ghana Revenue Authority (GRA) in Accra, on Tuesday.
He explained that the 7.5 per cent income tax on the commission of lotto agents would be abolished and the tax on lotto winnings removed.
He noted that the VAT on lotto will also be removed.
This follows the passage of the Income Tax Act introduced by the government, which took effect from January 1, 2016.
Per the Act, winners of lotteries, who make about GHC2,592.00 and above, will pay 5 per cent tax but this will come as a relief to lottery winners.
Dr. Larbi-Siaw said the 2018 budget did not introduce new taxes but rather a reduction in electricity tariffs and other incentives to ensure productivity in all sectors of the economy.
He noted that government, through the MOF and its stakeholders, will implement many tax policies to stimulate investment and to shape the economic behaviour.
'The government will introduce a Voluntary Disclosure Procedures (VDP) in the Revenue Administration Act, 2016 (Act 915) to waive penalty on voluntary disclosures and payment of unreported and understated taxes by taxpayers within a period agreed with the Commissioner- General of GRA,' he said.
He added that there will be a comprehensive review of pay systems to attract and retain skilled personnel to the public saying 'government will accelerate the full roll out of the Human Resource Management Information system (HRMIS) to cover MDAs, MMDAs and Subvented institutions by the end of June 2018.'
Dr Larbi-Siaw said the government would review the current income tax thresholds by pegging the tax-free threshold to the current minimum wage in an effort to protect low income earners and ensure fairness in the income tax administration.
Besides, there is a grant tax incentive for Young Entrepreneurs of age 35 years and below, who start their own businesses holidays but based on the number of persons employed.
Dr Larbi-Siaw noted that the abolishing of the taxes and review of existing ones was an opportunity for stakeholders to help the government broaden the tax base and mobilise the necessary resources to build a better society.
Published by GWS Online GH : 2017-11-27
Do you have News to share? Simply email us.
News Archive - Recent Articles
- WAEC WASSCE Timetable For July 20, 2020 Examinations Released
- NSS Releases Enrolment Codes For Prospective Final Year National Service Personnel For 2020/21
- NLA Officially Takes Over *959# Shortcode From Keed Ghana
- NLA Cautions Public Against Illegal Short Code And Activities Of Lotto Fraudsters
- Recruitment For Trained Nurses And Midwives To Commence - Ministry Of Health
- NLA Introduces New Channels For Staking Lotto In Locked-down Areas 6/4/2020
- WAEC's Decision To Close Down All Public And Private Schools Amid COVID-19 Is A Step In Right Direction
- NLA Ghana Introduces New E-lottery Games April 2020
- NLA 5/90 Draws And VAG Lotto Games On Hold Amid 2-weeks Coronavirus Lockdown
- National Service 2020/2021: Postings For 9,000 Nurses Released
¦ Page 1 ¦ Page 2 ¦ Page 3 ¦ Page 4 ¦ Page 5 ¦ Page 6 ¦ Page 7 ¦ Page 8 ¦ Page 9 ¦ Page 10 ¦ Page 11 ¦ Page 12 ¦ Page 13 ¦ Page 14 ¦ Page 15 ¦ Page 16 ¦ Page 17 ¦ Page 18 ¦ Page 19 ¦ Page 20 ¦ Page 21 ¦ Page 22 ¦ Page 23 ¦ Page 24 ¦ Page 25 ¦ Page 26 ¦ Page 27 ¦ Page 28 ¦ Page 29 ¦ Page 30 ¦ Page 31 ¦ Page 32 ¦ Page 33 ¦ Page 34 ¦ Page 35 ¦ Page 36 ¦ Page 37 ¦ Page 38 ¦ Page 39 ¦ Page 40 ¦
|Scripture Reading: Thursday, 24 Sep 20|
|Coronavirus Live Tracker - Live Updates|
|List of Members Registered on GWS Online GH|