Business News of Tuesday, 31 May 2016
Source: Graphic.com.gh
Mr Seth Terkper, Minister of Finance addressing the Breakfast Meeting in Accra.
The government has placed a five per cent tax on lotto winnings that are in excess of Gh?2,592.
This followed a new tax classification which now recognises lotto staking as an investment.
But instead of taxing every income earned from the lotto staking business, Mr Edward Gyamerah, a Deputy Commissioner in charge of Policy and Programmes at the Ghana Revenue Authority (GRA), said the government had decided to use GHS2,592 as a base figure.
The new tax on lotto staking was contained in the new Income Tax Act, which took effect on January 1, this year.
The tax is to be collected by lotto paying agencies and paid to the GRA, Mr Gyamerah said at the Graphic Business-Stanbic Bank Breakfast meeting on tax in Accra on Tuesday.
He explained that the new law was meant to help clarify issues with tax and called for all to support it by engaging in self-assessment of their tax obligations.
Once a company does that, he said it would have been exempted from penalties from the authority