The Value Added Tax Amendment bill that will see the removal of taxes on lottery earnings has been laid before Parliament by the Deputy Finance Minister, Kweku Kwarteng.
Government hitherto collected 5% tax imposed on all lotto winnings exceeding GH₵2,592, following a re-classification of lotto as an investment activity under the country’s new tax law.
The Bill has been referred to the Finance Committee for consideration and subsequently their report will be presented to Parliament at a later time before it will eventually be debated and approved as a law.
However, with the introduction of the Value Added Tax (Amendment) (No.2) Bill, 2017, government will now scrap tax on lotto earnings.
Chairman of the Finance Committee of Parliament, Dr Mark Assibey-Yeboah, explained how it was going to work, “Lottery winnings are taxed so the government is saying that those tax on lotteries should go” he told B&FT in an interview.
Other papers laid by the Deputy Finance Minister includes, Standard for Automatic Exchange of Financial Account Information Bill,2017, National Fiscal Stabilisation(Amendment) Bill,2017,Special Import Levy(Amendment) (No.2) Bill,2017.
