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Lotto Marketing and Betting Companies Cry Over High Taxes

Lotto and betting players are unenthused about the introduction of 20 and 10 per cent taxes on their business under the “Gross Gaming Revenue”. 

They said the taxes on gross revenue of lottery companies and the staking public would undermine the sales, revenue, profits and growth of lottery industry. 

A statement copied to the Ghana News Agency in Accra said “The 10 per cent Withholding Tax on Winnings will prevent thousands of players from staking the lottery products both in the kiosks and online. 

“Already, a lot of Lotto Marketing Companies are dying out because of huge debts as a result of higher wins by the staking public, coupled with huge amounts of money paid to the National Lottery Authority as a license fee. 

“The inability of the National Lottery Authority too to pay winning tickets to the staking public promptly as well as the 20 per cent commissions to the Lotto Marketing Companies have already negatively affected the lottery business leading to decline in sales and revenuez. 

They called on the Ministry of Finance to have a second look at the 20 per cent and 10 per cent taxes on the gross sales of Lotto Marketing and Betting Companies, and winnings respectively. 

They also appealed for the suspension of the implementation of the Taxes on the lottery companies and players of the staking public and broaden consultations with the National Lottery Authority, Private Sector Lotto Operators, Lotto Marketing Companies, Sports Betting Companies and all other relevant stakeholders to reach a consensus on the best way forward to address the concerns of the lottery industry. 

Source : GBN