The Ghana Revenue Authority (GRA) has announced that the implementation of the 10 per cent withholding tax on the gross winnings of lotteries will start on Monday, January 1, 2024. The 10 per cent tax, which is also applicable to betting, gaming and other games of chance, comes following a six- month expiration granted to enable the National Lottery Authority (NLA), and Private Lotto Operators (PLOs) to prepare for the implementation. 'The extension expires in December 2023, and, therefore the NLA and the PLOs are required to commence the implementation of the withholding tax on Lotto Gross winnings effective January 2024,' a statement from the GRA said. The statement urged patrons, players, punters, operators, and tax consultants to take note of this directive. It reminded operators that failure to do so would be considered an offence under Section 78 of the Revenue Administration Act, 2016 (Act 915). The Act stipulates that offender is liable on summary conviction to a fine of not less than 1,000 pena lty units (GHS12,000) and not more than 2,500 penalty units (GHS30,000) or to a term of imprisonment of not less than two years and not more five years or to both. Source: Ghana News Agency OSHAKATI: Minister of Industrialisation and Trade (MIT), Lucia Iipumbu, said agriculture has remained one of the strongest growth points of the year. Iipumbu was speaking during the official opening of the Ogongo Annual Festival in the Omusati Region on Friday. The festival is being held under the theme 'Live, Love and Enjoy Through Innovation.' Iipumbu explained that the Ogongo Annual Festival provides an opportunity to appreciate the richness of lives, the diversity of culture and the strength of unity. According to Iipumbu, there have been various initiatives at both regional and constituency level aimed at accelerating and scaling agricultural activities, with the latest being the recent receipt of tractors from government, which are coming at an opportune time to allow the region to fully leverage on modern agricultural technology. 'MIT is an ardent proponent of entrepreneurial and business development in the country. It is therefore our hope that as we continue to make inroads in terms of finding o ur niches for this community, its citizens, particularly the youth, must continuously engage their office, including their regional office in Outapi to get more detailed information on their various programmes and initiatives, which they can collaborate on to bring about meaningful economic growth and development for the settlement. Iipumbu further stated that the ministry has continued to hold consultative engagements where they share important information related to their initiatives such as the Emperetec Training Programme, as per their mandate. 'Business at all levels, including our informal traders and startups, must therefore be innovative and learn to work together in teams by clustering themselves and approaching the MIT for assistance in this regard,' she added. The festival, which kicked off on Thursday, will conclude on Sunday. Source: The Namibia Press Agency
Online Zimbabwe News Portal