Understanding Withholding Tax on MSport Withdrawals

As a Ghanaian user on MSport, it's essential to know that withholding tax is applied to all withdrawals. Here's how it works:
Checking Withholding Tax Policy

To learn more about withholding tax and its calculation:

Log in to your MSport account via the app.
Click on "ME" at the bottom section.
Select "WITHDRAW".
Click on "Learn More" under the Withdraw tab.

How Withholding Tax is Calculated
According to the Ghana Revenue Authority (GRA), a 10% withholding tax is applied to betting, lottery, and game of chance winnings. The tax is calculated and charged at the time of withdrawal as follows:
Withholding Tax = (Amount to be withdrawn - Total deposit amount in the past 30 days) x 10%
If the calculation result is less than 0, no tax will be charged.
Important Notes

Withholding tax will not be returned to your MSport account balance if the withdrawal fails.
The deducted withholding tax amount will not be charged from your next successful withdrawal.

Example Calculation
Suppose you request a withdrawal on January 27, 2025, and your last withdrawal was made on October 25, 2024. To calculate the withholding tax:
Withholding Tax = (160 - 2) x 10% = 15.80
Only successful deposits made within the last 30 days are factored into the calculation