The ruling government has announced a reduction of the Electronic Transfer Levy rate from 1.5% to 1%.
Finance Minister, Ken Ofori Atta who made this known while presenting the 2023 budget statement further revealed that the ghc100 threshold has been removed.
This, according to the government, will allow more Ghanaians to use the service.
“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to 1% of the transaction value as well as removal of the daily threshold,” Ken Ofori-Atta said.
Meanwhile, he also announced a proposal to “increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023″
E-levy
The Electronic Transfer Levy Act, 2022 (Act 1075) imposes a levy of 1.5% on electronic transfers.
The 1.5% rate was a downward revision from the initially proposed 1.75%.
The government introduced “this to enhance domestic tax mobilization and expand the tax base and provide an opportunity for everyone to contribute towards national development”.
Source: Peacefmonline.com
| Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Featured Video