{"id":1147242,"date":"2022-07-12T10:15:41","date_gmt":"2022-07-12T10:15:41","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/07\/12\/e-levy-other-taxes-stifling-growth-potential-of-new-businesses\/"},"modified":"2022-07-12T10:15:41","modified_gmt":"2022-07-12T10:15:41","slug":"e-levy-other-taxes-stifling-growth-potential-of-new-businesses","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/07\/12\/e-levy-other-taxes-stifling-growth-potential-of-new-businesses\/","title":{"rendered":"E-Levy, other taxes stifling growth potential of new businesses"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Former Finance Minister, Seth Terkper, has once again bemoaned the negative impact of the Electronic Transfer Levy (E-Levy) on ordinary Ghanaians.<\/p>\n<p>According to him, apart from being poorly designed and inequitable, the controversial tax policy adds to the operational costs of new and innovative businesses within the technology space.<\/p>\n<p>A member of the governing New Patriotic Party (NPP), Gabby Asare Otchere-Darko, recently stated that the e-levy introduced by the government to generate additional cash for the government is raking in only 10% of estimated revenue.<\/p>\n<p>This has led to calls for the levy to, among other things, be scrapped.<\/p>\n<p>Commenting on the E-levy ahead of the presentation of the mid-year budget review, Mr. Terkper urged the government to look for ways to provide new businesses with incentives to facilitate their growth.<\/p>\n<p>\u201cThey are the ones who should get tax concessions. They are not the ones who should suffer the tax.\u201d<\/p>\n<p>But he complained that Ghana is currently \u201cdoing the reverse.\u201d<\/p>\n<p>\u201cYou have old industries, and you keep renewing their incentives and when new industries come, we rather tax them instead of providing them with incentives,\u201d Mr. Terkper said.<\/p>\n<p><div class=\"youtube-embed\" data-video_id=\"8wvtZ1xalik\"><iframe loading=\"lazy\" title=\"Ghana&#039;s economy: Seth Terkper describes possible IMF bailout as long overdue | Citi Newsroom\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/8wvtZ1xalik?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former Finance Minister, Seth Terkper, has once again bemoaned the negative impact of the Electronic Transfer Levy (E-Levy) on ordinary Ghanaians. According to him, apart from being poorly designed and inequitable, the controversial tax policy adds to the operational costs of new and innovative businesses within the technology space. A member of the governing New [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1147244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1999,2099,243,4086,17982,1007],"class_list":["post-1147242","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-businesses","tag-growth","tag-potential","tag-stifling","tag-taxes"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1147242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1147242"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1147242\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1147242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1147242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1147242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}