{"id":1257300,"date":"2022-11-24T14:00:19","date_gmt":"2022-11-24T14:00:19","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/24\/2023-budget-e-levy-rate-to-be-reduced-to-1-vat-rate-to-go-up-2-5\/"},"modified":"2022-11-24T14:00:19","modified_gmt":"2022-11-24T14:00:19","slug":"2023-budget-e-levy-rate-to-be-reduced-to-1-vat-rate-to-go-up-2-5","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/24\/2023-budget-e-levy-rate-to-be-reduced-to-1-vat-rate-to-go-up-2-5\/","title":{"rendered":"2023 Budget: E-levy Rate To Be Reduced To 1% &#8230;VAT Rate To Go Up 2.5%"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\u00a0<\/p>\n<p>Government has proposed reduction in the controversial Electronic Transfer Levy, commonly called E-levy which has been pegged at 1.5 percent to 1 percent.<\/p>\n<p>The daily threshold will also be reviewed, following several proposals received by government.<\/p>\n<p>Ken Ofori-Atta, Finance Minister announced this when presenting 2023 budget statement to Parliament on Thursday November 24.<\/p>\n<p>E-levy which was introduced in the 2022 budget statement has performed poorly after raking in 10 percent of the expected revenue three months after its implementation.<\/p>\n<p>Also, the Finance Minister has proposed in the 2023 budget an increment in the Value Added Tax (VAT) by 2.5 per cent.<\/p>\n<p>VAT rate currently is 12.5 percent, except for supplies of a wholesaler or retailer of goods, which are taxed at a total flat rate of 3 percent.<\/p>\n<p>According to the Mr. Ofori-Atta, the proposal to increase the rate forms part of the seven point agenda to revitalize the economy.<\/p>\n<p>He further said that the government will undertake major structural reforms in the public sector.<\/p>\n<p>The Finance Minister expressed Government readiness to restore the economy.<\/p>\n<p>He said \u201cThe government is determined to change the negative narrative and rebuild for a better future.\u201d<\/p>\n<p><strong>By Vincent Kubi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Government has proposed reduction in the controversial Electronic Transfer Levy, commonly called E-levy which has been pegged at 1.5 percent to 1 percent. The daily threshold will also be reviewed, following several proposals received by government. Ken Ofori-Atta, Finance Minister announced this when presenting 2023 budget statement to Parliament on Thursday November 24. E-levy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1251032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[4586,2099,179,424,4536],"class_list":{"0":"post-1257300","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-budget","9":"tag-elevy","10":"tag-rate","11":"tag-reduced","12":"tag-vat"},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1257300","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=1257300"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1257300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1257300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1257300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1257300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}