\n
\u00a0<\/p>\n
Vice President Mahamudu Bawumia has promised to scrap the Electronic Transaction Levy (E-Levy) if he is given the opportunity to become Ghana\u2019s next president.<\/p>\n
In his \u2018Next Chapter\u2019 speech in Accra on February 7, 2024, the flagbearer of the NPP said that under his leadership, E-levy would be a relic of the past.<\/p>\n
\u201cI will abolish the electronic tax, popularly called E-Levy, if you give me the nod to lead you as president,\u201d he stated.<\/p>\n
He also outlined several other measures to improve revenue generation without burdening the already burdened taxpayers.<\/p>\n
\u201cTo increase government tax revenue, we have to reform and refocus the Ghana Revenue Authority (GRA) towards broadening the tax base. Unfortunately, the pressure that is placed on GRA staff to collect revenues makes them focus on existing tax payers,\u201d he added.<\/p>\n
\u201cSometimes they even have to go to sit in peoples shops to monitor sales (a process known as invigilation). In fact, many businesses feel harassed by this process and the constant audits of their operations. This has to stop. We must strike the right balance between collecting revenue and allowing businesses to thrive. Our job is to protect the productive forces,\u201d he stated.<\/p>\n
He touched on the need to broaden the tax net. \u201cEstimates suggests revenues amounting to 13% of GDP (or $24 billion in 2023) are not collected because people are outside the tax net. Even collecting half of or a quarter of this annually will be a game changer for public finances. To do this, we need to inculcate and enforce a culture of people filing their tax returns,\u201d he disclosed.<\/p>\n
To enhance a better tax administration and collection, he stated that incentives must be provided to encourage people to file their tax returns even if they will pay zero taxes.<\/p>\n
Dr. Bawumia said that the current tax regime has been with us since independence and it has failed us. Many of the wealthy do not pay taxes (including property taxes). Too much discretion results in corruption.<\/p>\n
\u201cWe want a regime that is easy to understand, easy to comply with and easy to enforce, which is not subject to so much discretion. Many individuals and businesses find our tax system cumbersome and confusing, and many feel harassed by the GRA,\u201d he stressed.<\/p>\n
BY Charles Takyi Boadu, Presidential Correspondent<\/strong><\/p>\n\u00a0<\/p>\n
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\u00a0 Vice President Mahamudu Bawumia has promised to scrap the Electronic Transaction Levy (E-Levy) if he is given the opportunity to become Ghana\u2019s next president. In his \u2018Next Chapter\u2019 speech in Accra on February 7, 2024, the flagbearer of the NPP said that under his leadership, E-levy would be a relic of the past. \u201cI […]<\/p>\n","protected":false},"author":1,"featured_media":148991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-148990","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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