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A decrease in the E-levy rate is approved by Parliament

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A decrease in the E-levy rate is approved by Parliament

The electronic tax rate has been reduced by 1% after receiving approval from Ghana’s parliamentary body.

 

On Wednesday, December 21, 2022, the House of Representatives gave its approval to an amendment to the Electronic Transaction Levy (E-levy) Act.

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“We in the Minority had emphasized firmly that we do not feel that the GH100 criteria must be abolished because of a variety of reasons, and one of those reasons is that we do not believe that the GH100 threshold is really relevant.

E-Levy

“They have heard, and in the process of clearly presenting the e-levy law, they have chosen to eliminate what they had meant to omit from the measure. On the floor of the House, Dr. Cassiel Ato Forson, the ranking member of the Finance Committee, made the following statement: “Mr. Speaker, it is necessary for us to applaud them because at least they have listened.”

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In the declaration that accompanied the 2023 budget, the Minister of Finance, Ken Ofori-Atta, made public the intention to submit a request to cut the e-levy rate from 1.5 percent to 1 percent.

E-Levy

In addition to this, he made an announcement about a plan 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 program in 2023; and review the E-Levy Act and, more specifically, reduce the headline rate from 1.5 percent to one percent (1%) of the transaction value as well as remove the daily threshold.” He said that this plan would be implemented if the E-Levy Act was reviewed.

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