He said, Ghana cannot continue to do things the same way
He spoke to Joy News
Ken Ofori-Atta, the Finance Minister, has given an indication that the Akufo-Addo led government will find a way to win the Minority Caucus in Parliament to accept the electronic transaction levy [e-levy].
He told Joy News in Ho that, Ghana cannot continue to do things the same way and he is, however, hopeful that by the time the debate on the 2022 Budget comes to an end, the Minority would have been convinced of the need to implement the E-levy.
“In terms of everybody not liking taxes, always will be (like) that, so we have maybe a month of discussions of parliament, but once the objective is clear, we’ll get to some efficiency.
“So, it’s not an unfamiliar position with opposition, but I’m sure we all have the good sense of one language, the republic in hand, and we’ll get there as one people,” he said.
1.75% levy on electronic transactions
Ken Ofori-Atta introduced a new 1.75% levy on all electronic transactions such as Mobile money transactions, remittances and other electronic transactions.
Fees and charges of government services have also been increased by 15%.
The Finance Minister explained, “It is becoming clear there exists an enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the informal economy.
"As such government is charging an applicable rate of 1.75% on all electronic transactions covering mobile money payments, bank transfers, merchant payments, and inward remittances, which shall be borne by the sender except inward remittances, which will be borne by the recipient.
"To safeguard efforts being made to enhance financial inclusion and protect the vulnerable, all transactions that add up to GH¢100 or less per day, which is approximately ¢3000 per month, will be exempt from this levy,” Ofori-Atta revealed.
Ken Ofori-Atta