Panic withdrawals will soon hot momo business over implementation of E-Levy
Agribusiness entrepreneur, John Dumelo, has asserted that the introduction of the most talked-about tax, E-Levy defeats government's digitalization agenda of having a cashless economy.
According to him, panic withdrawals will soon hit mobile money businesses as Ghanaians are reluctant to pay the E-Levy.
John Dumelo added that Ghanaians would devise a means to swerve this tax measure when it is finally operationalized in May this year.
He entreated government to stop tax exemptions and look for ways to raise domestic revenue for the country.
In a tweet sighted by GhanaWeb, John Dumelo said, "E-Levy is about to defeat the purpose of a cashless economy. Panic withdrawals will soon happen and people will find legally smart ways to avoid the system. There are better ways to raise revenue. Stop tax Exemptions, Block corruption loopholes!!!"
Meanwhile, the E-Levy has been revised downwards to 1.5%.
This 1.5% levy will be charged on electronic transfers of about GH¢100. It's a move by goverment to widen the country's tax net.
It would be recalled that Finance Minister, Ken Ofori-Atta, on Tuesday, March 29, moved the motion for the passage of the E-Levy bill in Parliament.
Parliament approved the E-Levy Bill after the Consideration Stage was completed by a Majority-sided House. It was considered under a certificate of urgency.
E-Levy is about to defeat the purpose of a cashless economy. Panic withdrawals will soon happen and people will find legally smart ways to avoid the system. There are better ways to raise revenue. Stop tax Exemptions, Block corruption loopholes!!!
Agribusiness entrepreneur, John Dumelo,