Industry leaders call for review of E-levy to help restore economic stability – KPMG survey
A Financial and Auditing firm, KPMG says Government should review the Electronic Transaction Levy in order to help restore the economic stability of the country.
The survey by KPMG revealed that industry leaders are confident that the International Monetary Fund (IMF) program will help restore macro economic stability and that can be done by a revision of the electronic transactions levy (E-LEVY)
This survey was conducted out of the 2023 pre-budget survey where some respondents suggested that the program should emphasize the sustainability whereas also promoting a long term system growth.
According to KPMG, most business leaders indicated that economic factors such as business inflation, Cedi depreciation, slow growth rate and rising interest rate has had significant impact on their operations.
Majority of the respondents suggested that the government should reconsider physical measures such as adjustments to the electronic transactions levy, petroleum levies and import duties in order to elevate socio-economic hardships.
On the top three policy initiative, a growing number of business leaders believe that the 2023 budget should plagiarize policies that promotes local business and exports, reduce wasteful spending, increase revenue tax mobilization.
On the issue of corruption, businesses are unsatisfied with government on the fight against corruption on the impact of economic indicators of key performances of businesses, 64.3% of businesses indicated that, the development in the economy have affected their cost.
Also 49% said access to capital was their biggest challenge that business experienced this year. Over 100 leading businesses in Ghana were surveyed but the responses of chains of 70 among them across 10 sectors.
