• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

E-levy: IEA proposes 0.5% levy charge to government

4 years ago
in Business, Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
79
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

E-levy: IEA proposes 0.5% levy charge to government

The Institute of Economic Affairs Ghana, a public policy think-tank, has proposed 0.5 percent for the E-levy.

It said this would bring the total levy to 1.5 per cent in addition to the 1 per cent levied by the Telcos to ease the burden on customers and avoid negative reactions.

The Institute said even though the E-levy was an innovative idea to bring the informal sector into the tax bracket, some of the transactions such as bank transfers and inward remittances were already being deducted in the formal sector.

Dr John K.Kwakye, the Director of Research, IEA Ghana, made the proposal on Tuesday in Accra at a press briefing on the proposed 1.75 per cent E-levy on electronic transactions during the 2022 budget statement presented by Mr Ken Ofori Atta on November 17, 2021.

He said a lot of persons and businesses who were called upon to pay the E-levy were already in the formal sector, and were within the tax net and already paying personal income tax, corporate income tax or consumption tax.

“To ask them to pay the E-levy on mobile money transactions on top of what they pay to the Telcos to us seems to amount to subjecting them to “triple taxation.” he said.

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

Dr Kwakye said the E-levy which was projected to contribute as much as GHS 7.0 billion of the total revenue of GHS 80.2 billion projected for 2022, was huge because “it is like putting all your eggs in one basket”.

This Also: Republic Bank has the lowest interest rate on household loans – BoG report

Dr Kwakye stated that if for some reason, the projected tax intake failed to materialise, it would have a material effect on the budget, because customers were already paying the 1.75 per cent levy on mobile money transactions in addition to the 1.0 per cent already levied by Telcos, bringing the total levy to 1.5 per cent.

The E-levy, he stated, had the potential to undermine the considerable effort put in place by the government to digitize and formalize the economy and as well promote a cashless economy.

Dr Kwakye urged the government to tap into the revenue potential of the country’s natural resources for sustainable national development.

“We can only unleash the revenue potential from our natural resources for our development if we ensure that fiscal regimes for their exploitation provide maximum benefits to the country,” he said.

On employment, Dr Kwakye said the budget contained many policy initiatives that were key for the future progress of the country including the “YouStart programme” which would create one million jobs with a seed capital of GHS 1 billion.

He stated that government’s policies aimed at offering skills training to, and building entrepreneurial capacity of the youth, while supporting private sector to grow would yield positive results when implemented.

Government said the proposed E-levy was also to support entrepreneurship, youth employment, cyber security, and digital and road infrastructure.

Source: GNA
Tags: E-levy: IEA proposes 0.5 per cent to ease burden on customersghanaInstitute of Economic Affairs Ghana
No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.