• 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

Gov’t unveils ambitious overhaul of E-Levy as part of revenue strategy

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
106
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Gov’t unveils ambitious overhaul of E-Levy as part of revenue strategy

In a noteworthy development, the Ghanaian government has unveiled an ambitious plan aimed at a comprehensive overhaul of the Electronic Transfer Levy, as part of its Medium Term Revenue Strategy. This strategic move underscores a dedicated effort to revamp and optimize the taxation policy, with a keen eye on enhancing efficiency and effectiveness in revenue collection.

The Electronic Transfer Levy, colloquially known as the e-levy, was initially introduced in May 2022 and drew widespread criticism for imposing a 1.5% charge on all electronic and mobile money transactions exceeding ¢100 per day. The policy was primarily designed to augment government revenues by extracting larger tax contributions from the informal sector of Ghana’s economy.

However, in a recalibration of the tax policy in January 2023, the government opted to reduce the levy rate from 1.5% to 1%, responding to public sentiment.

Notably, the levy’s unique feature, an exemption threshold for transactions below ¢100 per day, is currently in place but faces erosion due to inflation over the past year. This threshold’s future remains uncertain as the government moves forward with its reforms.

The impact of the e-levy on Ghana’s public finances, its populace, and the usage of mobile money has been a subject of intense debate, often lacking empirical foundations. This comprehensive redesign of the Electronic Transfer Levy signifies a forward-thinking approach to taxation in the digital age, in alignment with the broader governmental strategy of modernizing revenue collection while striving for equitable distribution of the tax burden across various sectors of the economy.

In addition to the reforms related to the e-levy, the Medium Term Revenue Strategy outlines several other critical measures. Firstly, a plan to expand the withholding tax regime to cover various tax types aims to enhance taxpayer identification, streamline tax collection, and simplify filing processes, particularly for incomes within the informal sector.

Secondly, the strategy encompasses initiatives to streamline tax returns and scrutinize the modified taxation system, with the overarching goal of reducing tax avoidance and promoting voluntary compliance.

Furthermore, a vital aspect of this strategy involves a comprehensive review of outdated tax categories, including stamp duty, income tax stamp, and vehicle income tax, with a primary focus on aligning them with the ever-evolving dynamics of the market.

Additionally, the strategy seeks to bolster the taxation of rental income, ensuring a fairer contribution from this sector.

Lastly, a notable inclusion in the plan involves the implementation of taxation on Gross Gaming Revenue (GGR) for industry players and the introduction of withholding tax on winnings. This represents a significant step towards a more comprehensive and equitable tax structure.

As Ghana charts its course towards fiscal reform, these proposed measures hold the potential to reshape the nation’s revenue landscape and foster a more resilient and equitable economic environment. The outcome of these reforms will be closely watched by both domestic and international observers, with implications reaching far beyond the borders of the West African nation.

Tags: E-LevyGov't unveils ambitious overhaul of E-Levy as part of revenue strategy
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 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.