• 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

IMF Backs Plan to Scrap COVID-19 Levy Ahead of Mid-Year Budget Review

3 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
42
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IMF Backs Plan to Scrap COVID-19 Levy Ahead of Mid-Year Budget Review

The International Monetary Fund (IMF) has given its backing to the Ghanaian government’s decision to abolish the COVID-19 Health Recovery Levy, a move expected to be formally announced during the 2025 Mid-Year Budget Review on Thursday, July 24, by Finance Minister Dr Cassiel Ato Forson.

The endorsement follows a series of high-level engagements between government officials, the IMF, and key stakeholders, as part of broader tax reform consultations aimed at reducing the burden on businesses while enhancing domestic revenue mobilization.

Commissioner of the Domestic Tax Revenue Division at the Ghana Revenue Authority (GRA), Edward Apenteng Gyamera, disclosed in an interview with Joy Business that stakeholder consensus had been reached on the removal of the levy, along with other tax adjustments considered inimical to business growth.

“I think from the engagements with stakeholders and the IMF, issues that the Minister even indicated in the budget, for instance, the removal of the COVID levy, is something that has been agreed. So far, our interactions show that everybody is of the view that this levy should be taken off when the reform is completed,” Mr Gyamera noted.

The COVID-19 levy, introduced under the COVID-19 Health Recovery Levy Act, 2021, was designed as a special fiscal tool to support expenditures related to the pandemic and facilitate economic recovery. It imposed a flat 1% levy on the supply of goods and services, as well as imports.

In addition to scrapping the levy, ongoing reforms include proposals to eliminate the cascading effect of certain levies by integrating them into the Value Added Tax (VAT) framework — a measure that would enable businesses to claim input deductions and reduce the effective tax burden.

RelatedPosts

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

Dangote Plans 10% Sale of Refinery Shares

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

The Commissioner emphasized that many of the proposals under review have been met with broad support from the business community, which sees the reforms as timely interventions to ease tax compliance pressures and improve the investment climate.

“Treating the levies as part of the VAT mechanism where businesses can claim input and deductions has been generally accepted by all,” he said.

The reforms, once finalized, are expected to be key pillars of the government’s medium-term revenue strategy under the IMF-supported Post-COVID Programme for Economic Growth (PC-PEG).

Tags: COVID-19 LevyIMFIMF Backs Plan to Scrap COVID-19 Levy Ahead of Mid-Year Budget Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

Trending

Business

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

October 23, 2025

New UN Forum Aims to Tackle Developing Economies' Debt Issues A new U.N.-supported forum designed to help...

Dangote Plans 10% Sale of Refinery Shares

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

October 23, 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.