• 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

Telcos paid GHS 4.3bn taxes, levies in 2021

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Telecom
2 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Telcos paid GHS 4.3bn taxes, levies in 2021

Chief Executive Officer of the Chamber of Telecommunication (GCT), Dr. Ing. Ken Ashigbey, has revealed that the mobile industry made a total tax contribution of over GH₵4.3 billion to the national economy in 2021.

He stated that this amount represents total taxes borne, collected and other payments and remittances made, to the government and other allied agencies.

He said this at the launch of the 2021 Total Tax Contribution Report which covers a study aimed at measuring the size of the contribution that members of GCT made to the government of Ghana during the 2021 fiscal year.

Dr Ashigbey noted that the contribution forms approximately 7.7% of the government of Ghana’s 2021 tax revenue.

A breakdown of the taxes into the various components shows that Corporate Income Tax (CIT) remains the largest tax type in the industry.

This relates to taxes borne by the members of the Chamber. In monetary terms, the industry contributed GH¢883.6 million to CIT last year.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

This according to Dr. Ashigbey is a decline of about 9% from last year’s contribution of GH¢976 million.

Furthermore, the study finds Value Added Tax (VAT) as the second biggest tax line of the industry, contributing about GH¢657.4 million to the nation’s coffers.

The CEO indicated that levies, which include the National Health Insurance Levy (NHIL) and Ghana Education Trust Fund (GETFund), COVID-19 contributed a monetary value of GH¢571.4 million last year.

Additionally, he said that another major contributory tax line from the perspective of the GCT is Withholding Tax (WHT), which contributed about GH¢722.2 million.

The Chamber stated that the Communications Service Tax (CST) also contributed GH¢424.7 million.

Also, the Pay as You Earn (PAYE) contributed GH¢138.1 million and other taxes contributed GH¢266.7 million in monetary terms last year.

From the aforementioned total tax contribution, Dr. Ashigbey stated that for every GH¢1 that comes into the industry, about 46 pesewas goes back to the government in the form of taxes and levies.

He noted that if the telecommunications industry is seen as a utility, it cannot be taxed as other industries such as alcohol, tobacco, and other industries.

He bemoaned how the industry is still seen as a cash cow that needed to be milked, even though this is not how it should be.

The CEO added that taxation has been deteriorating because there is a lot of industry-specific taxes which distort the market and take investments away.

Dr. Ashigbey said that in 2021, there was no E-levy, so active customers in the year under review were 17.9 million and active registered agents were 442 thousand.

“This is the number of people employed by the mobile financial services industry in 2021, and these numbers are huge.

“It means that particular attention should be paid to it to reduce the unemployment rate in the country” he explained.

He indicated that the total transaction volume in 2021 was 11.6 million a day with a float balance of GH¢9.7 billion; which is money the industry has been able to mobilise, which sits at the bank.

This according to him helps the Bank of Ghana in its monetary policy planning and fiscal policy.

Mobile Money operators in the said year according to him made about GH¢272 million.

In terms of direct jobs, the chamber in 2021 was employing 6,100 people and over 1.2 million people indirectly.

Dr. Ashigbey lamented the fiscal situation of telecommunication industry players who are increasingly burdened by their tax obligations and their operational costs, especially following the COVID-19 pandemic of 2020.

No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 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.