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Government Maintains 1% Covid Levy; Scraps E-Levy, Betting Tax, Others

5 months ago
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Government Maintains 1% Covid Levy; Scraps E-Levy, Betting Tax, Others

The Government, through the 2025 Budget presentation by Finance Minister Dr. Cassiel Ato Forson, has announced plans to abolish several taxes, including the contentious 10% withholding tax on lottery winnings, commonly referred to as the “Betting Tax.”

Also set for removal are the 1% Electronic Transfer Levy (E-Levy), the Emission Levy on industries and vehicles, the VAT on motor vehicle insurance policies, and the 1.5% withholding tax on the sale of unprocessed gold by small-scale miners.

However, the 1% COVID-19 levy, which many businesses and taxpayers anticipated would be scrapped, remains in place. This is despite previous assurances by the government.

“Mr. Speaker, despite our commitment to increase non-oil tax revenue by 0.6 percentage points of GDP, we have programmed the following nuisance taxes for removal in line with our manifesto promise,” Dr. Forson stated during his budget presentation.

He further explained that the removal of these taxes is aimed at reducing the financial burden on households, increasing disposable income, and supporting business growth.

“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” he added.

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The announcement is expected to be welcomed by many Ghanaians, particularly small businesses, entrepreneurs, and players in the betting and mining industries. However, the retention of the COVID-19 levy may generate some dissatisfaction among businesses, given previous expectations of its removal.

Tags: 1% Covid Levybetting taxE-LevyGovernment Maintains 1% Covid Levy; Scraps E-Levyothers

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