Economyfinance

Review E-Levy Rate To 0.5%, Maintain GH¢300 Daily Threshold

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Review E-Levy Rate To 0.5% Maintain GH¢300 Daily Threshold – Haruna Iddrisu

The Minority Leader and Member of Parliament (MP) for Tamale North constituency in the Northern Region of Ghana, Haruna Iddrisu, has called on the government to further review the proposed one percent (1%) e-levy at zero rate to 0.5 percent at a threshold of GH¢300 and above to win support of Ghanaians.

According to the Minority Leader, the National Democratic Congress (NDC) members in the August House will push for that strongly during the debate on the 2023 Budget Statement and Economic Policy of the government.

The Minority Leader made the call in his open statement at the ongoing, two-day post-budget workshop in Ho, the Volta Regional Capital.

The Tamale South lawmaker explained that setting the e-levy at 1% will have a negative impact on individuals and businesses that rely on electronic money transfer services. He thus urged the government to reconsider the newly proposed rate.

“We will subject this new proposal to further critical and thorough discussions as a caucus, but without going into the scenarios, as you look at your scenarios, consider for say of 0.5% at a threshold of ¢300 as compared to what you have admitted of 1% at zero threshold.”

The Tamale South MP hinted that his side was yet to take a decision on the proposed increase of the VAT rate by 2.5 percent.

He, however, warned that the 2.5 percent increase in VAT may have terrible consequences on businesses.

Government announced last Thursday that it was reducing the rate from 1.5 percent to 1 percent and removing the 100 cedis tax-free daily threshold. That means any amount transferred is taxable.

 

Source: GBC

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