Finance Minister, Ken Ofori-Atta
Government introduces 1.75% levy on electronic transactions
Parliament approves 2022 budget
Ofori-Atta reviews 2022 budget
Finance Minister has reiterated that the new 1.75% electronic transactions levy to take effect in 2022 has not changed.
According to him, “the essence of our proposal on the E-Levy is to widen the tax net and generate the required revenue to support entrepreneurship, youth employment, build our infrastructure (especially roads) and reduce our debt”.
He was speaking at a press briefing to address concerns raised by analysts, stakeholders, and the general public on the components of the budget.
The minister disclosed that any revision of the tax contrary to what has been stated in the budget should be disregarded.
Earlier, some legislators have hinted at a reduction in the e-levy to at least 1%percent. Other stakeholders have also called for the pegging of the e-levy at between 1% and 1.5%.
The finance minister debunked any such review, reiterating “Permit me to emphasize that the E-Levy represents our greatest opportunity to, in the medium term, broaden the tax base and meet the Tax to GDP ratio of 20% as pertains among our peers”.