This tax is regressive, repressive, counterproductive, unproductive, arbitrary, etc, because of its blanket nature that simply says every e-transaction (withdrawals), especially by way of ‘momo’ (mobile money) that’s above GH¢100 per day should be tax.
It needs to be fine-tuned to conform with the tenets of a good tax. This is the crux of the matter.
For example, currently, people who earn GH¢390 per month are exempt from paying any direct tax on their monthly income.
If we accept this momo tax in its current proposed form (regardless of the rate it’s pegged at), we shall be taxing all such income. This, in my humble opinion, is gross insensitivity bordering on insanity.
The sad truth is that it’ll bring a myriad of similar debilitating negative effects on us (already suffering poor Ghanaians)
Please, don’t let’s forget that many Ghanaians simply live below the internationally recognized poverty line.
The e-levy in its current form cannot be accepted under any circumstances whatsoever. Our elders say you don’t chop off your hand to eat it just because of famine.
The simple truth is that he intends to use the e-tax (levy) as collateral to raise yet again another bond to be able to run the economy next year.
Meanwhile with an incredible, incredulous, etc, offer of 19% interest per annum, the world’s money markets still walked away from our latest attempt to borrow. Ghana has simply lost all credibility on the international financial markets.
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