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Dr. Charles Addae on the Positive Impact of the E-Levy in Ghana

March 1, 2024
Prince Agyapongby Prince Agyapong
in General News
0
Dr. Charles Addae on the Positive Impact of the E-Levy in Ghana

Dr. Charles Addae

Assistant Commissioner, Dr. Charles Addae of the Ghana Revenue Authority (GRA) has highlighted the positive impact of the e-levy on Ghana’s tax revenue and financial stability, commending its contribution towards reducing the country’s reliance on loans.

The e-levy, introduced to enhance domestic tax mobilization and expand the tax base, has been a significant step in Ghana’s efforts to increase tax revenue and reduce the dependency on foreign loans, Dr. Charlse noted.

The e-levy, which is a 1% tax on electronic transactions above GHs 100 per day, has been applied to mobile money payments, bank transfers, merchant payments, and inward remittances. The government has guaranteed a waiver for transactions below GHs 100 a day to ensure that vulnerable groups can still access digital transactions without any cost increase.

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“We introduced e-levy in the country in 2022, data has been very unpopular, the citizens or Ghanaians have not seen the tax to be a good source of revenue, it is affecting everybody. Well, it is good that people pay taxes.”

Dr. Charles Addae, GRA

Dr. Charles indicated that the e-levy was estimated to generate about GHs 6.9 billion in tax revenue for the government, helping to reduce the budget deficit and finance various initiatives such as the ‘YouStart‘ Initiative, road construction, and the development of the digital space of Ghana, particularly in the development of basic education.

The government has been able to fill in some gaps in Ghana thanks to the GHC1.2 billion that was raised in 2023, according to Assistant Commissioner (GRA), Dr. Charles Addae.

Dr. Charles Addae believes that Ghana’s economy would be negatively impacted by excessive reliance on loans, speaking on the fringes of Taxing Mobile Money.

Dr. Charles Addae said that while the introduction of the e-levy has affected everyone in the nation, it is crucial to uphold the policy because all governments depend on revenue to operate.

“We are having some political talks that the tax may be canceled in the future. We are pleading that it is better we sustain the revenue that is coming from it, GHC1.2 billion that was raised in 2023 helped in filling some holes in the country, otherwise, we may be depending too much on loans which is not helping the economy.”

Dr. Charles Addae, GRA

GRA Implores Politicians Not to Scrap E-Levy

Dr. Charles Addae pleaded with all the political parties to keep the policy in place and refrain from politicizing the e-levy.

“I beg that we uphold and contribute to the nation’s GDP to support the government’s development agenda. Whatever party is in charge, it needs money to function. He continued, “The nation cannot function without tax revenue.”

Dr. Charles Addae, GRA

His remarks follow the pledges made by Dr. Mahamudu Bawumia, the flagbearer of the ruling New Patriotic Party (NPP), and his primary political rival, former President John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), to do away with the e-levy should they be elected to office.

Addressing the public at the University of Professional Studies, Accra (UPSA) to outline his visions for the country under the theme: ‘Bawumia Speaks. Ghana’s Next Chapter: Selfless Leadership and Bold Solutions for the Future” ahead of the December 7 general elections, the vice president stated that “to accomplish this, there will be no taxes on digital payments under my administration. The E-Levy will, therefore, be abolished.”

His contender, John Dramani Mahama promised at the University of Ghana that “It is an inequitable tax; it’s not a fair tax. It prevents people from the uptake of our moving towards a cashless society and so when NDC comes, we will remove that tax. I’ve said it bluntly.”

In conclusion, the introduction of the e-levy has been a significant step towards enhancing Ghana’s tax revenue and financial stability, although it has also led to changes in behavior and challenges that need to be addressed to ensure its long-term success. The government’s efforts to mitigate the negative effects of the e-levy, such as the waiver for transactions below GHs 100 a day, demonstrate a commitment to balancing the need for revenue generation with the goal of financial inclusion and the protection of vulnerable groups.

READ ALSO: President Akufo-Addo Urges Global Unity to Tackle Migration Challenge

Tags: digitale-levyGRArevenuetax
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