- March 14, 2022
- Posted by: Charles Yeboah Nixon
- Categories: Economics, Finance, Taxation
81.6% of respondents of a survey carried out by the Center for Economics Finance and Inequality Studies wants the Electronic Transaction Levy (E-Levy) to be cancelled and never be introduced.
However, 36.4% did not have any knowledge about the E-Levy.
The research was carried out by Dr. Benjamin Amoah of the University of Ghana Business School and Professor Anthony Amoah of the University of Environment and Sustainable Development.
The report relied on Google Online Forms as key instrument for data collection. All respondents were automatically restricted to only one entry.
Furthermore, 13.5% of the respondents held the view that the E-Levy should be passed into law and implemented.
However, a small population of 4.9% were of the view that it should be passed after the year 2022. Also, 1,679 of the respondents, out of the 2,650 were aware of the E-Levy. The findings implies that much education needs to be done to increase public knowledge and understanding of the E-Levy.
64.6% Ghanaians believe Ghana needs more money
The survey also assessed the nation’s fiscal position concerns.
It came out that 64.6% were categorical that Ghana needs more money.
Those who held a contrary view made up of 25.9% with the position that there is no need to increase government revenue.
91.8% Ghanaians worried about Ghana’s rising debt
On the country’s rising debt, it came out that 91.8% of the respondents are concerned about the increasing debt of the country.
54.3% Ghanaians want cut in government expenditure
With regard to substitutes for the E-Ley, about 54.3% of the respondents want a cut in unproductive government expenditure.
A further 37.7% also want managers of the economy to block corrupt channels that are leakages in the revenue bucket.
The other sources of revenue preferable to the E-Levy include enforcement of property rates with a score of 3.9%.
Tax on treasury investment income is preferred by 1.1% of the respondents.
46% Ghanaians prefer zero rate for E-Levy
When asked, what rate of how much will the respondents be willing to pay assuming the E-Levy is passed, it came out that 46% prefer a zero rate. The non-zero rate constitutes 54%.
For the non-zeros, those who prefer a levy of 1.7% are 0.2% of the sample.
21.1% will however support a 0.50% levy.
A further 10.4% prefer a 1% levy per transaction.
The study further revealed that 10% will prefer ¢5 per month on all transactions above ¢100.