- August 5, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, has said that if the rate of 1.50 per cent of the e-levy is reduced further, the targeted review would be met by the government.
Speaking in an interview with TV3’s Alfred Ocansey on the Ghana Tonight show, he said the e-levy cannot be scrapped now because the telecommunication companies have invested in it.
“All we have to do is to make it better,” he said, he added that “We have to wait for a year or two if we want to scrap it. If we reduce the rate the needed revenue will be met.
“There are alternatives and even banks will transfer without paying e-levy and the exemptions attached. To reduce the rate, it has to go back to parliament.”
Expected revenue from the e-levy has been revised downwards from the initial ¢6.9billion as stated in the 2022 budget statement to ¢611million in the mid year budget review.
The initial target as stated in the 2022 budget document was ¢6,963,386,254 but was readjusted in the budget review submitted to Parliament by the Finance Minister Ken Ofori-Atta on Monday July 25 to ¢611,000,000.
Regarding Value Added Tax (VAT) the expected revenue has been adjusted upwards from the initial ¢14,534,864,446 to ¢15,402,925,770.