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If elected into office, Vice President Dr. Mahamudu Bawumia has promised to remove the contentious electronic transaction levy taxes, or “E-Levy.”
Speaking to Ghanaians on Wednesday, the presidential candidate of the New Patriotic Party stated that he wished to combat corruption in addition to promoting economic growth by bringing Ghana swiftly to a cashless economy.
But in order to do so, he said, more people must be persuaded to use electronic payment methods.
“To accomplish this, there will be no taxes on digital payments under my administration. The e-levy will therefore be abolished,” Dr Bawumia stated.
A 1.5% levy is applied to e-transactions as of Sunday, May 1, 2022, as part of the e-levy. It includes bank transfers, merchant payments, mobile money payments, and inward remittances. For transactions up to GH¢100 per day, there is an exemption.
The government claimed that the tax was a component of its attempts to increase tax revenue and broaden the tax base for development.
Dr. Bawumia, however, emphasized the significance of Ghana’s shift to a cashless society and mentioned transparency as a potent weapon against corruption.
He emphasized the advantages of cashless communities, pointing out that more electronic payments result in improved traceability and decreased corruption.
“I would like to bring Ghana close to a cashless economy in the shortest possible time. So far the Bank of Ghana has made a lot of progress in this direction by putting in place a lot of the systems and infrastructure required. These include mobile money interoperability, merchant interoperability, Universal QRCode payment system, Gh-Link, debit cards, Ezwich, and GhanaPay.”
Source: Ghanatodayonline.com
