Emissions levy, betting tax and E-levy to be abolished – Finance Minister

Dr. Cassiel Ato Forson, the Finance Minister, declared that the government was going to abolish the 10% lottery winnings tax, often known as the betting tax, and the Electronic Transaction Levy (E-levy).

On Tuesday, March 11, the Minister made this announcement while presenting the government’s first budget statement to Parliament.

The Minister also declared that the emissions tax and other fees would be eliminated.

He also declared that the government was going to abolish the COVID-19 levy as part of an effort to overhaul the Value Added Tax structure.

However, the Minister did not say when or how soon these cancellations will happen.

“We have programmed the following taxes for removal in line with our manifesto promises. Mr speaker, we will abolish the 10% tax on winning from lottery,” he said.

The government will also eliminate the 10% withholding tax on betting, the emission levy, and the VAT on motor vehicle insurance policies.”

The country’s mining industry, especially its smaller operators, is anticipated to benefit from Dr. Forson’s announcement that the 1.5% withholding tax on processed gold for small-scale miners will be eliminated.

“The removal of these taxes will ease the burden on households and improve their disposable income. It will support business growth and improve tax compliance,” Ato Forson added.

Source: Ghanatodayonline.com