The Minister for Finance, Dr. Cassiel Ato Forson, presented a bill to Parliament to repeal several taxes, including the Electronic Transaction Levy (E-Levy) and the betting tax.
This move follows Dr. Forson’s announcement during the presentation of the government’s first budget statement on March 11.
The proposed bill aims to abolish five taxes, including the E-Levy, the COVID-19 Levy, and the 10% tax on lottery winnings (betting tax).
Additionally, the government plans to scrap the Emissions Tax and other levies.
Dr. Forson expressed confidence that the repeals would be swift, given their simplicity, stating that “repealing the taxes will be one clause each”.
The Finance Minister assured that once Parliament passes the bills, President John Dramani Mahama will sign them into law immediately.
This move is part of the government’s broader plan to eliminate nuisance taxes and reduce the financial burden on Ghanaians.
Previous statements by Forson indicate that the E-Levy and betting tax have not been effective in generating significant revenue for the country.
During his vetting as Minister-designate for Finance in January, Forson stated that the E-Levy contributed little to the country’s purse and economic growth.
He also emphasized that the betting tax brought in only about GH¢50 million to the country’s coffers.
The repeal of these taxes is expected to have a positive impact on Ghana’s economy, promoting a cashless economy and deepening financial inclusion.
