August 15, 2022

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Gov’t reduces E-levy earnings goal for 2022 to GH₵611 million

2 min read

Govt has as soon as once more revised its earnings goal for the Digital Switch Levy (E-Levy) for this yr to GH₵611 million.

The federal government had was hoping to rake in about GH₵6.9 billion from the number of the levy on cellular cash and different digital transactions, however the determine was once revised downwards to about GH₵4.9 billion following the lengthen within the passage of the e-levy invoice.

The levy, which was once to start with pegged at 1.75 % on cellular cash and different digital transactions, was once later lowered to one.5 % following protests from quite a lot of stakeholders.

After the lengthen within the passage of the e-levy invoice through Parliament, it was once predicted that the levy won’t reach its meant goal.

Certainly, it’s simply been 3 months into the implementation of the levy, and it has underperformed woefully.

A number one member of the New Patriotic Birthday party (NPP) Gabby Asare Otchere-Darko famous that the tax measure since its implementation has generated most effective 10 % of estimated earnings.

Figures from the 2022 mid-year price range evaluate have additionally disclosed that the brand new tax which many Ghanaians have adversarial vehemently has most effective raked in GH₵93.7 million, from the GH₵1.46 billion goal for the primary part of this yr.

It is because of this that the federal government has revised once more, the e-levy’s earnings goal for the yr 2022 to GH₵611 million.

This minimize of virtually 90 % was once additionally mentioned within the mid-year price range evaluate report.

This building has since intensified calls through stakeholders and Ghanaians as a complete to scrap the digital switch levy.

Regardless of all of this, the worth of Cellular Cash transactions which the levy in large part is received has no longer dipped considerably, in line with information from the Financial institution of Ghana.