GRA Ready For E-Levy Implementation Ahead Of Parliamentary Approval
Even though the Electronic Levy (E-Levy) is yet to be passed into law, The Ghana Revenue Authority seems to have plans underway for its implementation.
The proposal which is still being debated upon in parliament will have the government deduct 1.75% tax on electronic financial transactions.
Since 2021, after the 2022 budget was presented to the house, the e-levy has been a topic of discussion with no conclusion being drawn.
For the Finance Minister, the e-levy implementation will move the country’s tax-to-GDP from 13% to 16% and generate $6.9 billion in revenue.
A minority however insists that the country is yet to recover from the effect of the COVID-19 pandemic, hence a 1.75% tax increment will affect the ordinary Ghanaian.
With the policy yet to be approved, GRA is allegedly directing its partners to start the process.
A letter signed by Commissioner-General Ammishaddai Owusu-Amoah was sighted explaining that “While we await the passage of the bill, I wish to inform you to hold yourself in readiness for the implementation of the By in three (3) phases as soon as the Bill is passed into law,”
The e-levy policy is projected to be executed in three phases.
This the GRA says will enable them to merge the new tax into its revenue collection regime.
The Authority added that it is “currently developing a monitoring platform for the full implementation of the e-levy and would be inviting you to collaborate with its Technical Team in this respect.”
Amidst the controversies of the e-levy policy, the government argues that the e-levy will help address in pushing up Ghana’s credit rating from B to B-.
Finance Minister, Ken Ofori-Atta also noted that the levy would be the driving force to move the country towards a more sustainable debt level.