The Government of President Akufo-Addo has reviewed downward the much talked about Electronic Transaction Levy (E-Levy) from 1.5% to 1% effective January 2023.
The decision as announced by the Minister of Finance, Ken Ofori Atta, was to help the NPP administration improve upon the country’s revenue generation efforts following some reviews.
According to the Minister, the one per cent would be charged on the transactional value while the daily threshold of Ghc100 would also be removed. Thus, on every transaction, regardless of the amount, a one per cent levy would be charged on it.
He said on the floor of Parliament: “Mr Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda. To aggressively mobilize domestic revenue, we will among others; Increase the VAT rate by 2.5% to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified property Rate Platform programme in 2023; and Review the E-Levy Act and more specifically reduce the headline rate from 1.5% to one per cent of the transaction value as well as the removal of the daily threshold.”