E-levy won’t be cancelled despite IMF engagement – Gov’t

Lorlornyofm
By Lorlornyofm July 6, 2022 13:46

E-levy won’t be cancelled despite IMF engagement – Gov’t

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E-levy came into force in May 2022

The government of Ghana has said it will not scrap the e-levy because it is seeking an economic bailout from the International Monetary Fund (IMF).

Shortly after the government announced it was engaging the IMF for a bailout, a section of the populace took to social media to suggest that the e-levy should be cancelled because it was presented to Ghanaians as the alternative to any possibility of an engagement with the IMF.

In a recent statement, pressure group Arise Ghana advocated the cancellation of the levy.

The government, in response, however, said despite its engagement with the IMF, the e-levy has come to stay.

A statement from the Finance Ministry said “the IMF lending to Ghana will be for balance of payments support (i.e. to shore up the international reserves).”

It added that the government is committed to ensuring the smooth operationalisation of all taxes including the e-levy to ensure that in addition to the IMF’s resources, the government can continue to support its developmental goals on its own while ensuring that the tax-to-GPD ratio increases to the peer range of 16%-18%.

The statement noted that an IMF-supported programme is likely to encourage the government to investigate the factors hindering the success of the e-levy, including by providing technical assistance if needed, and come out with strategies to improve it.

“Additionally, other tax measures could be considered for the medium-term,” it added.

Source: Classfmonline.com/Emmanuel Mensah

Lorlornyofm
By Lorlornyofm July 6, 2022 13:46
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