Business News of Monday, 24 January 2022
Source: www.ghanaweb.live
2022-01-24E-levy essential to coronavirus recovery effects - Twum Barimah
Dormaa East’s MP, Paul Twum Barimah
Ghana not only country to introduce tax measures to speed up COVID-19 recovery efforts, MP
Saudi Arabia tripled its VAT rate to sustain its economy, Twum Barimah
E-levy would help create more jobs, Twum Barimah
Dormaa East’s MP, Paul Twum Barimah, has indicated that the E-levy is essential to Ghana’s COVID-19 recovery efforts.
The Member of
Read full articletarget='_blank' href='/GhanaHomePage/people/person.php?ID=3205'>Parliament who was reported to have said this by myjoyonline.com added that the E-levy was a tax measure that was introduced by the government in the 2022 Budget and Economic Policy to help the government raise revenue to help bring Ghana’s economy back on track.
According to him, Ghana was not the only country to have introduced a tax measure to help resuscitate its economy but other countries have either done the same or increased their tax margins.
He said some countries have increased their Value Added Tax (VAT) rate and some had also extended VAT to digital companies.
“Countries like Argentina, Peru hiked taxes on their wealthy and high-income earners. Indonesia extended its Value Added Tax to digital companies to address COVID-19 expenditure. Saudi Arabia, for instance, tripled its Value Added Tax rate to enable it maximise revenue to sustain its economy,” the MP was quoted by myjoyonline.com.
Twum Barimah further stated that e-levy would support the country’s infrastructure efforts including the construction of roads as well as employment and entrepreneurship programmes for the youth and digital service infrastructure.
He also said no third party shall collect the levy adding that Ghana Revenue Authority (GRA) would help the GRA help the government collect with the electronic money issuers.
“Revenue from the e-levy is expected to be mobilised by the government, through the Ghana Revenue Authority (GRA), that shall collect the E-Levy with the telecommunication agencies, financial technologies and financial institutions," the MP mentioned.
