Finance Minister Dr. Cassiel Ato Forson has announced the government’s decision to abolish several taxes, including the Electronic Transfer Levy (E-Levy) and the 10% tax on betting.
Speaking in Parliament on Tuesday, March 11, while presenting the government’s first budget statement, Dr. Forson disclosed that additional levies, such as the Emissions Tax, would also be scrapped. He further stated that as part of efforts to review the Value Added Tax (VAT) system, the government intends to eventually eliminate the COVID-19 levy.
“We have programmed the following taxes for removal in line with our manifesto promises. Mr. Speaker, we will abolish the 10% withholding tax on betting, we will abolish the Electronic Transfer Levy (E-Levy) of 1%, we will abolish the Emission Levy also known as Nwisie Tax, we will abolish the VAT on motor vehicle insurance policy. Mr. Speaker, we will abolish the 1.5% withholding tax on unprocessed goods by small scale miners,” he declared.
The government’s move to eliminate these levies is part of a broader effort to ease economic burdens on citizens, restore investor confidence, and create a more business-friendly environment. These sweeping tax reforms, coupled with new revenue-enhancing strategies, signal the administration’s commitment to fostering economic growth and financial stability.
