• Home
  • General
  • Entertainment
  • Politics
  • Business
  • Sports
  • Editorial
  • Health
  • World
  • Feature
The Herald Ghana
Advertisement
  • Home
  • General
  • Entertainment
  • Politics
  • Business
  • Sports
  • Editorial
  • Health
  • World
  • Feature
No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Business
  • Sports
  • Editorial
  • Health
  • World
  • Feature
No Result
View All Result
The Herald Ghana
No Result
View All Result
Home General

Proposed e-levy problematic; rely on extractive sector for more revenue – Duffuor

November 29, 2021
Reading Time: 2 mins read
Focusing on TVET will solve rising youth unemployment – Duffuor

A former Minister of Finance, Dr. Kwabena Duffuor views the government’s proposed 1.75% tax on electronic financial transactions as a rip-off.

Delivering his maiden lecture on transforming the economy, Dr. Duffuor argued that the government’s decision to tax electronic transactions is tantamount to double taxation, as these transactions do not fall within the category of taxable commodities.

“Taxes/levies are imposed on incomes/gifts, consumption, and held properties or assets. Electronic transfers/payments are none of these. An electronic transfer usually represents a mode of payment or settlement. And indeed, modes of payment should not attract taxes/levies.”

“This is because taxing modes of payment could lead to instantaneous double taxation, since the underlying income– the commodity– would have normally been taxed already. This makes the proposed E-Levy problematic because it could be fraught with serious implementation challenges. This tax could undermine the Ghanaian digital economy, which the Vice President has been working on all these years.”

RelatedPosts

No Content Available

Dr. Duffuor said the government could resort to the extractive sector in generating more revenue than imposing taxes on the citizenry.

“There is so much additional revenue that can be generated from the extractive sector, which is currently being left in the hands of private investors. We are not asking for confiscation, we are asking for partnership. As it is being done in Botswana and Nigeria.”

His lecture was under the theme “The Ghanaian Dream; Transforming the economy through job creation and opportunities for all.”

The 1.75% tax on electronic financial transactions was proposed in the 2022 budget statement presented before Parliament by the Finance Minister, Ken Ofori-Atta, on Wednesday, November 17, 2021.

The Minister explained that the tax measure was to raise revenue to support job creation initiatives, construction of road infrastructure, cybersecurity, and digital infrastructure.

Ken Ofori-Atta was hopeful that the proposal would come into full force from February 2022.

Various stakeholders, including those in the telecommunications sector, have also raised concerns about the policy.

The Minority caucus in Parliament has indicated that one of its major reasons for rejecting the 2022 budget statement and economic policy was due to the proposed tax on e-levy transactions.

Previous Post

Reforms in legal education: Akufo-Addo gives GLC ultimate power

Next Post

GNPC boss, KK Sarpong eyes vacant Offinso stool

RelatedPosts

No Content Available
Next Post
GNPC boss, KK Sarpong eyes vacant Offinso stool

GNPC boss, KK Sarpong eyes vacant Offinso stool

John Mahama gives out Glucometers to diabetes patients his birthday

John Mahama gives out Glucometers to diabetes patients his birthday

Don’t politicise my health issues – Speaker

Don’t politicise my health issues – Speaker

Leave Comment

Recent Posts

  • GNFS dismisses 11 officers for indiscipline, fraud
  • Body of Chinese man who drowned in dam at Kwahu retrieved
  • Thousands stranded “China’s Hawaii” lock down
  • Bitcoin to hit fresh all-time high as institutional investors get more access
  • Israel-Gaza: Death toll rises as Israel targets militants

Recent Comments

No comments to show.

Recent News

GNFS dismisses 11 officers for indiscipline, fraud

GNFS dismisses 11 officers for indiscipline, fraud

August 8, 2022
Body of Chinese man who drowned in dam at Kwahu retrieved

Body of Chinese man who drowned in dam at Kwahu retrieved

August 8, 2022
  • Email: theheraldghana@gmail.com
  • Call / WhatsApp: 0554440944

Copyright © 2021 The Herald. All Rights Reserved

No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Business
  • Sports
  • Editorial
  • Health
  • World
  • Feature

Copyright © 2021 The Herald. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist