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highlights of the finance minister’s presentation of the 2023 budget

Ken Ofori-Atta, the minister of finance, has arrived before the legislature in order to carry out his constitutional duty and deliver the government budget to the House.

highlights of the finance minister's presentation of the 2023 budgethighlights of the finance minister’s presentation of the 2023 budget

The presentation was made in compliance with Section 21 of the Public Financial Management Act of 2016 and Article 179 of the 1992 Constitution (Act 921).

The finance minister’s important initiatives from the 2023 budget are highlighted by GhanaWeb in this article;

Review of the e-levy rate from 1.5% to 1.0% and removal of the GH100 daily criterion

The Electronic Transfer Levy (E-Levy) rate will be reduced from 1.5 percent to one percent, according to an announcement from Finance Minister Ken Ofori-Atta.

He claims that the choice is a part of government efforts to enhance the nation’s domestic revenue production efforts in accordance with a seven-point strategy.

He continued by saying that the GH100 daily threshold, which has been in force since its installation in May of this year, will also be eliminated as part of the tax measure imposed on electronic transactions.

“We will carry out the following activities, actions, and interventions in accordance with the seven-point agenda, Mr. Speaker. We will, among other things, raise the VAT rate by 2.5 percent to directly support our road and digitalization agendas in an effort to aggressively generate domestic money; The Unified Property Rate Platform program should be implemented more quickly in 2023. The E-Levy Act should also be reviewed, with a focus on lowering the headline rate from 1.5% to one percent (1%) of the transaction amount and eliminating the daily threshold “said he.

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