Finance

Review of the E-Levy in the 2023 budget is a diabolical reduction, according to Bright Simons

Bright Simons, the vice president of IMANI Africa, has criticized the government for its plan to eliminate daily restrictions on electronic money transactions that will be subject to the Electronic Transfer Levy (E-Levy).

Review of the E-Levy in the 2023 budget is a diabolical reduction, according to Bright SimonsReview of the E-Levy in the 2023 budget is a diabolical reduction, according to Bright Simons

 

The Electronic Transfer Levy (E-Levy), which is now levying 1.5 percent of transactions, will be reduced to 1.0 percent, according to a proposal made by Finance Minister Ken Ofori-Atta.

Ofori-Atta suggested removing restrictions on transfers that will trigger the charge in addition to the rate reduction.

Review the E-Levy Act, with a focus on lowering the headline fee from 1.5 percent to one percent (1%) of the transaction value and eliminating the daily threshold, the man urged.

In response, Bright Simons stated that the government’s plan is to lower the levy’s rate but only to apply it to all transfers.

He also lamented the government’s inability to involve stakeholders in the change and its decision to raise the value added tax by 2.5 percent.

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