The government has announced the reduction of the electronic transactions levy from the current headline rate of 1.5% to 1%.
The Minister of Finance, Ken Ofori Atta made this disclosure when he presented the 2023 Budget Statement and Economic Policy of government in Parliament today Thursday, November 24, 2022.
“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold.”
Mr. Ofori Atta said the government is working closely with all stakeholders to evaluate the impact of the levy in order to decide on the next line of action which will include revision of the various exclusions.
He stated as first step, however, the headline rate will be reduced to one percent (1%) of the transaction value alongside the removal of the daily threshold.
Meanwhile, the Finance Minister has noted the income tax regime will also undergo reforms to among others, review the upper limits for vehicle benefits and introduce an additional income tax bracket of 35%.