Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced the government’s decision to remove several taxes, including the Electronic Transaction Levy (E-levy) and the 10% tax on lottery winnings, also known as the betting tax. This announcement was made during his presentation of the government’s first budget statement to Parliament on Tuesday, March 11.
In addition to these changes, the Minister confirmed the cancellation of other levies, such as the Emissions tax. He also mentioned that the government plans to eventually phase out the COVID-19 levy as part of a broader review of the Value Added Tax (VAT) system.
While the Minister did not specify a timeline for when these tax cuts will take effect, he emphasized that the move aligns with the government’s commitment to its manifesto promises. “We are working to remove these taxes as part of our efforts to ease the financial burden on citizens and promote economic growth,” he said.
Furthermore, Dr. Forson shared plans to eliminate the 1.5% withholding tax on processed gold for small-scale miners. This step is expected to provide significant support to the country’s mining sector, particularly benefiting smaller operators.
“The removal of these taxes will ease the financial strain on households, boost disposable income, support business expansion, and encourage better tax compliance,” the Finance Minister concluded.
Source: Bizexcel Partners
