The Finance Minister, Dr Cassiel Ato Forson, has announced that the government will be abolishing the Electronic Transaction Levy (E-levy), and the 10% tax on lottery winnings also known as betting tax.
The Minister announced this when he presented the government’s first budget statement to Parliament on Tuesday, March 11.
The Minister also announced the cancellation of other levies including the Emissions tax.
He also announced that in an attempt to review the Value Added Tax system, the government will also eventually abolish the COVID-19 levy.
The Minister however did not specify how soon or when these cancellations will take effect.
“We have programmed the following taxes for removal in line with our manifesto promises. Mr speaker, we will abolish the 10% tax on winning from lottery,” he said.
The government will also eliminate the 10% withholding tax on betting, the emission levy, and the VAT on motor vehicle insurance policies.”
Additionally, Dr Forson revealed plans to scrap the 1.5% withholding tax on processed gold for small-scale miners, a move that is expected to positively impact the country’s mining sector, particularly its smaller operators.
“The removal of these taxes will ease the burden on households and improve their disposable income. It will support business growth and improve tax compliance,” the Finance Minister declared.
