E-Levy will only give government more negative sentiments than proceeds – Adongo

Isaac Adongo121212 Deputy Ranking Member on Parliament's Finance Committee, Isaac Adongo

Thu, 12 May 2022 Source: www.ghanaweb.com

GRA begins implementation of E-Levy

GRA rakes over GH¢1 million per day under one Charging Entity

Government may only generate GH¢720 million a year from E-Levy – Isaac Adongo

Deputy Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has said the implementation of the Electronic Transfer Levy is already proving to be a nuisance tax.

According to him, the tax policy will only give government more negative sentiments and disaffection than the proceeds government seeks to accrue from the levy.

In a Facebook post sighted by GhanaWeb, the Bolga Central lawmaker explained, “If what the Ghana Revenue Authority is saying is anything to go by, then it will only give government just about GH¢1.5 million a day and some GH¢540 million this year."

“Even if we are generous to grant them GH¢2 million a day from the E-Levy in subsequent years, government would only generate GH¢720 million a year. That is disastrous for the E-Levy that would solve all our problems,” he added.

Touching on moves by government to stabilise the economy and the Cedi’s sustained depreciation, Isaac Adongo questioned government’s commitment in delivering on its promise to secure a capital of US$2 billion.

“Where is the US$2billion they promised would come in between 2-6 weeks to shore up the cedi? This was announced by Ken Ofori-Atta on March 24, 2022 and repeated by President Nana Addo Dankwa Akufo-Addo Nana Addo in his state of the nation's address a few days later,” he quizzed.

He continued, “It's been almost 8 weeks and not a cent has arrived. The forex market is getting jittery with traders and businesses reverting to precautionary and speculative demand for dollars”

He cautioned that the Cedi may face an imminent spike in depreciation if these measures and promises are not expedited immediately.

Source: www.ghanaweb.com
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