The Finance Ministry has indicated that government will not cancel the 1.5 percent levy on electronic transactions, despite its application to the International Monetary Fund (IMF) for economic support.<\/p>\n\n\n\n
According to the government, the proceeds from the levy will complement the support from the IMF in order to shore up the country\u2019s economic fortunes.<\/p>\n\n\n\n
This was contained in a statement from the Ministry on Tuesday, addressing key questions regarding government\u2019s ongoing engagement with the Fund.<\/p>\n\n\n\n
It states that \u201cNO. The IMF lending to Ghana will be for balance of payments support (i.e. to shore up the international reserves).<\/p>\n\n\n\n
\u201cGovernment is committed to ensuring the smooth operationalisation of all taxes including the e-levy to ensure that in addition to the IMF\u2019s resources, government can continue to support its developmental goals on its own while ensuring that tax-to-GPD ratio increases to the peer range of 16%-18%.<\/p>\n\n\n\n
\u201cAn IMF-supported programme is likely to encourage the government to investigate the factors hindering the success of the e-levy (including by providing technical assistance if needed) and come out with strategies to improve it\u201d.<\/p>\n\n\n\n
The Finance Ministry also noted that additionally, other tax measures could be considered for the medium-term.<\/p>\n\n\n\n