{"id":54977,"date":"2022-11-14T08:00:20","date_gmt":"2022-11-14T08:00:20","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=54977"},"modified":"2022-11-14T08:00:23","modified_gmt":"2022-11-14T08:00:23","slug":"e-levy-at-0-5-would-have-raked-in-%c2%a22-64bn-revenue-in-2022-many-transactions-avoiding-levy-report","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=54977","title":{"rendered":"E-levy at 0.5% would have raked in \u00a22.64bn revenue in 2022; many transactions avoiding levy \u2013 Report<\/strong>"},"content":{"rendered":"\n

A research by the Center for Economics Finance and Inequality Studies (CEIS) has indicated that if the rate of the Electronic Transaction Levy (e-levy) had been revised to 0.5%, and 54% of the existing active users patronise \u201cMobile Money\u201d transactions, the expected revenue for this year will have been a little above \u00a22.64 billion.<\/p>\n\n\n\n

This estimate is greater than the total revenue the government anticipates from the e- levy for 2022. The anticipated revenue from the e-levy for the year 2022 was \u00a26.96 billion or $1.15 billion, which was later revised to \u00a24.5 billion and again to \u00a2611 million.<\/p>\n\n\n\n

The report revealed that based on the standard law of demand, if the relative price decreases from 1.5% to 0.5% e-levy, the quantity demanded of \u201cMobile Money\u201d transfers will increase.<\/p>\n\n\n\n

Therefore, the government would be better off reducing the e-levy to 0.5% instead of the present 1.50%.<\/p>\n\n\n\n

The report also forecasted a 21.4% rise in the total revenue to about \u00a23.20 billion in 2023 and about \u00a23.63 billion in 2024.<\/p>\n\n\n\n

\u201cIn 2024, we expect the projected revenue to reach \u00a23.635 billion. The forecasted revenue is expected to
reach \u00a24.043 billion by 2025 which will be greater than the government\u2019s expected revenue for the same period.\u201d<\/p>\n\n\n\n

It warned that keeping the e-levy rate at 1.5% will deprive the government from generating more revenue from the tax.<\/p>\n\n\n\n

Many Mobile Money transactions avoiding E-Levy<\/strong><\/p>\n\n\n\n

 It cited an example that in many commercial transactions, the parties involved negotiate based on a \u201cgentleman\u2019s agreement\u201d where the sender deposits cash into the wallet of the receiver through a \u201cMobile Money\u201d merchant account to avoid the payment of its corresponding e-levy charge.<\/p>\n\n\n\n

\u201cIn many commercial transactions, the parties involved negotiate based on a \u201cgentleman\u2019s agreement\u201d where the sender deposits cash into the wallet of the receiver through a \u201cmomo\u201d merchant account to avoid the payment of its corresponding e-levy charge.\u201d<\/p>\n\n\n\n

Initial revenue estimate of \u00a24.5bn overambitious<\/strong><\/p>\n\n\n\n

In conclusion, it said the e-levy is a good tax handle that must be maintained considering the dire fiscal stance of the country.<\/p>\n\n\n\n

It however added that the initial revenue estimate of \u00a24.5billion at 1.5% is overambitious and has the potential of negatively affecting Ghana\u2019s Cash-Lite Agenda.
Again, the strategy of using the e-levy as a conduit to get the informal sector to contribute to national revenue has failed, as the informal sector is the most active group exploiting the current e-levy loopholes.<\/p>\n\n\n\n

Similarly, the growth in the number of active mobile money agents has been on a decline. However, the
growth rate for the active agents has been higher compared to the active mobile money customers<\/p>\n\n\n\n

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A research by the Center for Economics Finance and Inequality Studies (CEIS) has indicated that if the rate of the Electronic Transaction Levy (e-levy) had been revised to 0.5%, and 54% of the existing active users patronise \u201cMobile Money\u201d transactions, the expected revenue for this year will have been a little above \u00a22.64 billion. This […]<\/p>\n","protected":false},"author":2,"featured_media":54979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":1,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-54977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nE-levy at 0.5% would have raked in \u00a22.64bn revenue in 2022; many transactions avoiding levy \u2013 Report - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=54977\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-levy at 0.5% would have raked in \u00a22.64bn revenue in 2022; many transactions avoiding levy \u2013 Report - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"A research by the Center for Economics Finance and Inequality Studies (CEIS) has indicated that if the rate of the Electronic Transaction Levy (e-levy) had been revised to 0.5%, and 54% of the existing active users patronise \u201cMobile Money\u201d transactions, the expected revenue for this year will have been a little above \u00a22.64 billion. 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