Dr. Mahamudu Bawumia, the Vice President, has declared that, should he be elected President of Ghana, he will do away with the E-levy, or tax on credit transactions.
Vice President Bawumia stated in an interview that he was against taxes on electronic financial transactions prior to the contentious tax’s adoption in 2022.
Dr. Bawumia did not hold back when he declared his opposition to taxes on electronic financial transactions and his plan to abolish e-levy during his first major speech to the nation following his election as the NPP flagbearer. He also provided broad policy outlines of a Bawumia Presidency.
According to Dr. Bawumia, the elimination of the e-levy will greatly strengthen his campaign for a digital and cashless Ghana.
“To move towards a cashless economy however, we have to encourage the population to use electronic channels payment. To accomplish this, there will be no taxes on digital payments under my administration. The e-levy will therefore, be abolished,” he declared.
Dr. Bawumia also declared that, if his government’s proposed 15% VAT on power rates is implemented by January 2025, he will eliminate the emission tax, the betting tax, and the tax on wagers as part of the new tax system.
In addition, he declared that his administration would establish a flat, friendly tax system for Ghana, which he claimed would benefit both individuals and companies, especially small and medium-sized ones (SME’s).
“My administration will introduce a very simple, citizen and business friendly flat tax regime. A flat tax of a % of income for individuals and SMEs, which constitute 98% of all businesses in Ghana, with appropriate exemption thresholds set to protect the poor,” Dr. Bawumia indicated.
