By Iddi Yire
Accra, April 02, GNA - President John Dramani Mahama has approved legislation that abolishes the E-Levy, Betting Tax, and Emissions Levy.
The purpose of the Electronic Transfer Levy (Repeal) Bill, 2025, is to abolish both the Electronic Transfer Levy Act, 2022 (Act 1075), commonly known as E-Levy, along with the Electronic Transfer Levy (Amendment) Act, 2022 (Act 1089).
The Income Tax (Amendment) Bill, 2025 aims to revise the Income Tax Act, 2015 (Act 896). This proposed amendment intends to eliminate the withholding tax applicable to winnings from lotteries, bets, and games of chance, along with taxes on the acquisition of raw gold.
The purpose of the Emissions Levy (Repeal) Bill, 2025 is to abolish the Emissions Levy Act, 2023 (Act 1112) as well.
The occasion held at the Presidency was attended by Dr Cassiel Baah Forson, who serves as the Finance Minister; Mr Ebenezer Ahumah Djietror, acting as Clerk to Parliament; Mr Julius Debrah, holding the position of Chief of Staff; along with Mr Felix Kwakye Ofosu, designated as the Presidential Spokesperson and Minister responsible for government communications.
The remaining individuals include Mr Seth Emmanuel Terkper, an Economic Adviser to the President and a previous Finance Minister; Mrs Joyce Bawah Mogtari, who serves as a Special Assistant to the President and is also a Presidential Advisor; and Mrs Marietta Brew Appiah-Oppong, holding the position of Senior Legal Advisor to the President.
As part of its tax reform initiative, the government is introducing policies designed to boost household take-home pay and lessen the total tax liability for individuals.
Eliminating the E-Levy will not just lead to higher disposable incomes for Ghanaians at both household and individual levels.
This measure will offer financial assistance to businesses that support the E-Levy initiative. The policy is consistent with the government’s overarching dedication to promoting economic development and improving access to finance.
Cancelling the E-Levy will support the government's aim of moving towards a cash-light economy.
The abolition of the levy is likewise projected to spur digital transactions, foster financial innovation, and reduce the expense of conducting business. Furthermore, this step is expected to increase consumer expenditure and propel economic growth across multiple industries.
Regarding the Income Tax (Amendment) Bill, 2025, eliminating these withholding taxes is anticipated to offer extra income to individuals within the impacted groups.
Additionally, eliminating the withholding tax on unprocessed gold purchases aims to reduce smuggling and guarantee that Ghana can fully benefit from its gold reserves.
The remaining eight bills that received presidential approval encompass: The Earmarked Funds Capping and Realignment (Amendment) Bill, 2025; the Petroleum Revenue Management (Amendment) Bill, 2025; the Public Financial Management Bill, 2025; the Value Added Tax (Amendment) Bill, 2025; along with the Gold Board Bill, 2025.
GNA