2025 Budget: E-Levy, Emission Levy, Betting Tax and More to be Scrapped - Ato Forson
Parliament House, Accra, Ghana - 11 March, 2025 - Ghana's government has announced a major overhaul of its tax system, abolishing several unpopular taxes to alleviate the financial strain on households and businesses.
According to Finance Minister Dr. Cassiel Ato Forson, this move aims to boost disposable incomes and stimulate business growth.
The tax cuts were unveiled during the minister's budget presentation in Parliament, marking a significant shift in the government's economic policy.
The taxes slated for abolition include:
- The Betting Tax: a 10% withholding tax on lottery winnings
- The Electronic Transfer Levy (E-Levy): a 1% tax on electronic transactions
- The Emission Levy: a tax on industries and vehicles
- VAT on Motor Vehicle Insurance: a value-added tax on motor vehicle insurance policies
- COVID-19 Recovery Levy: a 1% charge on the supply of goods and services made in Ghana
- Withholding Tax on Unprocessed Gold: a 1.5% tax on winnings from unprocessed gold by small-scale miners
The removal of these taxes is expected to improve household disposable incomes, support business growth, and enhance tax compliance.
This move is seen as a fulfillment of the government's campaign promise to abolish nuisance taxes introduced by the previous administration.
Source: Lead News Online
