E-levy At 0.5% Would Have Raked In Gh¢2.64bn Revenue In 2022, Centre For Economics Finance Announces.

 According to the Centre for Economics Finance and Inequality Studies, the rate of E-levy had been revised to 0.5% and 54% of the existing active users patronise Mobile Money transactions in Ghana and the expected revenue for the year will have been a little above Gh¢2.64 billion.

According to him, the estimate is greater than the total revenue that the government anticipated from the E-levy for 2022. The anticipated revenue for the year 2022 was Gh¢1.15 billion to Gh¢6.96 billion which was later revised to Gh¢4.5 billion to Gh¢611 million.

According to his report based on the standard law of demand, if the relative price decreases from 1.5% to 0.5% E-levy, the quantity demanded Mobile Money transfer will increase. Therefore, the government would be better off reducing the E-levy to 0.5% instead of the present 1.5%.

His report also forecasted a 21.4% rise in the total revenue to about Gh¢3.20 billion in 2023 and about Gh¢3.63 billion in 2024.

In his report, he said;

" In 2024, we expect the projected revenue to reach Gh¢3.635 billion. The forecasted revenue is expected to reach Gh¢4.043 billion by 2025 which will be greater than the government's expected revenue for the period.

In many commercial transactions, the parties involved negotiate based on a gentleman's agreement where the sender deposits cash into the wallet of the receiver through a MoMo merchant account to avoid the payment of its corresponding elegy charge"

He concluded by saying that, E-levy is a good tax handle which should be maintained and managed well considering the dire fiscal stance of the country for better developmental structure for the country. 

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