2023 Budget: Gov’t Reduce E-Levy to 1%, Increases VAT by 2.5%

The reduction of the e-levy rate from 1.5 percent to 1 percent is one of the proposals that will be included in the 2023 budget statement that was released by the Minister of Finance, Ken Ofori-Atta.

In addition to this, he made the announcement of a plan to “increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; fast-track the implementation of the Unified Property Rate Platform program in 2023; and review the E-Levy Act and more specifically reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold.”

On Thursday, November 24, he delivered these remarks to Parliament as part of the presentation of the 2023 budget statement. What do you make of this decision by the government?

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