- The controversial tax bill has become law after the president gave it official approval
- With the bill now a law, implementation has been scheduled to start by May this year, according to Finance Minister
- The Ghana Revenue Authority and Controller and Accountants General Department have been designated collect E-Levy revenues
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President Nana Akufo-Addo quickly signed the controversial E-Levy into law yesterday, March 31, 2022, paving the way for the start of its implementation in May this year.
In Ghana, a bill passed in Parliament can only become law after the president signs to give it official approval.
Minister of Finance, Ken Ofori-Atta, had said earlier that the Electronic Transfer Levy implementation would start at the beginning of May this year.
According to reports, Ken Ofori-Atta explained that the Ghana Revenue Authority and the Controller and Accountant General Department would be the revenue collectors of the new 1.5% levy.
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"They [GRA and CAGD] have said right at the beginning of May they should be able to put their system together," Ken Ofori-Atta said.
The report said the minister made the comment after the president delivered his State of the Nation Address on Wednesday March 30, 2022.
The E-Levy was passed by Parliament on Tuesday, March 29, 2022, under a certificate of urgency.
Mr Ofori-Atta was compelled to revise the tax rate from 1.75% to 1.5% amid a public backlash.
E-Levy: Akufo-Addo Quickly Signs Controversial Tax Bill Into Law
President Nana Akufo-Addo has signed the controversial E-Levy bill into law just two days after a one-sided Parliament of Majority MPs passed it.
With the bill now a law, the Finance Ministry and the Ghana Revenue Authority can begin implementing the collection of the 1.5% tax to be charged in some mobile money and electronic transactions.
Meanwhile, Minority MPs, who walked out of the chamber shortly before the bill was passed, have filed a suit at the Supreme Court to challenge the passage of the tax.
E-Levy Passage Boosts Investor Confidence In Ghana’s Bonds
The passage of the E-Levy on Tuesday and recent austerity measures announced by the finance minister have boosted investor confidence in Ghana's bonds on the international market.
Bloomberg reports that the E-Levy passage and Ken Ofori-Atta's measures to mitigate the economic hardships reassured investors that Ghana is bent on reviving the fiscal economy.
Investors believe the recent bond rally may reflect some of the government's measures recently put in place.
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