Akufo-Addo To Sign E-levy Bill Into Law This Week

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President Nana Akufo Addo
President Nana Akufo Addo
Spining

Majority Leader Osei Kyei-Mensah-Bonsu has revealed that President Nana Akufo-Addo is likely to assent into law the controversial Electronic Transfer Levy (E-levy) Bill later in the week.

The Bill which was approved by the House on Tuesday has generated a lot of discussions among Ghanaians.

Mr Kyei- Mensah-Bonsu addressing a press conference in Parliament House, after the passage of the E-levy Bill revealed that but for the State of the Nation’s Address (SONA) later in the week, the President Akufo-Addo would have assented to the new Bill.

Mr Kyei- Mensah-Bonsu also explained that the purpose of the Bill is to broaden the tax base of the country and to increase revenue mobilization domestically, adding that the new levy seeks to increase the revenue streams of the country.

He said the Bill when assented to by the President would become a law that binds every electronic money transaction to attract a 1.5 percent charge.

He said the matters that should concern members is what monies from the E-levy is going to be applied on citing for example physical infrastructure, digital infrastructure and using part of the money to grow young entrepreneurs to tackle youth unemployment in the country.

Mr Kyei- Mensah-Bonsu also explained that increasing domestic revenue mobilization would help to curtail the country’s rate of borrowing thereby limit the debt stock.

He said Parliament, through its oversight, should give regular reportage of the amount of money that has accrued to the country as result of the E-levy.

 

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