Finance Minister Dr. Cassiel Ato Forson has unveiled the government’s budget for 2025, which includes plans to eliminate several taxes introduced by the previous administration.
Among the taxes set to be abolished are the Electronic Transfer Levy, the 10% Withholding Tax on betting winnings, the Emission Levy on industries and vehicles, and the Value Added Tax (VAT) on motor vehicle insurance policies, among others.
“Despite our commitment to increase the non-oil tax revenue by 0.6 percentage points of
GDP, we have programmed the following nuisance taxes for removal in line with our manifesto promise.
We will abolish the 10% withholding tax on winnings from lottery, otherwise known as the
“Betting Tax”; we will abolish the Electronic Transfer Levy (ELevy) of 1%; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners.”
Dr. Ato Forson said, this is a move to bring relief to households.
“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance.”
