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A pre-budget survey by auditing and accounting firm, KPMG, reveals that the country will lose about GH¢6.4 billion in revenue if the government cancels the Covid -19 and the E-levy taxes in the 2025 budget.
This was stated in its 2025 Pre-Budget Survey submitted to the Finance Ministry.
Accordingly, some respondents in the survey recommended the use of technology as a key initiative that can support in closing the shortfall in government revenue.
“KPMG notes that abolishing the E-levy and Covid-19 levy could result in a revenue shortfall of at least GH¢6.4 billion”.
“Beyond the revenue measures proposed by respondents, the government should also leverage technology to enhance property rate administration and collection, as well as review taxation within the digital and e-commerce sectors. Additionally, strengthening public financial management systems, closing loopholes in public procurement, and reducing wasteful spending are critical to improving fiscal sustainability”, it mentioned.
The firm also charged that for Ghana’s 24-hour economy to succeed, it should focus on industries that naturally thrive with round-the-clock operations, increased consumer demand, and global market competitiveness such as manufacturing, transport and logistics, healthcare, retail and hospitality, and digital services.
Most of the respondents in the survey believed that the new administration policy initiatives that will be in the budget can be the base for recovering the economy.
source: My Joy Online
