According to new data from the Finance Ministry, the controversial electronic transfer levy (E- levy) has resulted in a significant revenue shortfall.
According to data released within the last hour, the government has collected less than 7% of its e-levy target.
The e-levy was expected to generate $6.9 billion by the end of 2022, but that figure has since been reduced significantly to 4.5 billion.
According to Isaac Kofi Agyei, JoyNews’ Data Analyst, information from the Ministry’s provisional data span in the first and second quarters of 2022 reported that it collected 92.7 million.
When the amount raised (93.7 million) is compared to the initial target (6.9 billion), a percentage of 6.4% is obtained.
When compared to the revised target (4.5 billion), however, “it is only 6.2 percent of what the government says it has collected so far.”
In addition, on a month-to-month basis, the month of May was expected to bring in 487.4 million.
According to the information provided, “so far, only 39.4 million has been collected, which is only 8.08 percent of the targeted amount.”
“And for June, 417.8 million, and so far, 54.3 million, which is only 12.99 percent.”
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