Fun

Ghana’s Minority Lawmakers Reject Government Proposal to Tax Mobile Money Transactions

News Feed - 2021-11-28 10:11:08

Ghana"s Minority Lawmakers Reject Government Proposal to Tax Mobile Money Transactions


The Ghanaian government’s proposal to introduce a 1.75% levy on digital transactions was recently rejected by a minority of lawmakers who insist the new tax derails efforts to help increase the number of adults that are financially included. The Digital Transactions Tax


A minority of lawmakers in the Ghana legislature recently rejected a government proposal to introduce a 1.75% levy on digital transactions including mobile-money payments. The lawmakers argued such a levy would slow down the country’s plan to increase the proportion of financially included adults from 58% to 75% by 2023.


According to a report, the proposed levy, which was tabled in parliament by Finance Minister Ken Ofori-Atta, was (or is) expected to become effective from February 2022. The Ghanaian government argues that the proposed levy would help reduce the country’s deficit from an estimated 12.1% of gross domestic product this year to 7.4% in 2022.


However, the minority lawmakers in Ghana’s hung parliament insist the levy will work against efforts to increase the number of adults that are financially included. These lawmakers have so far refused to meet Ofori-Atta who, according to the report, is seeking to convince them to support his proposal.


Heated Proceedings


Meanwhile, following what the report called “heated proceedings,” lawmakers from the majority block walked out and this led to the adjournment of the debate to November 30. The report also said the refusal by the minority lawmakers to support the levy has frustrated lawmakers that back Ofori-Atta’s proposal.


The report quotes Majority Leader Osei Kyei-Mensah Bonsu, questioning the lawmakers’ refusal to support the levy. He asked: The e-levy is the cornerstone of this budget. Where are we going to get the money to do the roads?


Ghana’s mobile money platforms whose transactions surged 82% to $91.9 billion in 2020 are now an indispensable part of the country’s payments infrastructure. In addition to making payments, the platforms are also used to access loans and to pay insurance premiums by Ghana’s unbanked population. Tags in this story digital tax, financial inclusion, Ghana lawmakers, Ken Ofori-Atta, Mobile money


What are your thoughts about this story? Tell us what you think in the comments section below. IMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks FINTECH | Nov 18, 2021 Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch FINTECH | Nov 17, 2021


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNFT Protocol Unicly Raises $10M Led by Blockchain Capital and Animoca Brands Before the Launch of v2 Next articleCrypto Stamp Crashes Swiss Post’s Online Store With Launch Day Demand Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMajor Estonian Bank LHV Starts Offering Cryptocurrency Trading via Bitstamp


One of the largest banks in Estonia, LHV, is now offering cryptocurrency trading directly from its app through crypto exchange Bitstamp. The bank says it is the "first bank in the Baltics to start offering crypto trading." Large Estonian Bank ... read more.Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL "We’ve All Decided Centralized Banking Is Rigged" — South Park Episode Features a Bitcoin-Only Future Data Shows a Myriad of Crypto Networks Are More Profitable to Mine Than Bitcoin

News Feed

The Silver To Bitcoin’s Gold: Why A Litecoin ETF Could Drive Price To $800
Este artículo también está disponible en español. Crypto analyst EXCAVO has alluded to the potential Litecoin ETFsand how they spark a massive price surge for LTC. The an
Joe Hall6 hours agoThe Truth Behind Cuba’s Bitcoin Revolution: VideoCointelegraph’s latest documentary takes viewers to Cuba, the land of classic cars, communism, hyperinflation and Bitcoin.4335 Total views17 Total s
Crypto Stories: Charlie Shrem tells how he became a Bitcoin millionaire
Tom Blackstone6 hours agoCrypto Stories: Charlie Shrem tells how he became a Bitcoin millionaireShrem made a fortune off his Bitcoin payment service, BitInstant, but then went to prison for alleged money laundering.1787
Bitcoin Cash (BCH) Looks Ready To Climb After A Strong Price Rebound
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Solving the blockchain trilemma with decentralized scalability
Cointelegraph14 hours agoSolving the blockchain trilemma with decentralized scalabilityThis podcast is produced in collaboration with the Metis network and explores the role of layer-2 solutions in providing fast, secure
Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency
Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency Implementing a recently signed presidential decree, the government of Belarus has introduced a procedure allowi
Indian Government Needs More Time to Finalize Crypto Bill: Report
Indian Government Needs More Time to Finalize Crypto Bill: Report Indian government officials reportedly said that India’s cryptocurrency bill will require more time because
Join the Plena Smart Wallet Referral Program and Win Big with $1,000,000 in PLENA Tokens
Join the Plena Smart Wallet Referral Program and Win Big with $1,000,000 in PLENA Tokens press release PRESS RELEASE.Plena Smart Wallet, which is one of the first self-custodial wal
Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50%
Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50% Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the go
4 crypto price analysis platforms that can improve your trades
Elena Perez10 hours ago4 crypto price analysis platforms that can improve your tradesCrypto analytics platforms can vary widely depending on various factors, including price, investment focus and tracking abilities.1033
B2BinPay: How to Find a Reliable Provider of Bitcoin Payments
B2BinPay: How to Find a Reliable Provider of Bitcoin Payments press release PRESS RELEASE. Bitcoin is not just the first cryptocurrency to have come onto the scene – the role
Bitcoin Core devs set up new policy aimed at handling ‘critical bugs’
Brayden Lindrea4 hours agoBitcoin Core devs set up new policy aimed at handling ‘critical bugs’Bitcoin Core developer Antoine Poinsot said there is a dangerous perception that Bitcoin Core is free of bugs, noting it