GH¢3.8 billion saved from tax refund ceiling reduction – Finance Minister

Finance Minister Dr. Cassiel Ato Forson has announced that the government will save GH¢3.8 billion by reducing the tax refund ceiling from 6% to 4% of total revenue.

Presenting the 2025 Fiscal Policy in Parliament, he stated that these savings would cover the revenue shortfall from abolishing the E-Levy (GH¢1.9 billion) and betting tax (GH¢180 million).

Additionally, the government will eliminate five taxes, including:
• 10% betting tax,
• 1% E-Levy,
• Emission Levy,
• VAT on motor vehicle insurance,
• 1.5% withholding tax on unprocessed gold.

Dr. Forson emphasized that these measures aim to ease financial burdens on households and boost economic activity while ensuring fiscal sustainability.