Government introduces 1.75 per cent Electronic Transaction Levy

Government, in the 2022 Budget Statement, on Wednesday, announced the introduction of Electronic Transaction Levy, pegged at 1.75 percent charge on all electronic transactions.

Finance Minister Ken Ofori Atta, presenting the Budget Statement to Parliament, in Accra said the proposed Electronic Levy, would enhance financial inclusion and protect the vulnerable.

He explained that transactions covering mobile money payments, bank transfers, merchant payments, and inward remittances will have the levy imposed on them and will be borne by the sender.

However, the levy will be waived for transactions that amount to GHS 100 or less in a day or approximately GHS 3,000 per month.

The Minister said portions of revenue collected from the levy would support entrepreneurship, youth employment, cybersecurity, digital, and road infrastructure among others.

Source: Ashantibiz

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