You are currently viewing List of transactions to be affected by E-Levy

List of transactions to be affected by E-Levy

  • Post category:National

The Electronic Transfer Levy Act, 2022, Act 1075, otherwise known as the E-Levy, was given Presidential assent on Thursday, March 31, 2022, after it was passed by Parliament on Tuesday, March 29, 2022.

The Electronic Transfer Levy Act, will impose a 1.50% levy on most electronic transfers.

Prior to its approval by the Majority in Parliament, the Minority staged a walkout saying the tax is a tool that was set to exacerbate the plight of the ordinary Ghanaian.

The Bill was adopted at a reduced rate of 1.50% from the initial 1.75% and is expected to raise an estimated GH¢6 billion in tax revenue for the country.

The Ghana Revenue Authority (GRA) has already hinted that its structures have been revised and ready to ensure mobilization of the tax.

GhanaWeb takes a look at what the new Electronic Transfer Levy Act will cover when it is finally operationalised from May 1, 2022, as was disclosed by the Finance Minister.

Transactions E-Levy will cover

i. Mobile money transfers done between accounts on the same electronic money issuer

ii. Mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer

iii. Transfers from bank accounts to mobile money accounts

iv. Transfers from mobile money accounts to bank accounts

v. Bank transfers on an instant pay digital platform or application originating from a bank account belonging to an individual subject to a threshold to be determined by the Minister

Transactions E-Levy will NOT cover

The Finance Ministry has also highlighted some scenarios where the E-Levy will not apply. They are;

i. Cumulative transfers of GHC100 per day made by the same person

ii. Transfers between accounts owned by the same person

iii. Transfers for the payment of taxes, fees and charges on the Ghana.gov platform

iv. Electronic clearing of cheques

v. Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)

vi. Transfers between principal, master agent and agent’s accounts

 

Ashantibiz

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %