E-Levy has been passed by Parliament
It was reduced from 1.75% to 1.5%
Minority caucus staged a walkout
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
Find below the Electronic Transfer Levy Act
