E-Levy implementation to start in May
Transfers up to GH¢100 exempt from E-Levy
Pending the implementation of the electronic transfer levy on May 1, 2022, the Ghana Revenue Authority has outlined the entities that will be responsible for charging the 1.5% tax.
Head of Compliance, Domestic Tax Revenue Unit at the Ghana Revenue Authority (GRA), Victor Yao Akogo, in a JoyNews interview outlined the charging institutions as follows;
1. Electronic Money Issuers such as MTN, Vodafone Cash, AirtelTigo, Zeepay, and G-Money.
2. Payment Service Providers (PSPs) such as E-transact.
3. Banks [Charges applicable on the digital system]
4. Specialised Deposit-Taking Institutions (SDIs) Eg: Rural and Community Banks
5. Other institutions prescribed by regulations made by the act.’
According to the GRA, however, it will serve as an intermediary between the entities listed.
The GRA explained, “Once the funds are deducted by the charging entities, we require that within 24 hours, they remit that amount to the Bank of Ghana electronically.”
The Electronic Transfer bill has been assented into law by President Nana Akufo-Addo and will be applicable on electronic transactions above GH¢100 daily.
