The Ghana Revenue Authority (GRA) has announced that the implementation of the Electronic Transaction Levy (E-Levy) will be implemented effectively on May 1st, 2022.
In a newspaper notice, the GRA disclosed that the decision was influenced following the passage of the E-Levy Bill by Parliament.
According to the law, The E-Levy will impose 1.50% on all electronic transfers and will apply to mobile money transfers done between accounts on the same electronic money issuer, as well as mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer.
Others are; transfers from bank accounts to mobile money accounts and transfers from mobile money accounts to bank accounts
However, bank transfers on an instant pay digital platform or application originating from a bank account to an individual subject to a daily threshold will be determined by the Minister of Finance.
The rate would apply to electronic transactions that are more than ¢100 daily and is different from the percentage telecommunication companies charge on mobile money transactions.
See Notice below;
The E-Levy Bill was signed into law by President Akufo-Addo on Thursday, March 31, 2022 after it was passed by Parliament on Tuesday, March 29.
This decision was reached after the Consideration Stage was completed by a Majority-sided House on Tuesday, March 29, 2022. It was considered under a certificate of urgency.
The tax, which has become a subject of debate among Ghanaians is expected to rake in ¢4.5 billion in tax revenue for the country.