E-Levy: Five Main Transactions That Will Be Affected By The New 1.5% Tax

E-Levy: Five Main Transactions That Will Be Affected By The New 1.5% Tax

  • The E-Levy will affect some five central transactions while exempting some six others
  • According to the Finance Minister, the 1.5% tax will affect Mobile money transactions between accounts
  • The new tax will not affect total mobile money transfers of up to GH¢100 per day made by one person

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After Ghana’s Parliament passed the controversial 1.5% E-levy tax bill today, Tuesday, March 29, 2022, YEN.com.gh brings you the five central transactions that the new tax will affect.

According to the Finance Minister, Ken Ofori-Atta, the new levy will affect five principal transactions, key among them mobile money transactions.

Ofori-Atta cash
Finance Minister, Ken Ofori-Atta, was in Parliament on Tuesday, March 29, 2022 when the E-Levy bill was passed. Source: Instagram/@fillaboyzdotcom
Source: Instagram

The transactions that the tax will affect are as follows:

  1. Mobile money transfers between accounts on the same electronic money issuer (EMI)
  2. Mobile money transfers from an account on one EMI to a recipient on another EMI
  3. Transfers from bank accounts to mobile money accounts
  4. Transfer from mobile money accounts to bank accounts
  5. Bank transfers on a digital platform or application which originate from a bank account belonging to an individual to another individual

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However, the following six transactions will not be affected by the E-Levy:

  1. Cumulative transfers of GH¢100 per day made by the same person
  2. Transfers between accounts owned by the same person
  3. Transfers for the payment of taxes, fees, and charges on the Ghana.gov platform
  4. Electronic clearing of cheques
  5. Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
  6. Transfers between principal, master agent and agent’s accounts

Implementation of the tax law will begin after President Nana Akufo-Addo gives his assent.

E-Levy: Parliament Passes Controversial Bill After Minority Stages Walkout

Ghana’s Parliament passed the controversial E-levy tax bill, Tuesday, March 29, 2022, after the Minority group staged a walkout.

After a long absence, the bill was sprung on the House under a certificate of urgency to allow for broader stakeholder consultations.

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E-Levy finally passed after Minority walks out of Parliament

After the Minority MPs walked out of the House after the bill was scheduled for voting during proceedings, the one-sided House of Majority MPs passed the bill.

Angry Minority MPs Vow To Challenge 'Illegal' Passage Of Bill At The Supreme Court

The Minority group in Parliament is angry that the controversial E-Levy was illegally passed after its members walked out today and has vowed to challenge the bill's passage at the Supreme Court.

The Minority MPs say following a recent ruling by the Supreme Court, 136 MPs cannot pass the controversial bill.

After a long absence, the bill was secretly returned to Parliament today, March 29, 2022.

Source: YEN.com.gh

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