E-Levy: Implementation of Ghana's Revenue Booster Starts on May 1

E-Levy: Implementation of Ghana's Revenue Booster Starts on May 1

  • The implementation of Ghana's highly opposed Electronic Transfer Levy Act, 2022 (Act 1075) starts Sunday, May 1
  • The charges will be on Mobile Money (MoMo) payments, bank transfers, merchants' payments, and inward remittances at the time of the transfers
  • Several users of the cyber community have reacted as they shared their views on how E-Levy will affect businesses and lives

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The implementation of the Electronic Transfer Levy Act, 2022 (Act 1075), Ghana's newly introduced 1.50 percent revenue generation mechanism, will begin Sunday, May 1.

The charges will affect all transactions done via Mobile Money (MoMo) payments, bank transfers, merchants' payments, and inward remittances at the time of the transfers.

Despite fierce opposition from a section of the public and the Minority in Parliament, the controversial E-Levy bill was approved and subsequently received presidential assent by President Nana Akufo-Addo on March 31, according to the Ghana News Agency.

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Hon Ken Ofori-Atta
Photo of Hon Ken Ofori-Atta. Source: Metro TV/Modern Ghana
Source: Twitter

Banks remind customers about E-Levy

Some banks, including Stanbic Bank Ghana, have reminded customers that the E-levy act will take effect from Sunday, May 1.

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In a message to customers on Friday, April 39, the bank said:

''Dear [customer], kindly note that from Sunday, May 1, 2022, an E-levy charge will be applied on electronic money transactions such as Bank to Wallet and Bank to Bank transfers.''

The payment of the 1.50 percent charge will be on transactions exceeding an accumulative amount of GH¢100 - meaning, after GH¢100 a day cumulative transfer, the E-levy will be applied.

Meanwhile, E-Levy trended on Twitter Saturday, April 30. YEN.com.gh compiled some of the reactions below.

@malikofori said:

''MTN sent me a message on E-Levy, it's time to cash out, I'm done with MoMo.''

Read also

Momo agents make U-turn about E-Levy, embrace tax after meeting Akufo-Addo

@yawdevil_ said:

''E-levy don start Tomorrow, Idolos trends sika nuh de3 unless you do am door to door oh.''

@Opresii commented:

''The problem with E-Levy is that an amount of money can be taxed like 3-4 times if it has to go through different electronic platforms before the destination. This is what doesn't make sense.''

@POLONGO_GH said:

''This E-levy issue will dwindle MoMo business.''

@__winnefred commented:

''Most of the MoMo vendors will take advantage of this E-Levy until we’re all properly educated. Sigh

Source: YEN.com.gh

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