The Electronic Transaction Levy bill also known as E-levy is now law after President Akufo-Addo assented on Thursday, March 29, 2022.
Presidential assent was given to it after Parliament approved it despite Minority staging a walkout during it’s second reading.
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.
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