The Ghana Revenue Authority (GRA) has served notice that following the passage of the Electronic Transfer Act 2022 (Act 1075), the authority will begin the implementation of the levy on 1 May 2022.
The 1.50% levy will be charged on electronic transfers at the time of transfers.
Transactions E-Levy will cover:
Mobile money transfers between accounts on the same electronic money issuer (EMI)
Mobile money transfers from an account on one EMI to a recipient on another EMI
Transfers from bank accounts to mobile money accounts
Transfer from mobile money accounts to bank accounts
Bank transfers on a digital platform or application which originate from a bank account belonging to an individual to another individual
The “poor” are not part of E-Levy
The Information Minister, Kojo Oppong Nkrumah has said that the “poor” have been exempted from the Electronic Transaction Levy due to the threshold of less than GHC100.
Also, he debunked claims that the Levy will kill the Mobile Money [Momo] industry.
According to him, although the same comments were made during the introduction of the Communications Service Tax, the telecom industry has thrived ever since.
Speaking on the floor of Parliament on Tuesday (29 March), the Ofoase Ayirebi Member of Parliament said, “There is a claim that has been made that it will kill the MoMo industry so don’t tax MoMo.
“This same claim was made when the Communications Service Tax was being introduced, it has never killed the industry. In fact, the industry has grown.”
He added: “Mr Speaker, finally, the poor have been taken out of it with the threshold implemented so that those who transfer less than GHC 100 a day will not pay this levy.”