• Mon. Aug 15th, 2022

E-Levy: How it will affect you – Finance Minister provides details

Finance Minister, Ken Ofori-Atta, has outlined which transactions will be affected by the e-levy and which will be excluded once it is introduced.

The government plans to use the money raised from the e-levy to create jobs and expand the private sector in order to hire more of the country’s teeming unemployed youth.

The cash will also be used to accelerate the government’s digitalization plan, strengthen Ghanaians’ digital security, aggressively extend the country’s road development agenda, minimize reliance on debt, and reduce crowding out of the private sector to boost credit access.

On Wednesday, January 19, 2022, Ken Ofori-Atta announced this at a press conference in Accra.

The following topics will be covered by E-Levy:

Transfers from one electronic money issuer’s account to another’s (EMI).

Mobile Money transfers money from one EMI account to another EMI account.

Transfers from one bank account to another via mobile money.

Money can be transferred between mobile money accounts and bank accounts.

Bank transfers on a digital platform or application are made from one person’s bank account to another person’s bank account.

The E-Levy will have no effect.

Transfers of GH100 each day made by the same person on a daily basis.

Transfers from one person’s account to another.

Transfers to the Ghana.gov portal for the payment of taxes, fees, and charges.

Electronic clearing of cheques.

Payments to specific merchants (i.e. payments to commercial establishments registered with GRA for Income Tax and VAT purposes).

Transfers between the accounts of the principal, master-agent, and agent.

Meanwhile, on January 25, 2022, the contentious e-levy bill will be reintroduced in Parliament.

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