Information reaching InsiderGH.com holds that the controversial Electronic Transactions Levy which was proposed in the 2022 Budget Statement and Economic Policy has been revised to ease the tax burden on Ghanaians.
The proposed levy, which will come into effect on 1 February 2022, is a charge of 1.75% of the value of electronic transactions. It covers mobile money payments, bank transfers, merchant payments and inward remittances.
The originator of the transactions will bear the charge except for inward remittances, which will be borne by the recipient. There is an exemption for transactions up to GH¢100 (US$ 16) per day.
According to the Minister of Finance, the justification for this new levy is to widen the tax net, since the majority of the population make a living in the informal sector.
Below is what you should expect in the revised edition of the E-levy;
- Bank transfer won’t be taxed
- Remittances won’t be taxed
- Merchant users Transfers won’t be taxed
- Transfer from your bank account to your momo number won’t be taxed
- Transfers through Visa card won’t be taxed