THE 5 TRANSACTIONS AFFECTED BY E-LEVY

TRANSACTIONS AFFECTED BY E-LEVY

Some transactions affected by e-levy. The electronic Levy also referred to as the E-levy become passed by means of Ghana’s Parliament on Tuesday, March 29th, 2022.

E Levy charges require a 1.5% tax deductions from electronic transactions along with mobile money transfers, bank to bank transfers, bank to mobile money transfers, and online fee transactions with payment platforms which includes Visa Card, Master Card, and PayPal amongst others.

About E -levy Passage

Following the passage of the Electronic Transfer Levy Act. 2022 (Act 1075) by the Parliament of Ghana, the levy shall come into effect from Sunday, May 1, 2022.

In view of the above, these transactions shall attract a 1.5% levy in compliance with the new Act:

BELOW ARE TRANSACTIONS TRANSACTIONS AFFECTED BY E-LEVY

1 . Firstly MoMo transfers between users on same network

For example sending money above Ghs 100. 00 per day from your Vodafone Cash wallet to another person’s Vodafone Cash wallet will attract a 1.5% charge.

2 . Also, MoMo transfers between users on different networks

For instance, sending an amount of money not less than Ghs 100.00 per day from your MTN momo wallet to another person’s AirtelTigo wallet will also attract a charge of 1.5%.

MORE ON: THE 5 TRANSACTIONS AFFECTED BY E-LEVY

3 . Transfers from bank accounts to MoMo accounts

Moreover, if Albert Addo transfers money from his ABSA bank account to Richard’s Vodafone Cash Wallet, it will attract the 1.5% tax rate.

4 . Transfers from MoMo accounts to bank accounts

A situation where Kwadwo Siaw sends money from his Zeepay wallet to Mark’s bank account, there will be a tax of 1.5% charged on the transaction.

5 . Inter-bank transfers using digital platforms including mobile applications

In a case where Kwame Gyan transfers more than Ghs 20,000 per day from his Access Bank account using the Access Bank app to Yaa’s Fidelity Bank Account, the charge of 1.5% tax will take place.

Disclaimer: The names of all telecommunication and financial institutions mentioned above are for explanation reasons only. We do not intend to promote or demote a particular brand’s name.

CHECK THIS:

• WHAT TO LOOK OUT FOR WHEN E LEVY BEGINS
• E LEVY CHARGES ON MOBILE MONEY IN GHANA 2022
• E-Levy Transfers That Will Not Attract Charges Full list