As Ghanaians brace themselves for the electronic transfer Levy (E-Levy) to be applied next month, the Ghana Revenue Authority (GRA) has mentioned the transactions that will not be suffering from the new tax policy.
According to the Authority, even though the tax coverage is to increase the tax net, not all electronic transactions will include a 1.5% tax price.
The head of Compliance, domestic Tax revenue Unit at the Ghana Revenue Authority (GRA), Victor Yao Akogo on JoyNews’ The Probe listed them as follows;
- A cumulative transfer of ¢100 is made by the same person.
- A transfer between accounts owned by the same individual.
- Transfers for the payment of taxes, fees and charges on the Ghana.gov platform
- Electronic clearing of cheques
- Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
- Transfers between a principal, master agent, and agent’s accounts.
For the transfers that will be affected; a principal Revenue Officer and Head of the project management Unit said the Authority, Isaac Kobina Amoako said;
- Mobile money transfers are carried out between accounts on the same electronic money issuer.
- Cellular money transfer to a receiver on every other digital money issuer [Interoperability transfer]
- Transfer from a bank account to [another person’s] mobile money account.
- From a mobile money account to [another person’s] bank account.
- Bank transfers on an instant paid digital platform.
An account that E-levy became proposed by the Finance Minister, Ken Ofori-Atta when he was presenting the 2022 budget in November 2021, it has generated plenty of controversies in Parliament and among the populace.
He explained that the “innovative” tax will broaden the government’s revenue generation basket.
However, economists and the Minority in Parliament stated the Levy will only accentuate the hardships of average Ghanaians.
After nearly three months of back and forth which include fisticuffs among Parliamentarians, the E-Levy bill was passed by the Majority-sided Parliament on Tuesday, March 29.
The Levy was passed at a reduced price of 1.5% from the preliminary 1.75% amid a Minority walkout.
However, GRA has advised absolutely everyone to make a contribution to see this tax policy a success. According to Mr Akogo, the revenue generated from this tax policy will help with the developmental agenda of the government.
Following the passage, the GRA has indicated its readiness to implement it from May 1.
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UNDER NO CIRCUMSTANCE SHOULD AN APPLICANT PAY MONEY TO ANYONE IN GETTING A JOB WE HAVE PUBLISHED