April 19th, 2022 at 10:20 am

WHAT TO LOOK OUT FOR ON YOUR PHONE WHEN E-LEVY BEGINS

E LEVY: As the government has finally announced the soon commencement of the Electronic tax, it’s important to know what it constitutes. According to GRA, the Electronic tax will commence on the 1st of May 2022. What E-Levy is set to do is that there is going to be an imposing of 1.50% Levy on our entropic transfers.

As parliament Approves the E-Levy bill, right here is the full list of Transactions the E-Levy Will cover and those which it’ll not cover on the charge of 1.5%.

This is to say that, our momo transactions and other bank transactions will be taxed. The question people keep asking is this. How will you know that you’ve been taxed? Let’s take note of the following before it begins.

THINGS TO NOTE WHEN E-LEVY BEGINS

First and foremost, it is important to note that the Electronic tax is not really going to change our form of transactions. Users will, however, receive a notifications when transferring the money. You’ll receveice notification on the trafer charges for the transaction.

This information on the E-Levy charge will pop up immediately before you key in your PIN to send the money.
In addition, not all transactions will incur E-Levy charges. Transactions that will cover include the following:

• Transferring money to another account with the same mobile money agent.
• Transfer money from your momo account to a different momo account.
• Transfer money from your bank account to your momo account.
• Transferring from your momo account to your bank account.

Moreso, some transactions will not be applicable for this taxed charge. You can transfer up to 100 cedis in a day without taxed charges. This means that transferring an amount of 1 cedi to 100 cedis doesn’t attract tax charges.

Also, transferring money to your own account or two different accounts that belong to you doesn’t also attract E-Levy charges. Another exemption to the tax charge is making transfers to pay tax, fees and other charges that are on the Ghana Gov platform.

In addition to transactions, it will not cover is clearing of cheques electronically and transferring money between principal master agents and the agent’s accounts.

There have been several debates on the essence of the tax. Nonetheless,t here is a determination by the government to ensure it suffices. As GRA has finally announced the date for its commencement, we have no option but to accept this decision from the government. The above will however be a guide to us as we prepare for this to begin.

Realated Search:

• Transfers That Will Not Attract Charges Full list
• Ghanaians Face Punishing New Levy On Electronic Payments