E-levy Goes 1% From Wednesday

The Electronic Transfer Levy (E-levy) rate will be reduced to 1% effective Wednesday.

This was announced by the Ghana Chamber of Telecommunications.

The government proposed a reduction of the rate from 1.5% to 1% in the 2023 Budget Statement and Economic Policy and sought to scrap the daily threshold of GHC100.

The rate was approved by Parliament before it went into recession; however, the Minority resisted the removal of the daily threshold.

The chamber in a statement said it is working “assiduously with the Ghana Revenue Authority (GRA) and other key institutions, to ensure a seamless implementation of the revised levy from Wednesday, January 11, 2023.”

The Electronic Transfer Levy initially regulated by the Electronic Transfer Levy Act, 2022 (Act 1075) was introduced in the 2022 Budget at a rate of 1.75% but was later reviewed to 1.5%.

The levy which came into force on May 1, 2022, was marked to be used to support entrepreneurship, youth employment, cyber security, and digital and road infrastructure, among others.

The 1.5% levy currently applies to mobile money transfers done between accounts on the same electronic money issuer; mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer; transfers from bank accounts to mobile money accounts; transfers from mobile money accounts to bank accounts; and Bank transfers on an instant pay digital platform or application originating from a bank account belonging to an individual subject to a daily threshold to be determined by the Minister of Finance.

Source: opemsuo.com/Hajara Fuseini