Business & Finance

Reverse policy to tax mobile money- Lecturer

A senior lecturer at the University of Ghana Business School, Agyapomaa Gyeke-Dako, has said the introduction of the E-Levy will defeat the government’s purpose for the yet-to-be introduced digital currency, E-cedi.

The Minister for Finance, Ken Ofori-Atta on Wednesday (17 November) announced a 1.75% tax called E-Levy on mobile money and all electronic transactions in the country as a measure to “rope in the informal sector into the tax net.”

Speaking on an Accra-based Asaase FM on Friday (19 November), the economist said the introduction of the policy is a bad move.

“The way to go if we have an agenda to digitalise the economy is not to tax MoMo levies etc, this is a no, no,” Gyeke-Dako said.

“We are seeking people to be included in the financial system, we are seeking to go cash

less as an economy so that we can get the economy developed, taxing people on MoMo transaction and some bank transfer is not the way to go.

“It is going to defeat Bank of Ghana’s purpose of a cashless society and even the introduction of the e-money will be at threat,” she added.

Gyeke-Dako wants the government to immediately review the policy.

Presenting the 2022 Budget Statement in Parliament on Wednesday, the Finance Minister said the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector.

Ken Ofori-Atta said the new charge will be known as the “Electronic Transaction Levy or E-Levy”.

Source:\ Emmanuell Owusu Anti.

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