Parliament now awaits President Akufo-signature Addo’s on the Electronic Transfer Levy (E-Levy) Bill.
The E-Levy was approved by the majority in Parliament after the minority walked out, claiming that the tax would exacerbate the plight of ordinary Ghanaians.
Today’s decision was made following the completion of the Consideration Stage under a certificate of urgency.
The Bill was passed at a reduced rate of 1.5 percent, down from 1.75 percent at the outset.
The tax, which has sparked debate among Ghanaians, is expected to generate nearly $6 billion in tax revenue for the country.
The Ghana Revenue Authority (GRA) has already indicated that its structures have been revised and are ready to ensure income mobilization.
As Parliament waits for the President’s signature before proceeding with the legislation, here is a list of transactions that will be affected and exempted when the implementation begins.
E-Levy transactions will be covered
Transfers of mobile money between accounts with the same electronic money issuer (EMI)
Mobile money transfers from one EMI account to another EMI account
Transferring funds from a bank account to a mobile money account
Transfer money from your mobile money account to your bank account.
Bank transfers from one individual’s bank account to another’s bank account via a digital platform or application
Transactions that the E-Levy will NOT cover
The Finance Ministry has also identified some scenarios in which the E-Levy will not be applicable. They do;
Transfers of GHC100 made by the same person on a daily basis.
Transfers between accounts held by the same individual
Transfers for tax, fee, and charge payment on the Ghana.gov platform
Cheques are cleared electronically.
Payments from specific merchants (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
Transfers of funds between the principal’s, master agent’s, and agent’s accounts
