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    “Levy will be place on electronic transactions including Mobile money” -Finance Minister

    Kenneth Nana Yaw Ofori-Atta who is the Minister for Finance and Economic Planning of Ghana has declared that a new levy will place on electronic transactions

    According to the finance minister, this new levy will help to widen the tax net and it will also rope in the informal sector

    “It is becoming clear there exists an enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the ‘informal economy”

    “After considerable deliberations, the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the ‘Electronic Transaction Levy or E-Levy’.”

    The finance minister released this information on Wednesday, November 17 during the presentation of the 2022 budget statement in Parliament

    “A portion of the proceeds from the E-Levy will be used to support entrepreneurship, youth employment, cyber security, digital and road infrastructure among others.”

    He indicated that the new levy will be charged 1.75 percent on all electronic transactions including mobile money payments, bank transfers, merchant payments, and inward remittances will be compulsory borne by the recipient. This process will not affect transactions that will add up to GH¢ 100 per less per day

    Source: Docupdates.com

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