An Overview of E-Levy Charges in Ghana. |
Mobile Money E-Levy Charges in Ghana and other electronic
transactions, is discussed in this article.
The Parliament of Ghana on March 29, 2022, approved the Electronic Levy, sometimes referred to as the E-levy. And as a result, a 1.0 percent tax
reduction is applicable to electronic transactions such as bank to bank
transfers, mobile money transfers, bank to mobile money transfers, and online
payment transactions using payment systems like Visa Card and Master Card,
among others.
It is worthy to note that, the e-levy charge was initially
scheduled for a 1.75% tax deduction but was revised to 1.5% before passage. The
finance minister in his budget reading in parliament on the 24th of
November, proposed a revision of the e-levy charge from 1.5% to 1.0%. The
implementation of the 1.0% took effect on the 11th of January, 2023.
Mobile Money E-Levy Charges in Ghana below:
Some key points
worth noting about E-Levy charges in Ghana:
- Mobile money transactions exceeding Ghc100.00 between Mobile money accounts after transacting the first GHC 100 will be subject to a 1.0 percent levy.
- This means that all mobile money transactions worth more than GH100 a day would be charged a 1.0 percent fee.
- Everyone has a daily tax-free threshold (Limit) GHS 100; that is every person will be able to send up to GHS100 a day without the payment of the levy.
- Withdrawals from mobile money accounts, on the other hand, will not be taxed.
- The E-Levy Charges in Ghana will not apply to mobile money transfers of less than GH100 made by one person per day.
- However, all person-to-person mobile transactions, such as sending money to another account, paying for goods and services, and paying for utilities, will be affected.
- Furthermore, all merchant payments including payments made with point-of-sale (POS) devices would be affected in the same way.
Read More: See all transactions that will be affected by the E-Levy.
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