Parliament is now waiting on President Akufo-Addo to assent to the Electronic Transfer Levy (E-Levy) Bill.

The Majority in Parliament approved the E-Levy after the Minority walked out saying the tax is a tool to exacerbate the plight of the ordinary Ghanaian.

Today's decision was reached after the Consideration Stage was completed under a certificate of urgency.

https://www.youtube.com/watch?v=s50bMjFneSo&feature=emb_imp_woyt

The Bill was adopted at a reduced rate of 1.5% from the initial 1.75%.

The tax, which has become a subject of debate among Ghanaians, is expected to rake in close to ¢6 billion in tax revenue for the country.

The Ghana Revenue Authority (GRA) has already hinted that its structures have been revised and ready to ensure mobilization of the income.

https://www.youtube.com/watch?v=pswmq_4RGvA

As Parliament awaits the President's assent to move on with the legislation, here is a list of transactions to be affected and exempted when the implementation kicks in.

Transactions E-Levy will cover

• Mobile money transfers between accounts on the same electronic money issuer (EMI)
• Mobile money transfers from an account on one EMI to a recipient on another EMI
• Transfers from bank accounts to mobile money accounts
• Transfer from mobile money accounts to bank accounts
• Bank transfers on a digital platform or application which originate from a bank account belonging to an individual to another individual

Transactions E-Levy will NOT cover

The Finance Ministry has also highlighted some scenarios where the E-Levy will not apply. They are;

• Cumulative transfers of GHC100 per day made by the same person
• Transfers between accounts owned by the same person
• Transfers for the payment of taxes, fees and charges on the Ghana.gov platform
• Electronic clearing of cheques
• Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
• Transfers between principal, master agent and agent’s accounts