Unlike mobile money, where transactions above ¢1000 attract the same charge of ¢10, the yet-to-be-introduced Electronic Transfer Levy (E-Levy) has no limit.
According to a Principal Revenue Officer and Head of the Project Management Unit, the Ghana Revenue Authority (GRA), the full value of the amount transferred electronically is what will be affected by the E-Levy
Isaac Kobina Amoako clarified this when speaking on JoyNews’ The Probe on Sunday.
“There will not be any cap. Unlike the telcos, where there is a cap on the charges for the E-levy, there is no cap, so the full value after the daily threshold [of ¢100] has been deducted is the tax applied.
Following the passage of the E-Levy, Mr Amoako opined that the Authority has been readying itself to roll out the new tax policy effective, My 1.
Currently, he said GRA is training and piloting the system to ensure a smooth running of the Levy, which is just three weeks away.
“We have a system ready that we’ve asked all the charging entities to connect to. So the system is ready, and we are testing towards May 1, so by then, we should be ready to go,” he stated.
E-levy was first mentioned by the Finance Minister, Ken Ofori-Atta, when he was presenting the 2022 budget in November 2021.
He explained that the “innovative” tax will broaden the government's revenue generation basket.
However, the tax policy generated a lot of controversy in Parliaments and amongst the citizenry.
As the Majority Caucus said it will propel Ghana’s development, economists and Minority in Parliament said the Levy will only intensify the hardships of average Ghanaians.
But after nearly three months of back and forth, including fisticuffs among Parliamentarians, the E-Levy Bill was passed by the Majority-sided Parliament on Tuesday, March 29.
The Levy was passed at a reduced rate of 1.5% from the initial 1.75% amid a Minority walkout.
Latest Stories
-
PrEP: Preventative HIV drug highly effective, study says
1 hour -
NPP parliamentary primaries will be free and fair – Stephen Ayesu Ntim assures
8 hours -
Challenges in release of seed funds fuelling smuggling and diversion of cocoa beans – LBC
9 hours -
Financial consultant Sydney Casely-Hayford dies after long battle with kidney disease
9 hours -
CAF Champions League: Medeama come from behind to beat Belouizdad in Kumasi
10 hours -
Cultivating prosperity: Celebrating farmers on Farmers’ Day
10 hours -
Akoto Ampaw’s funeral to be held on December 15 at State House
11 hours -
Global Conference on Cyber Capacity Building held in Accra
11 hours -
NPP to elect parliamentary aspirants in orphan constituencies on December 2
12 hours -
Deputy Minority Leader salutes farmers for feeding the nation
12 hours -
Let’s revisit “Operation Feed Yourself” to enhance households’ food productivity – MoFA
12 hours -
Ethiopian Airlines bans use of ‘Ghana Must Go’ bags
12 hours -
OAP Noella Kharyne Yalley to host 2023 Rhythms on Da Runway Blue Carpet
12 hours -
House of Chiefs must begin to create clear records of ownership of lands – Chief Justice
12 hours -
I disagree with Akufo-Addo for not sacking Ofori-Atta over IMF U-turn – Kwabena Agyepong
12 hours