By: Franklin ASARE-DONKOH
The Electronic Transfer Levy known as E-Levy is set to be implemented next month 1 May 2022, thus the Ghana Revenue Authority (GRA) has outlined the transactions that will not be affected by the new tax policy.
According to the Authority, although the tax policy is to broaden the tax net, not all electronic transactions will come with a 1.5% tax rate.
Speaking on JoyNews’ Current Affairs show dubbed ‘The Probe’. Head of Compliance, Domestic Tax Revenue Unit at GRA, Mr. Victor Yao Akogo listed transfers that will not be taxed as follows;
A cumulative transfer of ¢100 is made by the same person.
A transfer 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 the principal, master agent, and agent’s accounts.
For the transfers that will be affected; a Principal Revenue Officer and Head of the Project Management Unit, Mr. Isaac Kobina Amoako listed them as follows:
Mobile money transfers are done between accounts on the same Electronic Money Issuer.
Mobile money transfer to a receiver on another Electronic Money Issuer (interoperability transfer)
Transfer from a bank account to [another person’s] mobile money account.
From a mobile money account to [another person’s] bank account.
Bank transfers on an instant paid digital platform.
The GRA has, however, urged all and sundry to contribute to see this tax policy a success.
According to Mr. Akogo, the revenue generated from this tax policy will help with the developmental agenda of the government.
For now, the GRA has indicated its readiness to implement collection of the E-Levy as of May 1.
2 Responses
Very interesting
Great