The new law provides that the E-Levy does not apply to:
- a cumulative transfer of GHS 100 per day made by the same person;
- a transfer between accounts owned by the same person;
- a transfer for the payment of taxes, fees and charges on the Ghana.Gov system or any other Government of Ghana designated payment system;
- specified merchant payments;
- transfers between principal, agent and master-agent accounts; and
- electronic clearing of cheques.
On the other hand, the E-Levy does apply to:
- mobile money transfers done between accounts on the same electronic money issuer;
- mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer;
- transfers from bank accounts to mobile money accounts; transfers from mobile money accounts to bank accounts; and
- bank transfers on an instant pay digital platform or application originating from a bank account belonging to an individual subject to a threshold to be determined by the Minister of Finance.
The Ghana Revenue Authority (“GRA”) is responsible for collecting the E-Levy, proceeds from which will be paid into the Consolidated Fund by the GRA’s Commissioner-General. The GRA will also be responsible for submitting quarterly reports on the performance of the E-Levy to the Minister of Finance on a quarterly basis. The Minister of Finance will, in turn, report on the funds to Parliament during the mid-year review of the national budget and two (2) months after the end of the financial year.
The E-Levy is slated to take effect in Ghana on 1 May 2022.
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Read the original publication at N. Dowuona & Company.