Economist And Chairman of NDPC, professor Stephen Adei,raised Concern that E-LEVY Should be Approved, talking on Joy News on 17-03-2022
New electronic transactions levy is a new tax that govment is about to introduce on mobile money transactions for Ghana. Finance Minister, Ken Ofori-Atta announce.
On 17th November 2021, the Minister for Finance announced during the presentation of the 2022 Budget Statement and Economic Policy of Government to the Parliament of Ghana, the introduction of an “Electronic Transaction Levy” or “E-Levy” of 1.75 percent on electronic transactions above GHs 100 (US$16) per day to take effect from 1st February 2022. The levy will be applied to mobile money payments, bank transfers, merchant payments, and inward remittances
This announcement has led to different reactions from the industry’s stakeholders, with some of them supporting the tax introduction as a way to collect public revenues while others criticizing such measure and its negative impact on digital payments and on the digitization journey that Ghana is championing.
Mobile money has made great strides in increasing access to digital financial services in Ghana and bridging the financial inclusion gap. By November 2021, Ghana had 47.3 million registered users, 18.4 active users and over GHs 80 billion (US$13 billion) value of mobile money transactions performed.
Tax on MOMO when E-LEVY IS APPROVED BY LAW
MOMO value
______________
GHc 100
GHc 150
GHc 300
GHc 500
GHc 1000
GHc 2000
GHc 5000
Telco Charge 0.75%
_____________________
GHp 0.75
GHc 1.125
GHc 2.25
GHc 3.75
GHc 7.50
GHc 15.00
GHc 37.5
E-LEVY 1.75%
_______________
GHc 0.00
GHc 0.875
GHc 3.5
GHc 7.0
GHc 15.75
GHc 33.25
GHc 85.75
Total Charge
_______________
GHp 0.75
GHc 2
GHc 5.75
GHc 10.75
GHc 23.25
GHc 48.25
GHc 123.25
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