E-Levy rate revised to 1.5%

Minority stage walkout in parliament over E-Levy

E-Levy to fill revenue gaps – Government

President Akufo-Addo to assent E-Levy Bill into law this week – Majority leader

Parliament has adopted a revised rate of 1.5 percent for the Electronic Transfer Levy from an initial 1.75 percent proposed by government.

This was after Minister for Finance, Ken

Read full article.Ofori-Atta, moved a motion in parliament asking the house to approve the second reading of the reviewed 1.5 percent E-Levy bill to advance its passage.

Ken Ofori-Atta who re-laid the bill before House on March 29, 2022 explained that telecommunications companies in the country had agreed to reduce their charges by .25 of a percentage point to bring their part of the charge to 0.75 percent.

The finance minister prior the adoption of the amendment and passage of the tax measure said the bill’s objective is to broaden the tax base by imposing the levy on electronic transfers to enhance government’s drive for revenue mobilisation.

He argued that levy when accented into law seeks to raise about GH¢6.9 billion in 2022 which will serve as a key mechanism that ensures Ghanaians contribute their fair share toward development.

The levy which was passed under a certificate of urgency did not make headway without some controversy in the House as the Minority in Parliament staged a walkout citing their refusal to be associated with what they say is a regressive policy that will erode gains made towards a cashless economy and place more burden on citizens.

The E-levy when assented into law will cover all electronic transfers including mobile money, ATM withdrawals, bank transfers among others.

The levy will apply the 1.5% charge on all electronic transactions that are more than GH¢100 on a daily basis.