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    DDEP: Government hopeful bondholders will register for programme

    5 important things to know about the African Continental Free Trade Area agreement

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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2022 Budget: 1.75% tax imposed on MOMO, other electronic transactions

byNerteley Nettey
November 17, 2021
in Local Economy, TECHNOLOGY, Top Stories
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As part of efforts by the government to rake in more revenue for the country, government has slapped a 1.75 per cent levy on mobile money and other electronic transactions that exceed GH¢100 per a day.

The levy called ‘Electronic Transaction Levy or E-Levy’ is contained in the 2022 budget.

Delivering the 2022 budget statement and Economic Policy in Parliament on Wednesday November 17, 2021, Finance Minister, Ken Ofori-Atta noted that the levy when effective, will not affect people whose monthly transactions totalled GH¢3,000.

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“After considerable deliberations, Government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy.” Electronic transactions covering mobile money payments, bank transfers merchant payments and inward remittances will be charged at an applicable rate of 1.75%, which shall be borne by the sender except inward remittances, which will be borne by the recipient.

To safeguard efforts being made to enhance financial inclusion and protect the vulnerable, all transactions that add up to GH¢100 or less per day (which is approximately GH¢3000 per month) will be exempt from this levy,” he said.

He also noted that a portion of the proceeds from the E-Levy will be used to support entrepreneurship, youth employment, cyber security, digital and road infrastructure among others.

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