Ahead of the implementation of the second phase of the electronic transfer levy, the Securities and Exchange Commission (SEC) is urging market operators and players in the investor community to update their customers’ investment records using the Ghana cards.
This is to help in facilitating potential exemptions of investment transactions from the e-levy.
This is because the Commission has begun discussions with the Finance Ministry regarding the potential exemption of investment transactions from the e-levy.
The move by the Commission is to prevent a reduction in investment transactions.
A statement issued by SEC said, “It is estimated that by the start of the second phase (July 1, 2022) of the modified phased-approach adopted by the GRA, Charging Entities would have completed their integration with the GRA E-Levy Management System (Common Platform), thereby facilitating the complete identification of individuals, verification of daily threshold and exemptions across the various platforms of the Charging Entities.”
In this regard, capital market operators are hence being tasked to “update their customers’ investment records using their individual National Identification Card and ensure full compliance with the directive issued by the SEC in July 2020 on Trust Accounts’ opening, maintenance and operation SEC/DIR/003/07/2022 which shall become a key ingredient in seeking potential exemptions for the market.”
Read the full statement below:
PUBLIC NOTICE ON ELECTRONIC TRANSFER LEVY (E-LEVY) IMPLEMENTATION
The Securities and Exchange Commission (hereinafter referred to as the “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
The Securities and Exchange Commission (SEC) wishes to inform all capital market operators and the investor community that, following the commencement of implementation of the Electronic Transfer Levy (E-Levy) Act 2022 (Act 1075) on May 1, 2022, by the Ghana Revenue Authority (GRA), the SEC is currently working with the Ministry of Finance (MoF) regarding the potential exemption of investment transactions from the E-Levy.
The SEC notes that until such exemptions are granted, capital market operators shall strictly adhere to guidelines issued by the GRA regarding implementation of the E-Levy.
It is estimated that by the start of the second phase (July 1, 2022) of the modified phased approach adopted by the GRA, Charging Entities would have completed their integration with the GRA ELevy Management System (Common Platform), thereby facilitating the complete identification of individuals, verification of daily threshold and exemptions across the various platforms of the Charging Entities.
All capital market operators are therefore advised to update their customers’ investment records using their individual National Identification Card (Ghana Card) and ensure full compliance with the directive issued by the SEC in July 2020 on Trust Accounts’ opening, maintenance and operation SEC/DIR/003/07/2022 which shall become a key ingredient in seeking potential exemptions for the market.
For more information, please call 0302768970, the toll-free line 0800100065 or send an email to info@sec.gov.gh.
This Public Notice is issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).
