Tag: Electronic Transfer Levy
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E-levy should not be scrapped despite slash in revenue target – Economist insists
Amidst several calls for the scrapping of the electronic transfer levy following another revision in the revenue target for the levy, some economists insist the levy should not be scrapped. The government had hoped to rake in about GH₵6.9 billion from the e-levy, but the figure was revised downwards to about GH₵4.9 billion following the…
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Gov’t reduces e-levy revenue target for 2022 to GH₵611 million
Government has once again revised its revenue target for the Electronic Transfer Levy (E-Levy) for this year to GH₵611 million. The government had hoped to rake in about GH₵6.9 billion from the collection of the levy on mobile money and other electronic transactions, but the figure was revised downwards to about GH₵4.9 billion following the…
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SEC in talks with Finance Ministry to exempt investment transactions from e-levy
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…
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MoMo agents lament shortage of cash following panic withdrawals over e-levy
Panic withdrawals ahead of the implementation of the electronic transfer levy on Sunday left agents who operate mobile money business, otherwise known as MoMo, idle. When Citi Business News visited the Nima and Accra Newtown enclaves in the Greater Accra Region, many of the agents confirmed a shortage of cash due to the rush from…
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Transactions to be affected by E-levy
As part of efforts to expand the country’s tax base, raise Ghana’s tax to GDP ratio and support government’s efforts at building an entrepreneurial country, government in the 2022 Budget, announced the introduction of the Electronic Transfer Levy (E-levy). The E-levy is a tax imposed on electronic transfers charged at the time of transfer. The…
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Passage of e-levy bill unfortunate – Prof. Bokpin
Economist, Prof. Godfred Bokpin is disappointed that the Majority Caucus in Parliament has passed the controversial electronic transfer levy bill. The e-levy has been a major source of tension in Parliament and even among the public since it was introduced in the 2022 budget. But Parliament on Tuesday passed the e-levy bill without the Minority…
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Gov’t could struggle if revenue measures aren’t supported – John Kumah
A Deputy Finance Minister, John Kumah says it may get to a time that government may not be able to fulfill some critical payment obligations if its revenue mobilization measures including the Electronic Transfer levy, also known as the E-levy are not supported. The Electronic Transfer Levy is one major component within the 2022 budget…
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GRA readies itself for implementation of e-levy ahead of Parliamentary approval
The Ghana Revenue Authority (GRA) has begun preparations towards the implementation of the yet-to-be approved electronic transfer levy. Although the bill for the controversial levy is still under consideration in Parliament, a letter signed by the Commissioner-General of the Authority hints that the revenue collection entity is already developing a monitoring platform for the full…
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Seth Terkper advises against e-levy; urges government to run to IMF
A former Finance Minister, Seth Terkper, is asking the government to heed to calls by stakeholders to return to the International Monetary Fund (IMF) to finance the country’s deficit instead of taxing Ghanaians through the electronic transfer levy. Mr. Terkper who has already registered his opposition to the idea of the e-levy, believes the government…
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‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah
Former Chairman of the Finance Committee of Parliament Dr. Mark Assibey Yeboah is asking the government to reconsider its decision not to go back to the International Monetary Fund (IMF) in the face of the country’s dwindling revenues. He maintains that the government’s insistence on passing the Electronic Transfer Levy (E-levy) to shore up its…