Ken Ofori Attah Details How Mobile Money And Other Electronic Transactions Will Be Levied
The Minister of Finance, Ken Ofori Attah on Wednesday, November 17 read the budget statement and fiscal policy for the year 2022 by the government led by President Akufo Addo.
Delivering the budget in parliament, Ken Ofori Attah stated that a new levy will be charged on all electronic transactions including mobile money and this new policy will help broaden the tax net and rope in the informal sector.
“It is becoming clear there exists the enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the ‘informal economy’,” Mr Ofori-Atta observed on Wednesday, November 17 as he presented the 2022 budget statement in Parliament.
“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’.”
Ken Ofori Attah furthered that the new E-levy will be a 1.75 percent charge on all electronic transactions which will cover mobile money payments, bank transfers, merchant payments and inward remittances to be borne by the sender except inward remittances, which will be borne by the recipient.
This will, however, not affect transactions that add up to GH¢100 pr less per day. “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.”