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E-Levy implementation under control – Ofori Atta

Minister of Finance Ken Ofori-Atta says the government has everything under control with regards to technical issues and matters arising from the implementation of the E-levy.

Minister of Finance Ken Ofori-Atta says the government has everything under control with regards to technical issues and matters arising from the implementation of the E-levy.

READ ALSO: We now support E-levy – Mobile Money Agents’ Association of Ghana

According to him, there is going to be a structural solution to end all these technicalities soon. Speaking at a media briefing in Accra, Mr. Ofori-Atta noted that the government looks forward to boosting its revenue with the collection of the E-levy, describing the first two weeks of the collection as satisfactory.

On concerns that funds accrued from the E-Levy may be collateralized the Minister said what the government is committed to doing is to use funds for development purposes.

E-Levy

The E-Levy is a Levy on all electronic transfers of money apart from those excluded by law. The rate is 1.5%

Why has the Government decided to levy electronic transfers?

  1. To enhance domestic tax mobilization and expand the tax base.
  2. To provide an opportunity for everyone to contribute towards national development.

Who is responsible for charging the E-Levy?

The entities responsible for charging the Levy are;

    1. Mobile Money providers like MTN Momo, Vodafone Cash, AirtelTigo Money, Zeepay, GCB G-Money, Yup Ghana, etc.
    2. Payment Service Providers (PSPs). They include eTranzact, JuniPay, Korba,  Nsano, etc.
    3. Banks like Consolidated Bank Ghana (CBG), Agricultural Development Bank (ADB), etc.
    4. Specialized Deposit-Taking Institutions (SDIs) such as rural and community banks and savings and loans companies, finance houses, etc.
    5. Other Financial Institutions prescribed by Regulations.

 

 

 

 

 

 

 

 

Source: GBC

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