E-Levy Bill assented into law by President Akufo-Addo

E-Levy passed by Parliament

E-Levy rate revised to 1.5%

Minority files suit against E-Levy passage

President Nana Addo Dankwa Akufo-Addo has signed into law the Electronic Transfer Levy.

The decision comes after the E-Levy was passed by Parliament on March 29, 2022 under a certificate of urgency in the absence of Minority lawmakers who staged a walkout when the Bill was at the consideration stage before the second and third reading.

The levy which has courted controversy since its announcement in Parliament will now be implemented to cover electronic transfers including, mobile money, bank transfers among others.

Despite stiff opposition against the levy, government believes the tax measure will fill revenue gaps and help address the country’s revenue mobilisation and economic management.

Meanwhile, Finance Minister, Ken Ofori-Atta during the consideration stage announced an amended rate for the levy from a proposed 1.75 percent to 1.5 percent rate. It will apply to electronic transactions that are more than GH¢100 on a daily basis.

He argued that the implementation of the E-Levy will rake in GH¢6.9 billion in revenue for the 2022 fiscal year.

Although the levy has been passed and assented into law, the minority caucus in Parliament have on numerous occasions described the levy as regressive and one that would erode gains made toward a cashless economy and cripple businesses in the informal sector.