Electronic transactions will slowdown in the early days of E-Levy implementation, GRA boss
The Commissioner-General of Ghana Revenue Authority (GRA), Reverend Dr Ammisshaddai Owusu-Amoah, has noted that an amount of GH¢4.5 billion would be accrued from the Electronic Transfer Levy (E-Levy) by end of this year.
The dip in the initial GH¢6.9 billion target is due to the downward review of the E-Levy from 1.75% to 1.5%.
He however noted that 'business' for E-Levy will not be brisk in the early days of implementation but will pick up as time goes on.
The GRA boss in an interview with Daily Graphic said "the Authority and the three charging entities – the banks and specialised deposit-taking institutions (DFIs), the electronic money issuers (EMIs) and the telecommunications companies (telcos) – have put in place the relevant system and mechanisms for the public to start paying 1.5 per cent of the levy on daily electronic transfers above GH¢100 effective Sunday, May 1, 2022."
It would be recalled that the Finance Minister, Ken Ofori-Atta, on Tuesday, March 29, 2022, moved the motion for the passage of the E-Levy bill at a revised rate of 1.5% in Parliament.
The 1.5% levy will be charged on all electronic transfers of about GH¢100.
The tax policy is a move by the goverment to widen the country's tax net.
GRA boss, Ammishaddai Owusu-Amoah