Implementation of E-Levy to start in May this year - Finance Minister
There's no distinction between corporate MoMo account and individual MoMo account, GRA
A Principal Revenue Officer at the Ghana Revenue Authority (GRA), Isaac Kobina Amoako, has noted that salaries paid through mobile money (MoMo) will attract Electronic Transfer Levy (E-Levy).
Speaking on JoyNews' The Probe programme, Mr Amoako noted that E-Levy law has already captured disbursements from corporate mobile money accounts to various wallets.
He stressed that the current law does not distinguish between corporate MoMo accounts and individual MoMo accounts.
Monies from bank accounts to mobile money platforms will attract the 1.50% E-Levy charge.
Asked by the host whether an employee receiving her salary via MoMo would be taxed, the Principal Revenue Officer said "Yes, she will be taxed because of how the law has been crafted...For the banks, the disbursements from corporate accounts were not mentioned so it is clear that that one is exempt. But in the momo, there was no distinction between the corporate momo account and the individual momo account."
The E-Levy charge will also affect loan disbursement among other banking transactions.
Mr Amoako however noted this is one of the loopholes spotted in the E-Levy bill and would be addressed in due time.
The E-Levy is expected to be implemented in May this year, Finance Minister, Ken Ofori-Atta announced.
This 1.5% levy will be charged on electronic transfers covering mobile money payments, bank transfers among others, of about GH¢100.
It's a move by goverment to widen the country's tax net and rake in more domestic revenue.
It would be recalled that Finance Minister, Ken Ofori-Atta, on Tuesday, March 29, moved the motion for the passage of the E-Levy bill in Parliament.
Parliament approved the E-Levy Bill after the Consideration Stage was completed by a Majority-sided House. It was considered under a certificate of urgency.
