The Ghana Revenue Authority (GRA) has identified the transactions that would not be affected by the new tax policy as Ghanaians prepare for the implementation of the Electronic Transfer Levy (E-Levy) next month.
Despite the Authority’s aim of broadening the tax net, not all electronic transactions will be subject to the 1.5% tax rate.
On JoyNews’ The Probe, the Head of Compliance, Domestic Tax Revenue Unit at the Ghana Revenue Authority (GRA), Victor Yao Akogo, identified them as follows:
- A cumulative transfer of ¢100 made by the same person.
- A transfer between accounts owned by the same person.
- Transfers for the payment of taxes, fees and charges on the Ghana.gov platform
- Electronic clearing of cheques
- Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
- Transfers between principal, master agent, and agent’s accounts.
On the other hand, the following transfers will attract E-Levy charges.
An electronic Transfer levy is imposed on 1.50% on electronic transfers. The levy is charged on an electronic transfer at the time of the transfer.
- The Levy applies to the following transfers:
- Mobile money transfers done between accounts on the same electronic money issuer
- Mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer
- Transfers from bank accounts to mobile money accounts
- Transfers from mobile money accounts to bank accounts
- Bank transfers on an instant pay digital platform or application originating from a bank account belonging to an individual subject to a daily threshold to be determined by the Minister of Finance.