Employees who receive their pay using mobile money platforms may need to be prepared. This is because the newly passed E-Levy is projected to affect a percentage of their funds.
According to the Ghana Revenue Authority (GRA), the controversial law’s construction necessitates the inclusion of the tax in the revenue collection process.
The GRA has stated that it is ready to execute the Electronic Transfer Law on May 1st, following its passage.
The Authority’s Principal Revenue Officer and Head of the Project Management Unit told JoyNews that when salaries are transferred from bank accounts to mobile money platforms, the 1.50 percent charge will be applied.
During a discussion on The Probe to explain the new tax, Isaac Kobina Amoako made this known.
The official noted on Sunday that the existing legal framework does not separate between a company mobile money account and an individual mobile money account.
“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,” he told Emefa Apawu.
He went on to say that this will have an impact on loan disbursement as well as other financial activities.
These issues will be sent to the Finance Ministry, according to Mr Amoako, in the hopes of having them resolved.
He believes that the GRA has been made aware of the potential difficulties that may arise as a result of this circumstance.