Ammishaddai Owusu-Amoah, the Commissioner-General of the Ghana Revenue Authority (GRA), announced on Friday, April 8, that the implementation of the Electronic Transfer Levy Act 2022 (Act 1075) will begin on the first of May, 2022.
Earlier, the Finance Minister Ken Ofori-Atta announced that deductions would start in May.
“We had some meetings with Controller and Accountant Generals Department (CAGD) and the Ghana Revenue Authority (GRA) and they have said right at the beginning of May they should be able to put their system together,” he told TV3’s Roland Walker in Parliament after President Nana Addo Dankwa Akufo-Addo delivered the State of the Nation Address on Wednesday March 30.
Parliament approved the controversial E-levy on March 29 following a third reading in the House. A walkout was staged by the Minority during the second reading of the bill.
They left when Mr Iddrisu said that the NDC MPs remain unified in their opposition to the policy. The Levy goes into effect on May 1, 2022.
— GRA (@GhanaRevenue) April 8, 2022
Details of the Act:
Electronic Transfer Levy Act, 2022 (Act 1075)
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.
- The Charging Entities are:
- Electronic Money Issuers
- Payment Service Providers
- Specialised Deposit Taking Institutions
- Other Financial Institutions prescribed by Regulations made under the Act.