On 17th of November, 2021, the minister for finance announces during the presentation of the 2022 budget statement and economic policy of government to the parliament of Ghana, the introduction of an "Electronic Transaction Levy". The Levy will be applied to mobile money payments, merchant payment, bank transfers, and inward remittance.
In March 2022, the parliament of Ghana approved the bill with 1.50% taxation on electronic money transfers.
What Is E-levy (Electronic Levy)
Electronic Transactions Levy commonly known as E-levy is a tax applied on transactions made on electronic or digital platforms.
Transactions
Mobile Money has made great strides in increasing access to digital financial services in Ghana and bringing the financial inclusion gap.
Fact: By November 2021, Ghana had about 48 million registered users, 18.4 active users and over Gh¢ 80 billion value of mobile money transactions performed. E-levy will cover the following transactions;
- All inward remittance (which would be paid by the recipient)
- All POS/Merchant payments
- All person-to-person mobile transactions (which includes sending of funds to another account, payment of goods and services, payment of utilities