Rev Daniel Ogbarmey Tetteh
THE SECURITIES and Exchange Commission (SEC) has announced that discussions are underway with the Ministry of Finance (MoF) for the ‘potential exemption’ of investment transactions from the payment of the Electronic Transfer Levy (E-levy).
The announcement, which was contained in a statement released by SEC on Wednesday, May 6, however indicated that until its request is granted, the levy would continue to apply to investment transactions in strict adherence to the guidelines of the Ghana Revenue Authority (GRA).
“The Securities and Exchange Commission (SEC) wishes to inform all capital market operators and the investor community that, following the commencement of implementation of the Electronic Transfer Levy (E-Levy) Act 2022 (Act 1075) on May 1, 2022, by the Ghana Revenue Authority (GRA), the SEC is currently working with the Ministry of Finance (MoF) regarding the potential exemption of investment transactions from the E-Levy.
“The SEC notes that until such exemptions are granted, capital market operators shall strictly adhere to guidelines issued by the GRA regarding the implementation of the E-Levy”, the statement read.
The statement also went on to urge its members to update their customer investment records with their individual National Identification Card (Ghana Card) ahead of the implementation of the second phase of GRA’s modified phased-approach.
“It is estimated that by the start of the second phase (July 1, 2022) of the modified phased-approach adopted by the GRA, Charging Entities would have completed their integration with the GRA E-Levy Management System (Common Platform), thereby facilitating the complete identification of individuals, verification of daily threshold and exemptions across the various platforms of the Charging Entities,” the statement added.
The Securities and Exchange Commission (SEC) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
BY Nii Adjei Mensahfio