Following President Nana Addo Dankwa Akufo-Addo assenting to the the Electronic Transactions Levy (E-Levy) Bill into law on March 31, 2022, the Act gives disclosure towards its full implementation in May 2022; the transactions that are covered and not covered by the controversial E-LEVY.
According to the law, below are transactions to be affected by E-levy:
Mobile money transfers between accounts on the same electronic money issuer (EMI), mobile money transfers from an account on one EMI to a recipient on another EMI,
transfers from bank accounts to mobile money accounts.
The remaining are transfer from mobile money accounts to bank accounts and bank transfers on a digital platform or application which originate from a bank account belonging to an individual to another individual
In the same law, there are transactions that are exempted from E-levy which include cumulative transfers of GHC100 per day made by the same person, transfers 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.
The remaining are 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.
By Vincent Kubi