34
MenuNews
Twi News

New E-Levy charges as GRA begins full implementation

Government implemented the Electronic Transfer Levy from May 1

Wed, 6 Jul 2022 Source: www.ghanaweb.com

Full implementation of E-Levy takes effect

Merchants not registered with GRA for income tax to be charged E-Levy

Same accounts not synced with Ghana Card to be charged E-Levy


The Ghana Revenue Authority (GRA) has stated that after the full implementation of the Electronic Transaction Levy, some new charges will be introduced.

According to the Authority, some exemptions that customers enjoyed in the first phase will no longer be available.

The E-Levy was implemented with a modified approach from May 1, to allow for deductions to begin as the Authority prepares a common platform to capture all transactions.

It was indicated that full implementation will begin on July 1.

With the phased approach, customers with two different accounts were exempted from the levy if they send GH¢100 each from both accounts to other people.

However, with the full implementation on the common platform, there would be no exemption of charges per wallet, or per account transactions.

Isaac Amoako, a member of the E-Levy committee explained some of the new charges as follows.

“Once the common platform is operating functionally and fully when you send the first GH¢100 that is granted, you realize in phase one the exemption was being enjoyed per wallet, per account so if you have two wallets you basically enjoy GH¢200 per day. With the common platform, you will only enjoy GH¢100 you will not enjoy GH¢200."

“The second one which will excite them is that now when you send to a number or an account you own and you have updated both numbers with the Ghana card then you do not get to pay charges, if you have not done that you will be charged.

“Those who operate as merchants, by merchant that means they receive payment for goods and services through one of these payment services providers. Now there is a third leg we are implementing that was not implemented during the first phase. Now, if the merchant is not registered with the GRA for income tax or VAT, then your customers are going to suffer e-levy,” he said in a JoyNews interview.

TWI NEWS

The Finance Ministry in a statement seeking to address some frequently asked questions on Ghana’s move to seek support from the IMF noted that the E-Levy will not be terminated despite the move to go to the Bretton Woods institution for financial assistance.

Answering the question, “Will government terminate the E-Levy because IMF will give Ghana money?"

The Finance Ministry said, “NO. The IMF lending to Ghana will be for the balance of payments support (i.e., to shore up the international reserves). The government is committed to ensuring the smooth operationalization of all taxes including the e-levy to ensure that in addition to the IMF’s resources, the government can continue to support its developmental goals on its own while ensuring that the tax-to-GPD ratio increases to the peer range of 16%-18%."

SSD/FNOQ

Source: www.ghanaweb.com
Related Articles: