Today in History: E-Levy: Little drops of taxes create a mighty nation - Finance Ministry

Government said in 2022 that the implementation of the electronic transaction levy will help build the country.

It said “Little drops of taxes create a mighty nation. E-levy will bring the massive development we all want as a country.”

Read the full story originally published on April 11, 2022, by GhanaWeb

The Ministry of Finance in preparation for the implementation of the electronic transfer levy in May will help develop the country.

The Ministry in a Twitter post sighted by GhanaWeb wrote, “Little drops of taxes create a mighty nation. E-levy will bring the massive development we all want as a country.”

According to them, the tax measures being implemented by the government, especially the E-Levy is a progressive tax that will help widen the country’s tax net whiles boosting development.

The levy is however expected to rake in about GH¢4.9billion cedis. This according to government will be used to pay road contractors, create more jobs under the YouStart programme and also widen the country’s tax net.

Meanwhile, the Ghana Revenue Authority announced that the implementation of the levy will begin on May 1, 2022.

However, here are the institutions that will be responsible for charging the levy;

1. Electronic Money Issuers such as MTN, Vodafone Cash, AirtelTigo, Zeepay, and G-Money.

2. Payment Service Providers (PSPs) such as E-transact.

3. Banks [Charges applicable on the digital system]

4. Specialised Deposit-Taking Institutions (SDIs) Eg: Rural and Community Banks

5. Other institutions prescribed by regulations made by the act.'