The Ghana Chamber of Telecommunications says it will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from today, Wednesday, January 11, 2023.
The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023.
The reduction has also been approved by Parliament.
In the 2023 Budget presentation in Parliament last November, the Minister of Finance, Ken Ofori-Atta, had announced that the rate was going to be reviewed downwards to one per cent to help the government raise enough money from that tax.
The Electronic Transfer Levy (Amendment) Act 2022, Act 1089, was amended to reflect the new rate, passed by Parliament and assented to by President Nana Addo Dankwa Akufo-Addo.
With the GHC100 threshold unchanged, an estimated GH¢2.2 billion is expected to be generated from the levy in 2023.
The Mobile Money Agents Association Of Ghana has expressed the hope that the revised rate of the Electronic Levy (E-Levy) of one per cent, which takes off today, will help revive its business, since operations suffered last year when the levy was introduced.
It said with money transfer businesses having suffered with the rate pegged at 1.5 per cent last year, the reduction of the rate, as the association had called for in the past, would help increase transaction volumes.
The CEO of the GCT, Dr Ken Ashigbey, said its systems were ready for the new rate after the successful configuration of its operational system, in accordance with the directive from the Ghana Revenue Authority (GRA) on the implementation of the revised E-Levy rate.
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