E-Levy is now law, Akufo-Addo appends signature

The President of Ghana, Nana Addo Dankwa Akufo-Addo has assented the electronic transaction levy (e-levy) into law.

3news.com report sighted by GhanaPlus.com said the President appended his signature to make the controversial bill a law on Thursday, March 31.

 The bill approved by Ghana’s Parliament on Tuesday March 29 despite stiff opposition is expected to tax Ghanaians some 1.5% on electronic transfers above ₵100, mobile money inclusive and applicable to senders only.

Expected to generate some ₵6.billion, the Minister of Finance and Economic Planning, Mr Ken Offori-Atta said the tax will help widen the tax net and rope in the informal sector into the country tax system.

“After considerable deliberations, the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy”, Mr Ofori-Atta told Parliament.

It is also to enable government fund it new flagship programme YouStart an entrepreneurship programme for the youth in the country and many more.

So far the bill has only been met with stiff opposition from Ghanaians, Minority in Parliament, especially, who are of the view, it will worsen the plight of Ghanaians in the face of the recent economic difficulties.

They have maintained the E-levy does meet the criteria for tax and have subsequently described it as nuisance tax among many others.

During it approval on Tuesday the Minority staged a walkout and have since file a suit at the Supreme Court to stop the President from assenting it.

E-levy to commence in May

Speaking at the sideline of the 2022 State of the Nation’s Address presented by the President in Parliament, Mr Ofori Atta said the programme will be rolled out in May this year.

“We had some meetings with Controller and Accountant Generals Department (CAGD) and the Ghana Revenue Authority (GRA) and they have said right at the beginning of May they should be able to put their system together,” he told TV3.

Source: GhanaPlus.com