Five Types of Transfers Covered by Government’s Controversial E-levy

Ken Ofori-Atta
Ken Ofori-Atta

Under schedule two (2) of section 2(1) of the Electronic Transfer Levy, presented to Parliament by the Honourable Minister of Finance Ken Ofori-Atta, it has classified transactions into five (5) main types of Transfers to be charged by government.

In scheduled one (1) of the E-levy Bill, the transfers are placed under entities. These include; Electronic Money Issuer, Payment Service Provider, Banks, Specialized Deposit – Taking Institutions and Other Financial Institutions prescribed by Regulations made under this Act.

READ MORE: More blows expected as E-levy returns to Parliament Today

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According to the Memorandum signed by the Finance Minister, the E-levy Bill is expected raise approximately six billion, nine hundred and sixty three million cedis in 2022.

He believes that, this is a key mechanism that the government of Ghana will use to help ensure that, more Ghanainas and the public contribute their fair share towards the development of the country.

Ken Ofori-Atta indicated that, the proceeds will be used to tackle the intractable problems of rising debt, high youth unemployment, inadequate digital infrastructure and diminished enterpreneurship culture while maintaining the flagship programmes.

Videos of MPs fighting in Parliament over E-levy

Below are the Types of Transfers Covered by government’s controversial E-levy.

1. Mobile Money transfer done between accounts on the same electronic money issuer.

2. Mobile Money transfer from an account on one electronic money issuer to a recipeint on another electronic issuer.

3. Transfer from Bank account to Mobile account using the following modes:

a. Direct transfer

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b. Ghana Interbank Payments and Settlement System debit; or

c. Any other mode determined by the Minister in writing.

4. Transfer from Mobile Money account to bank accounts carried out using the following modes:

a. Direct transfer

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b. Ghana Interbank Payments and Settlement System debit; or

c. Any other mode determined by the Minister in writing.

5. Bank transfers which originate from a bank account belonging to an individual.

Attached is the a copy of the E-levy Bill and the Memorandum.

SOURCE: Coverghana.com.gh

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