The 5 transactions affected by E-levy

Momo users
Momo users

The Electronic Transfer Levy Act has captured five (5) transactions affected by the E-levy when implemented.

Following the passage of the E-levy Bill, it has been assented into Law by President Nana Addo Dankwa Akufo-Addo for its implementation.

The Act, according to the Ghana Revenue Authority (GRA) will be implemented effective Sunday, 1st May, 2022.

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READ MORE: GRA announces transfers that are excluded from E-Levy charges

This means that, the Bill which was adopted at a reduced rate of 1.5% from the initial 1.7% amid the Minority walkout will take effect tomorrow where, deductions will cover five main types of transfers.

Below are the 5 transactions affected by E-levy

1. Mobile Money transfer done between accounts on the same electronic money issuer (Momo transfers between users on same network).

GRA announces entities responsible for charging E-Levy

2. Mobile Money transfer from an account on one electronic money issuer to a recipeint on another electronic issuer (Momo transfers between users on different network).

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

a. Direct transfer

b. Ghana Interbank Payments and Settlement System debit; or

GCB announces vital information to clients on E-levy implementation

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

b. Ghana Interbank Payments and Settlement System debit; or

Electronic Transfer Levy Act, 2022 assented and gazetted – Download

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

5. Bank transfers which originate from a bank account belonging to an individual (Inter-bank transfers using digital platforms including mobile applicants).

SOURCE: Coverghana.com.gh

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