The Ghana Revenue Authority headed by Mr. Ammishaddai Owusu-Amoah has sent a reminder to the General Public that the deduction of the Electronic Electronic Transfer Levy Act 2022 (Act 1075) implementation of the Levy commences on 1^st May 2022.

The Levy was accented by the President of Ghana on March 31,2022.

Details of the Act:

Electronic Transfer Levy Act, 2022 (Act 1075)

 An electronic Transfer levy is imposed on 1.50% on electronic transfers. The levy is charged on an electronic transfer at the time of the transfer.

• The Levy applies to the following transfers:
  • Mobile money transfers done between accounts on the same electronic money issuer
  • Mobile money transfers from an account on one electronic money issuer to a recipient on another electronic money issuer
  • Transfers from bank accounts to mobile money accounts
  • Transfers from mobile money accounts to bank accounts
  • Bank transfers on an instant pay digital platform or application originating from a bank account belonging to an individual subject to a daily threshold to be determined by the Minister of Finance.
• The Charging Entities are:
  • Electronic Money Issuers
  • Payment Service Providers
  • Banks
  • Specialised Deposit Taking Institutions
  • Other Financial Institutions prescribed by Regulations made under the Act