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 1st 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