GRA boss reminds Ghanaians that e-levy deductions start May 1

Mr. Ammishaddai Owusu-Amoah, the Commissioner-General of the Ghana Revenue Authority (GRA), informed the general public on Friday, April 8, that the Electronic Transfer Levy Act 2022 (Act 1075) will go into effect on May 1, 2022, following the passage of the Act.

Deductions were set to begin in May, according to Finance Minister Ken Ofori-Atta.

“We had some meetings with the Controller and Accountant Generals Department (CAGD) and the Ghana Revenue Authority (GRA), and they said they should be able to put their system together right at the beginning of May,” he told TV3’s Roland Walker in Parliament after President Nana Addo Dankwa Akufo-Addo delivered the State of the Nation Address on March 30.

After the third reading in the House, Parliament approved the E-levy on Tuesday, March 29. During the second reading, the Minority called a walkout. After Mr Iddrisu stated that the NDC MPs are unified in their opposition to the proposal, they stormed out.

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.