E-levy Archives - Wontumi Online

20 Mar

MoMo Agents Threaten Strike Over E-levy

wontumionlineBusinessE-levy, MoMo Agents, Strike

The Mobile Money Advocacy Group Ghana (MOMAG) and Momo Agents are up in arms with the Ghana Revenue Authority (GRA) for imposing E-levy on agent SIM cards. They argue that, this levy amounts to double taxation for their businesses. Despite engaging in discussions with the GRA to address their grievances, MOMAG said no satisfactory resolution has been achieved. The additional levy, coupled with the existing 10% income tax on transactions, is significantly impacting the financial viability of their operations, according to MOMAG. In a statement released on Wednesday, March 20, 2024, MOMAG revealed the urgency of the situation. According to…

22 Feb

Govt Generated GH¢1.19 Billion From E-levy In 2023 – John Kumah

wontumionlineBusinessE-levy

Deputy Minister of Finance, Dr. John Kumah, has disclosed that the government collected a total of GH¢1.19 billion in revenue from the E-levy for the year 2023. From this sum, the government allocated funds to its YouStart Program, the Ghana Enterprise Agency, and the National Entrepreneurship and Innovation Programme to combat unemployment in the country. Dr. John Kumah made these remarks in response to the latest figures from the Ghana Statistical Service, which indicated that over a million Ghanaian youth were unemployed, during the media launch of the Wealth and Jobs Expo Ghana. “The Ghana Statistical Service on Wednesday announced…

07 Dec

Transfers Between Bank Accounts Linked To Momo Wallet Should Not Attract E-Levy – GRA Insists

wontumionlineBusinessE-levy, GRA

The Ghana Revenue Authority (GRA) has reaffirmed its position regarding Electronic Transaction Levy (E-Levy) charges, specifically addressing concerns related to transactions between bank accounts and mobile money wallets. The GRA has made it clear that accounts linked directly to one's mobile money wallet should not attract any E-Levy charges during transactions. The clarification comes in response to an X user's request for clarity on recent deductions being reported on social media. The user questioned "Are taxes imposed on the transfer of monies from bank accounts to linked momo numbers a directive from your office? @Ghana Revenue." In response, the GRA clarified that any charges…

25 Nov

Cut E-Levy By Half – Telcos Chamber To Gov’t

wontumionlineBusinessE-levy

The Ghana Chamber of Telecommunications (GCT) has urged the government to reduce the Electronic Transfer Levy (E-levy) from 1% to 0.5% and introduce a 0.5% levy on cash-outs to align with Ghana's digital-first strategy. Despite facing initial challenges, the E-levy has generated significant revenue of GH¢482.8 million towards the targeted GH¢6.9 billion. The GCT emphasised the need for further adjustments to encourage digital payments and support the government's digital transformation goals. In 2022, the telecom industry contributed over GH¢6 billion in taxes and payments, marking a 50% increase from GH¢4 billion in 2021. The GCT's 2022 Mobile Industry Transparency Initiative…

06 Nov

One Million Mobile Money Accounts Were Inactive After E-levy Implementation In May 2022 – ISSER

wontumionlineBusinessE-levy

About one million mobile money accounts were inactive after the implementation of the Electronic Transfer Levy in May 2022, a research by the Institute of Statistical, Social and Economic Research (ISSER) has revealed. This was from 19.1 million to 18.1 million in July 2022. Following the review, ISSER, said, the number of registered and active accounts and agents remained on an upward trend in January 2023 while the number of active accounts dropped by 100,000 by February 2023. Between March and April 2022, the total number of transactions fell by 10 million while the total value fell by ¢2.8 billion.…

09 Oct

Government Plans Comprehensive Redesign Of E-Levy

wontumionlineBusinessE-levy

Government has unveiled plans for a substantial overhaul of the Electronic Transfer Levy as part of its Medium Term Revenue Strategy. This move signifies a dedicated effort to revamp and optimize this taxation policy for greater efficiency and effectiveness. In May 2022, the deeply unpopular tax on mobile money transactions, known as the e-levy was introduced. When it was introduced, the levy was structured as a 1.5% charge on all electronic and mobile money transactions over ¢100 per day. The e-levy was designed to raise more money for the government by extracting larger tax contributions from Ghana’s informal sector. In…

25 May

E-Levy Rakes In 11% Revenue For Q1 2023

wontumionlineBusinessE-levy

At the 25 percent mark of the year, data from the Ghana Revenue Authority (GRA) reveals that the Electronic Levy (E-Levy) generated GH¢246.9million in revenue, accounting for 11 percent of the projected GH¢2.24billion for the year. Since its implementation 11 months ago in May 2022, the E-Levy had generated a total of GH¢861.47million revenue by March 2023. In its first seven months, the E-levy, set at a rate of 1.5 percent, contributed GH¢614.57million; thereby surpassing the multi-revised target of GH¢611million. Revenue from it has shown consistent, albeit marginal, growth since the inception of the E-levy, according to the GRA. In May 2022…

28 Apr

Mobile Money Transactions Uptick After E-Levy Revision

wontumionlineBusinessE-levy, Mobile Money

Mobile money transactions have signalled a recovery after having dipped following introduction of the Electronic Transaction Levy (E-levy), Head of Products and Innovations at Mobile Money Limited-MTN Ghana, Sylvia Otuo-Acheampong, has revealed. The levy’s introduction on electronic transactions impacted mobile money usage as it increased the cost of transactions for users. Consequently, some users became reluctant to use the service. The E-levy was introduced in 2022 and initially set at a rate of 1.75 percent on the value of transactions over GHȼ100. However, later in 2022 government announced a revision of the e-levy rate following public outcry, which reduced the…

15 Mar

Reintroduction Of Road Tolls Is As A Results Of NDC’s Sponsored Campaign Against E-levy- Korsi Bodja

wontumionlineFeatured, News, TrendingE-levy, Korsi Bodja, Movement In The Morning, Road Tolls

Volta Regional Organiser for the New Patriotic Party, Korsi Bodja, has blamed the National Democratic Congress for their campaign against e-levy resulting in the reintroduction of road tolls. Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Korsi Bodja pointed out the fact that road tolls was not a crime, but it was not included in Government's intentions to reintroduce it since it wiped it out of its system. According to him the NDCs have put government in a position where it is left with no choice than to reintroduce road tolls by…

16 Feb

E-levy’s Failure Led Us To IMF Causing DDEP- Hon Fatimatu Abubakar

wontumionlineFeatured, News, TrendingDeputy Minister for Information, Domestic Debt Exchange Programme (DDEP), E-levy, Hon Fatimatu, Movement In The Morning

Deputy Minister for information, Honorable Fatimatu Abubakar, says the failure of one of Government's plans to help revive the economy which was e-levy, lead Ghana to go to the International Monetary Fund(IMF). Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Hon. Fatimah noted that IMF was never included in Government's plans, rather it had the intention to be self reliant in reviving the economy hence, the implementation of E-levy which failed, leading Ghana into IMF. According to her Government targeted to gain Gh 6,000,000,000 by the end of 2022 from E-levy. She…