E-levy Archives - Page 2 of 4

13 Feb

DDEP Wouldn’t Had Been An Option If E-Levy Did Not Face Any Resistance- Solomon Assante

wontumionlineFeatured, News, TrendingDDEP, E-levy, Solomon Assante

A member of the NPP communications team, Solomon Assante has said that the Domestic Debt Exchange Program (DDEP), would have been an option for the government to consider if the electronic transactions levy didn't face stiff opposition. According to him, he believes the bondholders who had resisted against the E-levy will regret doing so- stressing that if the opportunity is presented for them to choose between the E-levy and the Domestic Debt Restructuring Program, he's sure they will choose E-levy than the touching of their bonds. "Government shouldn't always be blamed for some of these things. Although what we are…

31 Jan

Total Mobile Money Transactions Hit Record ¢1.07trillion In 2022

wontumionlineBusinessBoG, E-levy, Mobile money transactions

Total Mobile Money transactions in 2022 hit a record ¢1.07 trillion despite the existence of the Electronic Transaction Levy (E-Levy), the January 2022 Summary of Economic and Financial Data by the Bank of Ghana has revealed. This is compared with about ¢902.5 billion recorded in 2022 According to the data, the biggest transactions occurred in December 2022 and November 2022, whereby ¢122 billion and ¢117 billion respectively were recorded. There were fears that the implementation of the E-Levy in May 2022 was going to affect Mobile Money transactions, but that has not been the case. From the data, Mobile Money…

12 Jan

1% E-Levy: GRA To Reimburse Customers Wrongfully Overcharged

wontumionlineBusiness, NewsE-levy, Ghana Revenue Authority, GRA

The Ghana Revenue Authority (GRA) has assured to reimburse mobile money customers who are wrongfully overcharged following the implementation of the 1 percent levy on electronic transfers. The reduction of the Electronic Transfer Levy (E-Levy) from 1.5 to 1 percent commenced on Wednesday, January 11. The reduction of the levy was made known in the 2023 Budget and Economic Policy Statement presented on the floor of Parliament last year by the Finance Minister, Ken Ofori-Atta. Speaking to Citi News, a Member of the E-levy Technical Committee GRA, Opoku Afriyie Asante said adequate measures have been put in place to deal with…

11 Jan

1% E-Levy Implementation Starts Today

wontumionlineNews2023 Budget, E-levy, Implementation

The implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% kicks off today, Wednesday, January 11. The Ghana Chamber of Telecommunications has announced its preparedness to implement the new rate. The service providers are Airtel Mobile Commerce (Ghana) Limited, GCB G-Money, Mobile Money Limited, Vodafone Mobile Financial Services Limited and Zeepay Ghana Limited. In a press release issued on Tuesday, the Chamber said its members are working assiduously with the Ghana Revenue Authority (GRA) and other institutions, to ensure a seamless implementation of the revised E-Levy rate. “The Chamber would like to assure the general public that its…

10 Jan

Implementation Of 1% E-Levy Begins From January 11, 2022 – Telecoms Chamber

wontumionlineBusinessE-levy, GRA, Telecoms Chamber

Following the directive from the Commissioner General of the Ghana Revenue Authority (GRA), the implementation of the revised Electronic Transfer Levy (E-Levy) rate of 1% by mobile service providers will begin from tomorrow January 11, 2023. The service providers are Airtel Mobile Commerce (Ghana) Limited, GCB G-Money, Mobile Money Limited, Vodafone Mobile Financial Services Limited and Zeepay Ghana Limited. A statement from the Ghana Chamber of Telecommunications assured the general public that its members are working assiduously with the GRA and other key institutions, to ensure a seamless implementation of the revised E-Levy from January 11, 2023. “The Chamber would…

04 Jan

Telcos Yet To Implement 1% E-Levy Charge Despite Parliamentary Approval

wontumionlineNewsE-levy, Telecommunications companies

Telecommunications companies in the country are yet to implement the 1 percent Electronic Transaction Levy (E-levy) announced by the government in the 2023 Budget. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction has also been approved by Parliament. But checks from Citi News’ Philip Nii Lartey revealed that telcos were yet to implement the revised rate four days into the new year. Joshua Edmonson, the Deputy National Public Relations Officer of the Mobile Money Association of Ghana said the revised rate will likely…

22 Dec

E-levy Rate Reviewed To 1%; GH¢100 Daily Threshold Maintained

wontumionlineNewsE-levy

The Minority in Parliament has succeeded in ensuring that government maintains the GH¢100 Mobile Money threshold. Parliament also approved the reduction of the Electronic Transfer Levy from 1.5 to 1 percent, effective 2023. Debating the amendment of the Bill in Parliament, Ranking Member on the Finance Committee of Parliament, Dr. Cassiel Ato Forson said the Minority would now support the levy to help the government rake in an amount of GH¢2.2 billion for 2023. “The value of GH¢100 from the time the levy was introduced till today has been eroded. So I don’t know why that threshold should be removed.…

29 Nov

Removal Of E-levy Threshold Inappropriate – IEA

wontumionlineBusinessE-levy, elevy, Institute of Economic Affairs (IEA)

The Institute of Economic Affairs (IEA) Ghana has said that the decision of government to remove the daily GH₵100 threshold on the electronic transactions levy (e-levy) is inappropriate. This, according to them, is because it ‘fails’ to protect the poor in the current economic crisis. Reacting to the announcement of a downward review of the e-levy rate from 1.5 per cent to 1.0 per cent in the 2023 Budget, the IEA said government could attain the revenue target and boost usage of electronic transactions if it reviewed the rate further downward to 0.5 per cent “We are not only disappointed…

28 Nov

Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation

wontumionlineBusinessBoG, E-levy, Mobile money transactions, Summary of Economic and Financial Data by the Bank of Ghana

Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the immense growth in mobile money transactions. In October 2021, total mobile money transactions were estimated at ¢737.6 billion. Comparing that figure to the same period in 2022, the transactions have shot up by an additional ¢95.7 billion. A recent survey…

24 Nov

#2023 budget: E-levy Rate Charged Reduced From 1.5% to 1.0%-

wontumionlineFeatured, News, Trending2023 Budget, E-levy, Finance Minister Ken Ofori-Atta

The finance minister, Ken Ofori Atta, has announced that the government intends to review the E-levy policy and hence the rate charged will be reduced from 1.5 percent to 1 per cent. Delivery the budget statement for 2023 fiscal year, Ofori-Atta noted that this is part of the government of Ghana's effort to increase the domestic revenue mobilization target of the government. He further gave a hint that the daily threshold criteria for the payment of the e-levy will also be reviewed. Meaning, the GHc 100cedi threshold which was initially communicated will be reviewed by the government. The finance minister…