Minister of Finance Ken Ofori-Atta says the government has everything under control with regards to technical issues and matters arising from the implementation of the E-levy.
According to him, there is going to be a structural solution to end all these technicalities soon. Speaking at a media briefing in Accra, Mr. Ofori-Atta noted that the government looks forward to boosting its revenue with the collection of the E-levy, describing the first two weeks of collection as satisfactory.
On concerns that funds accrued from the E-Levy may be collateralized the Minister said what government is committed to do is to use funds for development purposes.
E-Levy
The E-Levy is a Levy on all electronic transfers of money apart from those excluded by law. The rate is 1.5%
Why has Government decided to levy electronic transfers?
- To enhance domestic tax mobilisation and expand the tax base.
- To provide an opportunity for everyone to contribute towards national development.
Who is responsible for charging the E-Levy?
The entities responsible for charging the Levy are;
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- Mobile Money providers like MTN Momo, Vodafone Cash, AirtelTigo Money, Zeepay, GCB G-Money and Yup Ghana, etc.
- Payment Service Providers (PSPs). They include eTranzact, JuniPay, Korba, Nsano etc.
- Banks like Consolidated Bank Ghana (CBG), Agricultural Development Bank (ADB), etc.
- Specialised Deposit-Taking Institutions (SDIs) such as rural and community banks and savings and loans companies, finance houses etc.
- Other Financial Institutions prescribed by Regulations.