2022 Budget: 1.75% tax imposed on MOMO, other electronic transactions

As a feature of endeavors by the public authority to round up more income for the country, government has slapped a 1.75 percent demand on portable cash and other electronic exchanges that surpass GH¢100 each a day.

The duty called ‘Electronic Transaction Levy or E-Levy’ is contained in the 2022 spending plan.

Conveying the 2022 spending plan articulation and Economic Policy in Parliament on Wednesday November 17, 2021, Finance Minister, Ken Ofori-Atta noticed that the duty when viable, won’t influence individuals whose month to month exchanges totalled GH¢3,000

“After impressive thoughts, Government has chosen to put a duty on all electronic exchanges to broaden the expense net and rope in the casual area. This will be known as the “Electronic Transaction Levy or E-Levy.” Electronic exchanges covering versatile cash installments, bank moves shipper installments and internal settlements will be charged at a relevant pace of 1.75%, which will be borne by the sender with the exception of internal settlements, which will be borne by the beneficiary.

To shield endeavors being made to upgrade monetary incorporation and secure the powerless, all exchanges that amount to GH¢100 or less each day (which is roughly GH¢3000 each month) will be absolved from this toll,” he said.

He likewise noticed that a part of the returns from the E-Levy will be utilized to help business, youth work, network safety, computerized and street foundation among others