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Discover all the deals that will be afflicted by the E-Levy

 


The Minister of Finance, Mister Ken Ofori-Atta is expected to publicize the operational particular date for the Electronic digital Transfer Levy Invoice (E-Levy) Bill which has been assented to by President Nana Addo Dankwa Akufo-Addo Thurs night. Parliament approved the check last Tues following your Minority acquired staged a walkout within their avowed protest against the bill. The check primarily imposed the 1. 75 per nickle tax on all electronic transactions and money transfers, but the rate was reduced to at least one. 5 per cent before its passage. Within the bill, any shift to or coming from a mobile money consideration or from a savings account of a person will be subject to the tax.

These include:

1 ) Transfers done about the same. mobile money network For example sending money from your MTN Momo wallet to a new. individual's MTN Momo pocket.

2. Transfers from one mobile money network to a recipient on another network For example, sending money from your MTN Momo wallet to another person's TIGO Funds wallet.

3. Moves from bank details to mobile money records: For example, Kofi transfers money from his CBG savings account to Ama's MTN mobile money pocket.

4. Transfers from mobile money records to bank records: For instance, Esi transfers money from her Vodafone Funds money wallet to Yaw's GCB traditional bank account.

5. Bank-transfers on a digital platform or app which originate from a savings account that belong to an specific: For instance, Kwame transferring money from his NIB Traditional bank account. to Akua's Prudential Bank consideration.

The subsequent moves are excluded from the levy: a single. Cumulative transfers of GHS 100 for every day made by the same person: All of us have a daily tax-free threshold (Limit) GHS 100- that is every individual will be able to send up to GHS100 every day without the payment of the levy; installment payments on your Transfer between records owned by the same person: if you are giving money to your own account (i. e., of the identical person) then you will not get charged the Elizabeth Levy. A shift from Kojo's Tigo wallet to his MTN wallet or from his CBG bank account to his GCB traditional bank account or from his family savings to his current or investment account, will not attract the levy.

. Moves for the settlement of taxes, fees, and charges: Virtually any payment of income taxes fees or charges made to an MDA or MMDA using the Bekwai, ghana. gov platform or other designated method, do not bring in the levy. Electronic Clearing of Cheques: Clearing of cheques by the banks and dedicated deposit-taking institutions such as savings and loans companies and many others. are excluded. Specified merchant repayments: Payments made to commercial establishments through a payment service (mobile money, traditional bank application, Fintech and so forth ) to a person registered with the Ghana Revenue Power for the purposes of income duty or value-added duty is excluded. This kind of is applicable to both online and physical sales.

Transfers between principal, agent, and master-agent accounts: To be able to avoid charging the levy multiple times transfers that go through multiple companies before they get to the genuine recipient do not attract the garnishment. Are utility and airtime payments theme to the E-levy? Yes. As soon as the settlement is made from a mobile money account, bank consideration, or through the service provider payment platform; and exceeds the GHS 100 daily tolerance the levy is payable.

Will the levy be incurred on payments of wages and incomes using mobile money? In case the company is registered with GRA for income duty or VAT and salary payment is made from a corporate savings account, there will be no e-levy charge on the quantity. Will there be a tolerance above which E-levy charges will not apply? No, there is no tolerance; the E-levy is applicable to all transfer portions.

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