Deputy Minister of Finance, John Kumah, has stated that the Electronic Transactions Levy that will be introduced on electronic transactions will not cover inter bank transfers.
He stated that most people have misunderstood the Finance Minister, Ken Ofori Atta, on the introduction of the E-levy on digital transactions that was introduced in the 2022 budget statement in Parliament.
John Kumah indicated that the traditional transfer of money from one bank account to another bank account is not covered under the e-levy but when the transfer is done from one mobile money account to another mobile money account, that transaction will be covered by the e-levy
Speaking to Neat Fm on Monday, November 22, 2021, the Deputy Minister of Finance also said that when money is transferred from a bank account to a mobile money wallet, the transaction will be affected by the e-levy but when the transaction is done from a mobile money wallet to a bank account, it won’t be covered by the levy.
He said that for transactions that will not be covered by the e-levy, normal bank charges will apply to them.
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According to John Kumah, Ghanaians should remain calm and wait for the document about the levy that will be sent to Parliament since it will contain the clear details of the Electronic Transactions levy.
From next year, Ghanaians will be expected to pay a levy on MoMo and other electronic transactions in the country.
Presenting the 2022 Budget Statement in Parliament on Wednesday, November 17, Finance Minister Ken Ofori Atta said: "After considerable deliberations, Government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy."
According to him, the E-Levy will cover mobile money payments (MoMo), bank transfers, merchant payments and inward remittances.