GHANA: Electronic Transfer Levy Act to Take Effect 1 May 2022
03 May 2022
Electronic transfers in Ghana will incur tax of 1.5%, starting 1 May 2022 in accordance with the Electronic Transfer Levy Act, 2022, approved at the end of March. According to the country’s General Revenue Authority (GRA), the electronic transfer levy (e-levy) covers transactions such as mobile transfers between accounts on the same electronic money issuers, and between different electronic money issuers; transfers between bank accounts and mobile money accounts; and bank transfers from bank accounts owned by individuals via an instant pay digital platform or application. Banks, electronic money issuers, payment service providers, specialised deposit-taking institutions, and other financial institutions are all required to charge the 1.5% e-levy on the transfer value as part of their fees and remit the collected tax to the GRA.
Exempted from the e-levy are cumulative transfers of up to GHS100 (US$13.30) per day by the same individual; transfers between accounts belonging to the same individual; and transfers for the payment of government taxes, charges and fees. Transfers between principal, agent and master-agent accounts; specified merchant payments; and electronic clearing of cheques are also exempt.
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