The government’s new 1.5 percent levy on most electronic financial transactions takes effect today, Sunday, May 1, 2022.
The contentious tax has been in the works since November 2021, when Ken Ofori-Atta announced its introduction in the 2022 budget.
After two failed efforts between December and February 2022, when the minority National Democratic Congress (NDC) caucus boycotted the session, it was finally enacted in March 2022.
The E-levy was originally set at 1.75 percent, but was subsequently cut to 1.5 percent in the final bill adopted.
Because of COVID-19’s impact on the country’s economy, the government says the tax is necessary to raise local money. However, many Ghanaians already pay other taxes, therefore the opposition says the levy would cause further hardship.
As an alternative to the E-levy, the opposition urged government spending cutbacks and closing loopholes.
To ensure a seamless implementation of the new tax, the Ghana Revenue Authority (GRA) has met with several stakeholders, including charging companies.
It has already begun media outreach on the charge, which it claims will be phased in.
To notify consumers of the E-levy, numerous commercial banks and all mobile networks have issued tax messages and emails by Saturday, April 30, 2022.
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Source: TheBBCghana.Com
