Revenue target for E-Levy revised down to GHC4.5 billion

The government, in its 2022 Budget Statement, had said it aimed to collect GHC6.9 billion from the Electronic Transfer Levy when the law was implemented

The government has cut its revenue target from the Electronic Transfer Levy (E-Levy) to GHC4.5 billion, in line with developments following the proposal of the levy in November last year.

The Commissioner General of the Ghana Revenue Authority, Ammishaddai Owusu-Amoah, told Graphic Online on Thursday that the revision followed the reduction in the tariff rate from 1.75% to 1.5%, the delay in implementing the levy, and the negative sentiment that heralded the first presentation of the levy last year.

Reverend Dr Owusu-Amoah added that an internal survey by the GRA had shown that electronic transfers would slow in the first days of the levy’s implementation before picking up again.

However, he is optimistic that transactions will stabilise in the medium term as people get used to the new charge.

Dr Owusu-Amoah said the various exemptions to the E-Levy agreed by the government would boost the use of electronic transactions. Consequently, he urged the public to continue to patronise digital transactions, given the convenience they offer.

He also called on Ghanaians to take the levy as one of their contributions to nation-building.

Ready to roll

The E-Levy was initially programmed to take off in February and would have covered all electronic transfers, including bank transactions.

In the 2022 Budget Statement, the government said it aimed to collect GHC6.9 billion from the tariff. But following the controversy that met its proposal, the levy was not passed by Parliament until March this year.

It is now scheduled to take effect from Sunday (1 May).

The GRA boss said the Authority and the three charging entities – the banks and specialised deposit-taking institutions (SDIs), electronic money issuers (EMIs) and the telecommunications companies (telcos) – have put in place the necessary systems and mechanisms for the public to start paying the 1.5% levy on electronic transfers above GHC100 daily.

This means that, from Sunday, all electronic transfers which are made in a day and are worth in excess of GHC100 will attract a 1.5% levy, to be remitted to the GRA to support development of the government fund.

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Nicholas Brown

I am a multi-media journo with Asaase Radio. I tell stories that shape the difficulties of life. Let's talk about anything acting, stage direction and making an impact.

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