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How To Calculate E-levy Charges
E-levy, which simply means Electronic Levy, has become a major news discussion in Ghana recently since Parliament and the government of Ghana approved it.
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Many Ghanaians ponder a lot about how the E-levy has affected them financially and the best way to transact mobile money (MOMO) and other transactions and skip the E-levy charges.
Here are steps to guide you in the full list of Transactions the E-Levy Will cover and those which it’ll not cover.
What Is E-Levy?
E-Levy is an Electronic Transaction Levy
E-Levy is a tax applied on transactions made on electronic and digital platforms in Ghana
The E-Levy was introduced by the Government of Ghana to tax all electronic transactions in the informal sector to broaden the tax net.
The E levy will affect five principal transactions such as mobile money transfers, bank-to-bank transfers, bank-to-mobile money transfers, and online payment transactions with payment platforms such as Visa Card, Master Card, and PayPal among others.
What Is The E-levy Charge?
E Levy charges require a 1.5% tax deduction from electronic transactions along with mobile money transfers, bank-to-bank transfers, bank-to-mobile money transfers, and online fee transactions with payment platforms which include Visa Card, Master Card, and PayPal amongst others.
E-Levy Charges On Mobile Money
A 1.5% tax will be deducted from Mobile money transactions between Mobile money accounts exceeding GHS100.
What this means is that an amount of 1.5% will be deducted from all mobile money transfers above however withdrawal of money from mobile money accounts will not be taxed.
The E Levy Charges will not affect mobile money transfers of or less made by one person in a day.
However, all person-to-person mobile transactions such as sending money to another account.
payment for goods and services, payment of utilities among other electronic transactions will be affected.
In addition, all Merchant payments and payments made with point-of-sale (POS) devices will equally be affected.
