The implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% kicks off today January 11, 2023
The Finance Minister, Ken Ofori-Atta, in his presentation to parliament of the 2023 Budget Statement and Economic policy revealed that the government has decided to remove the GH¢100 daily threshold on the Electronic Transfer Levy (E-levy) and reduce the headline rate from 1.5 per cent to 1 per cent.
“We will review the E-Levy Act and, more specifically, reduce the headline rate from 1.5 per cent to 1 per cent of the transaction value as well remove the daily threshold,” he said.
According to the Finance Minister, the E-levy review, among other reforms and interventions, forms part of revenue measures aimed at restoring macroeconomic stability and accelerating economic transformation.
The move, he also said, is in response to proposals the government has received for a review of the levy.
“Government has consistently indicated its intention to improve the revenue collection effort by leveraging technology to enhance tax administration, identify and register taxable persons, and improve tax compliance.
“Government has received several proposals for a review of the Electronic Transfer Levy and is working closely with all stakeholders to evaluate the levy’s impact in order to decide on the next line of action – which will include a revision of the various exclusions.
“As a first step, however, the headline rate will be reduced to 1 per cent of the transaction value alongside removal of the daily threshold,” he said.