ELECTRONIC TRANSFER LEVY (E-LEVY) ABOLITION: A NEW OPPORTUNITY FOR INDIVIDUALS AND BUSINESSES
Introduction The Electronic Transfer Levy (E-Levy) was introduced by the Government of Ghana on 17th November 2021 as a tax on digital financial transactions. Initially proposed at 1.75%, the final rate was pegged at 1% through the passage of the Electronic Transfer Levy Act, 2022 (Act 1075) and its amendment, Act 1089 . The levy, administered by the Ghana Revenue Authority (GRA) , applied to a range of electronic transactions including: · Mobile money transfers between accounts on the same or different electronic money issuers. · Transfers between bank accounts and mobile money wallets. · Instant bank transfers through digital platforms or applications, originating from an individual’s account (subject to a daily threshold). Following the 2024 General Elections, the new government officially abolished the E-Levy as part of its campaign pro...