President Nana Addo Dankwa Akufo-Addo has assented to the Electronic Transaction Levy (e-levy) bill into law on Thursday March 31, after parliament’s approval.
The policy was approved by a one-sided Parliament on Tuesday March 29 after the minority staged a walkout.
The Finance Minister Ken Ofori-Atta revealed on Wednesday March 30 that deductions will start in May this year.
He said that is the assurance he has been given by the Controller and Accountant General (CAGD) and the Ghana Revenue Authority (GRA), who will be the revenue collectors.
“We had some meetings with Controller and Accountant Generals Department (CAGD) and the Ghana Revenue Authority (GRA) and they have said right at the beginning of May they should be able to put their system together,” he said in Parliament after President Nana Addo Dankwa Akufo-Addo delivered the State of Nation Address.
During the debate on the policy in Parliament on Tuesday, Information Minister Kojo Oppong Nkrumah said the poor had been exempted from paying due to the less than 100 cedis threshold.
He also denied claims that that the E-levy will kill the Mobile Money (MoMo) industry. He noted that this same argument was made when the Communication Service Tax (CST) was introduced to the effect that it was going to kill the telecom industry.
The Ofoase Ayirebi lawmaker said contrary to the fears, the telecom industry has grown even with the tax.
He said “Mr Speaker, there is a claim that has been made that it will kill the MoMo industry so don’t tax MoMo.
“This same claim was made when the communications service tax was being introduced, it has never killed the industry. In fact the industry has grown.
“Mr Speaker, finally, the poor have been taken out of it with the threshold implemented so that those who transfer less than 100 cedis a day will not pay this levy.”
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