Government reduces E-Levy from 1.5% to 1%

The government has lowered the 1.5% to 1% Electronic Transfer Levy rate.

The government claims that more Ghanaians would be able to utilize the service as a result.

The daily transaction cap of 100 has also been eliminated, though.

This was disclosed on Thursday, November 24, during the introduction of the 2023 budget by Finance Minister Ken Ofori-Atta.

Ken Ofori-Atta requested that the E-Levy Act be reviewed and, in particular, that the headline rate be lowered from 1.5% to 1% of the transaction amount and the daily barrier eliminated.

Ofori-Atta suggested removing restrictions on transfers that will trigger the charge in addition to the rate decrease.

“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold,” Ofori-Atta stated.

In other words, the restriction that only transactions that total more than GHC 100 per day qualify for E-Levy deductions would be lifted.

So, even if you send only GHC 5, GHC 1, or GHC 50, E-Levy will be applied.

In March 2022, the Electronic Transfer Fee Act, 2022 (Act 1075), which levies a 1.5% levy on electronic transactions, was controversially enacted.

The fee was reduced from the previously intended 1.75% to 1.5 percent.

Source: Ghanatodayonline.com