New taxes slapped on MoMo, other electronic transactions

Ghanaians from 2022 would have no option than to pay an addition of tax levy on Mobile Money transaction and other electronic transactions in ways to widen the country’s tax net. 

It will be a 1.75 percent charge on all electronic transactions.

This fee, according to the Finance Minister, Ken Ofori-Atta, is to enhance financial inclusion and protect the vulnerable.

Transactions covering mobile money payments, bank transfers, merchant payments, and inward remittances will have the levy imposed on them and will be borne by the sender.

“After considerable deliberations, the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy”, Ken Ofori-Atta said on Wednesday, during the presentation of the 2020 Budget in parliament.

He added, “Government will work with all industry partners to ensure that their systems and payment platforms are configured to implement the policy.”