An amendment to the Electronic Transaction Levy (E-levy) Act brought before parliament on Wednesday, December 21, 2022, has received approval.
During the presentation of the 2023 Budget, Finance Minister Ken Ofori Atta announced a reduction of the e-levy rate from 1.5% to 1% and wanted to remove the daily non-taxable threshold of GH¢100.
Government sought to make the levy applicable to any amount transferred electronically.
The Minority subsequently declared their stance to object to the removal of the GH¢100 threshold.
However, the bill when submitted to the House on Wednesday for approval, had excluded the section which sought to remove the GH¢100 threshold.
The 1.5% rate was a downward revision from the initial 1.75% proposed earlier this year.
The introduction of the levy was met with many agitations and rejections. But the government said it was a significant revenue generation tax needed to shore up revenue for the economy.
Between 2017 and 2021 Mobile Money transactions increased from GH¢1.55 billion to GH¢9.86 billion, but the figure has since drastically reduced.
