Parliament has approved the Electronic Transfer Levy Bill (E-levy)at 1.5 percent.
The initial rate of the bill was 1.75 percent tax on all electronic money transfers.
The bill was passed after the third reading at the House chaired by the Speaker of Parliament, Alban Sumana Kingsford Bagbin.
Moving the motion for the debate, the Minister for Finance, Ken Ofori-Atta said the objective of this bill was to broaden the tax base of the country.
He said the levy would enhance government’s revenue mobilization if passed.
According to him, the E-levy was estimated to generate GH6.9 billion to spur growth in 2022.
He said government decided to reduce the rate of the levy from 1.75 to 1.5 percent due to spirit of cooperation.
The House approved the bill after amending sections of it in the absence of the Minority Caucus, who walked out of the Chamber after the second reading.
The E-levy was introduced by the government in the 2022 Budget on basic transactions related to digital payments and electronic platform transactions. The rate would apply to electronic transactions that are more than GHS100 daily. This is different from the percentage telecommunication companies charge on mobile money transactions.
Eva Frempon-Ntiamoah / Patience Anaadem, ISD