Are You Ready To Pay Taxes On Mobile Money Next Year?
This week, the Minister of Finance read Ghana’s budget for 2022. In the budget, he outlined a new levy on online electronic payments. This new levy has been dubbed the “E-Levy”.
The new levy or “tax” will affect online electronic payment channels including mobile money payments, online bank transactions (bank to another bank), inward remittances and merchant payments (POS/Retail). The rate for this tax will be 1.75%. Currently, this new levy will take effect from January 1, 2022.
This new tax has been controversial as many have said it will slow down the growth of cashless transactions and also place a burden on merchants and customers.
Parliament is scheduled to debate the new budget and there’s a chance of this being passed into law next year.
We’ll have to wait and see what happens next.
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