E-levy: Revenue target revised down to GH¢4.5 billion

The government has cut the revenue target from the Electronic Transactions levy (E-Levy) to GH¢4.5 billion in line with developments following the proposal of the levy in November last year.

The Commissioner-General of GRA, Reverend Dr. Ammisshaddai Owusu-Amoah, explained that the revision followed the reduction in the rate from 1.75 per cent to 1.5 per cent, the delay in implementing the levy and the negative sentiments that heralded the proposal of the levy last year.

Dr. Owusu-Amoah added that GRA’s internal survey had indicated that electronic transactions would slowdown in the first days of the levy's implementation before picking up.

He was, however, optimistic that transactions would stabilise in the medium term as people get used to the levy.

He said the various exemptions provided by the government were boosters to the usage of electronic transactions and thus urged the public to look at the convenience provided by digital transactions.

He also called on the public to take the levy as one of their little contributions to nation building.

The levy was initially programmed to take off in February and would have covered all electronic transactions, including bank transfers.

In the 2022 Budget statement that it was proposed, the government said it aimed to collect GH¢6.9 billion from the levy.

But following the controversy that met its proposal, the levy was not passed by Parliament until March this year.

It is now scheduled to take effect from Sunday.

The GRA boss said the Authority and the three charging entities – the banks and specialised deposits-taking institutions (DFIs), the electronic money issuers (EMIs) and the telecommunications companies (telcos) – have put in place the relevant system and mechanisms for the public to start paying 1.5 per cent of the levy on daily electronic transfers above GH¢100.

This means that from Sunday, all electronic transfers that are done in a day and above GH¢100 will attract a 1.5 per cent levy to be remitted to the GRA to support the government fund development.

Comments

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

The Chief Executive Officer of MTN Ghana, Selorm Adadevoh , has been adjudged CEO of the Year – Telecom at the 2 nd edition of the Ghana CEO Vision and Awards held in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm Adadevoh’s award is in recognition of his achievements in the areas of sustainability, leadership excellence, innovation and others in the telecoms space which has contributed to job creation to support the growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services , expressed appreciation to the organizers for the award. He noted that th e award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of

Kofi Ahovi

Search This Blog