After Parliament's approval of the electronic transaction levy bill into an act, President Akufo-Addo has assented to him making it a law which is expected to begin in May.
The electronic transactions levy is a new tax measure that will be applied only to the originator of a transaction on an electronic platform. Not only will it affect telecommunication companies into electronic money transactions, fintech platforms, online banking and digital marketing companies will be affected.
The value of the levy is 1.50% and it affects transactions above ¢100.
How much to add ..
Transactions below the GHS 100 threshold a day will only pay the 0.75% charge to the telcos.
But for transactions above GHS 100, when sending for instance GHS 150, you will pay ¢1.50 to the telcos and ¢3.00 for e-levy making ¢4.50 if you want the person to receive the full GHS 150.
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