It Covers Mobile Money Payments, Bank Transfers, Merchant Payments.
The proposed levy, which will come into effect on 1 february 2022, is a charge of 1.75% of the value of electronic transactions. Ftts is a generic name for taxes that are levied on transactions such as the sale and purchase of some sort of financial instrument such as stocks, shares, bank transactions or forex transactions. Cash, cheque and electronic mediums of payment or transfer.
Electronic Platforms Include The Following;
The tax however is applicable to originators of transactions on electronic platforms. The proposed levy, which was expected to come into effect in january 2022, charges 1.75% on the value of electronic transactions. It covers mobile money payments, bank transfers, merchant payments.
It Covers Mobile Money Payments, Bank Transfers, Merchant Payments, And Inward Remittances.
The governing new patriotic party npp has said the electronic transaction levy is a nationalist instrument for development and as such calls on the minority in parliament to approve the bill. The proposed levy is a charge of 1.75% of the value of electronic transactions. Instead of taxing the transaction itself, the government could impose a tax on the charges collected by the telecommunications companies.
By This Levy, Every Electronic Transaction Covering Mobile Money Payments, Bank Transfers, Merchant Payments And Inward Remittances Will Be.
The proposed levy, which was expected to come into effect in january 2022, charges 1.75% on the value of electronic transactions. The tax will cover electronic transactions such as mobile money payments, bank transfers, merchant payments, and inward remittances. The party believe the bill will help mobilize more revenue for the government while reducing the ballooning debt situation.
The Government Of Ghana Through The 2022 Budget Statement Sought To Introduce A Tax On Electronic Transactions To Help Generate Revenue.
During the presentation of the 2022 budget by the finance minister, ken ofori atta, it was disclosed that from january 2022, ghanaians will be taxed to pay a. “after considerable deliberations, government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. It covers mobile money payments, bank transfers, merchant payments.