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Revenue to be generated for the 2022 fiscal year following the implementation of the Electronic Transaction Levy (E-levy) beginning May 1, 2022 has fallen by some GH₵2.4 billion.
The Government of Ghana hoped to accrue by the end of the year− beginning from February−GH₵6.9 billion from the levy to be charged on electronic transactions performed on implementation.
However, due to the reduction in the rate from 1.75 per cent to 1.5 per cent, coupled with the delay in its implementation among other reasons, the hope of meeting the said target failed.
The Finance Ministry has therefore revised downward the target to GH₵4.5 billion.
This was confirmed by the Commissioner-General of the Ghana Revenue Authority, Dr. Ammisshaddai Owusu-Amoah in an interview granted the Graphic online.
Withal, the revision of the target confirms the Minister of Finance, Ken Ofori Atta’s projections that the government would be unsuccessful at its plans given the circumstances surrounding the bill.
He blamed the opposition National Democratic Congress largely for the delays, which according to him, impacts negatively on projected revenue to be accrued if things went as planned.
“How is it possible to achieve the GH₵6.9 billion target when the opposition has stopped you for four months? It’s likely we will not get all the GH₵6.9 billion.”
“But depending on the efficiency of the system it is possible, because when you calculate these things you make some marginal provisions to cater for any pluses or minuses. So we’ll endeavour to get there”, he said in an interview granted Citi Business News.
Meanwhile, the collection of the levy would take effect from May 1, 2022.
Daily electronic transactions exceeding GH₵100 would in effect attract a charge of 1.5% levy.
The entities mandated to collect the e-levy include Electronic money issuers (EMI), Payment Service Provisers, Banks, Special Deposit-Taking Institutions (SDIs) among other financial institutions prescribed by Regulation made under the act.
