The President of the Republic of Ghana, H.E Nana Akufo-Addo has appended his signature and assented to the electronic transfer levy 2021 bill which was passed by the Parliament of Ghana on Tuesday, March 29, 2022, under a certificate of urgency.
If you remember, during the presentation of the 2022 budget to Parliament and Ghanaians in the last quarter of 2021, the Minister of Finance, Ken Ofori Atta disclosed the government's plans to tax electronic money transfers in order to generate some GHC6 billion.
The idea met some so stumbling blocks, especially from the opposition in parliament leading to a reduction in the rate from 1.75% to 1.5% before its passage.
As the law stipulates, a bill passed by parliament can only become a law after the president assents to it and that is exactly what president Akufo-Addo has done on March 31, 2022.
This new development means that the finance ministry and the Ghana Revenue Authority have the green light to start charging a rate of 1.5% tax on any transfers that exceed GHC100 within 24 hours.