Employees who receive their salaries via mobile money platforms may have to brace themselves. This is because the newly enacted E-Levy is projected to affect a percentage of their money.
According to the Ghana Revenue Authority (GRA), the manner in which the controversial law was drafted necessitates that the tax is incorporated into the revenue mobilization stream.
Following the passing of the Electronic Transfer (E-levy)Law, the GRA stated that it is ready to put it into effect on May 1.
According to the Authority’s Principal Revenue Officer and Head of the Project Management Unit, salaries are deposited from their bank accounts into mobile money platforms, with a 1.50 percent charge deducted into government coffers.
This was revealed by Isaac Kobina Amoako on The Probe during a discussion to demystify the new tax.
The official noted on Sunday that the existing system established by the law does not discriminate between a business and an individual mobile money account.
“For the banks, the disbursements from corporate accounts were not mentioned so it is clear that that one is exempt. But in the momo, there was no distinction between the corporate momo account and the individual momo account,” he told Emefa Apawu.
He indicated that this will have an impact on loan disbursement as well as other financial procedures.
These issues, according to Mr Amoako, will be presented to the Finance Ministry in the hope that they would be resolved.
He believes that the GRA has been made aware of the possible difficulties that may arise as a result of this circumstance.
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SOURCE: myjoyonline
