Momo tax increased-2022 budget statement

The government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector, the Finance Minister, Ken Ofori-Atta has said.

Presenting the 2022 Budget Statement and Economic Policy in Parliament on Wednesday (17 November), Ofori-Atta said, this shall be known as the “Electronic Transaction Levy or E-Levy.”

He said, “Electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances will be charged at an applicable rate of 1.75%, which shall be borne by the sender except for inward remittances, which will be borne by the recipient.”

“Mr Speaker, this new policy comes into effect from 1 February 2022. The government will work with all industry partners to ensure that their systems and payment platforms are configured to implement the policy.”

As of January 2021, 38.9% of the population aged 15 years and older had a mobile money account in Ghana.

The share of mobile money users increased over the previous three years but decreased slightly in 2021 from 39% in 2020.

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MMAAG

MMAAG represents the Mobile Money Agents Association of Ghana. It's an Association of Mobile Money Agents coming together to streamline mobile money transactions and to protect both its members and other stakeholders to safeguard the business

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1 Comment

  • Hey there! This post could not be written any better! Reading this post reminds me of my good old room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a good read. Many thanks for sharing!

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