JUST IN: E-Levy Finally Passed!

The controversial Electronic Transfer Levy (E-levy) has finally been passed at the second reading stage on Tuesday, March 29, 2022.

The second reading of the levy saw the bill being adopted at the reduced rate of 1.5% from the initial proposed rate of 1.75%.

Members of the Majority also deliberated on some proposed amendments to the bill which have been introduced by the government.

The e-levy is a new tax measure introduced by the government in the 2022 Budget on basic transactions related to digital payments and electronic platform transactions.

Critics of the proposal, including the Minority have warned that the new levy will negatively impact the Fintech space, as well as hurt low-income persons.

The government has, however, argued the levy would widen the tax net as it could raise an extra GH¢6.9 billion in 2022.

Meanwhile, the Minority staged a walkout in Parliament during the consideration of the controversial  E-levy at the second reading stage.

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