Momo Charges To Increase Next Year As Government Introduces Tax on Online Transactions

The Government of Ghana has decided to impose a charge on online transaction(momo charges). It was intended to broaden the tax net and bring in the informal economy, according to the finance minister.

Mr. Ofori-Atta stated categorically that the process would be termed as the “Electronic Levy or E-Levy.” On Wednesday, November,17, he said this while presenting the 2022 budget statement and economic policy to Parliament.

According to him, all mobile payments, bank transfers, merchant payments, and inward remittance will be covered by the electronic transaction.

This transaction will be charged at rate of 1.75 percent. It shall be borne by the sender except for inward remittance, which would be borne by the recipient.

CHECK THIS:  Facebook-Meta To Pay $90M To Settle Lawsuit For Spying User’s Like Button Activity

From February 1,2022, the new policy will be effective. The government would work with all industry partners to ensure that their systems and payment platforms are set up. This is to support the policy’s implementation.

In Ghana, as of January 2021, 38.8% of the population over the age of 15 had a mobile money account. Mobile money share increased in the past three years but declined slightly in 2021.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button