"Tax expert outlines 6 exemptions in E-Levy law"

" \n Tax expert outlines 6 exemptions in E-Levy law \n \n\n \n The controversial Electronic Transaction Levy (E-levy) since it was approved in Parliament has become the worry of many Ghanaians. \n \n\n \n Some have become apprehensive about how the new tax will impact their finances, be that as it may, on May 1, the Ghana Revenue Authority (GRA) will begin its implementation. \n \n\n \n A Tax and Management Adviser, Fred Kwashie Awuttey has outlined six legal modes that Ghanaians can reduce risk of exposure to the controversial tax. \n \n\n \n Chase the chequebook \n \n\n \n Mr Awuttey noted that since clearing cheques by electronic means is exempted from the tax, it provides an alternative to reduce risk of exposure. \n \n\n \n Do \u2018physical\u2019 cash-in and cash-out \n \n\n \n Mr Awuttey noted that the tax does not cover cash-out and cash-in. That is an option opened. But, with this, individuals must be guided by the dangers of carrying cash along. \n \n\n \n Make payments through merchant shortcode (for shops and supermarkets) \n \n\n \n The levy does not cover payments made through merchant\u2019s shortcode who are registered with the Ghana Revenue Authority (GRA) for purposes of paying income taxes and VAT. \n \n\n \n \u201cTo minimise the exposure, when you go to a shop, you have to find out whether the vendor is registered with Ghana Revenue Authority before you start to initiate the transaction.\u201d \n \n\n \n Read: Standard Chartered quits multiple African markets \n \n\n \n Update bank, momo account details with the Ghana Card \n \n\n \n Noting that E-Levy does not cover transfers between two or more accounts held by one person with unique identity number with Ghana Card, he advised that Ghanaians should ensure they update all their accounts with the card. \n \n\n \n \u201cIn this case, to minimise the impact, individuals must update their bank accounts, mobile money accounts with the Ghana Card so that such individuals will not be affected by the tax when they transfer money from one account, say Vodafone, to another account say, MTN momo.\u201d \n \n\n \n Regulate the volume of electronic payments at the bank \n \n\n \n For the purpose of making payment by the electronic platform through the bank, an individual may have to regulate the payment. \n \n\n \n It is expected that the Minister of Finance determines the minimum threshold on the bank payment so that concerns on payment are addressed. \n \n\n \n Pay your taxes through the Ghana.gov platform \n \n\n \n To reduce risk of exposure to E-Levy while paying other taxes, do it through the Ghana.gov platform. The tax expert explains that that platform is exempt from charging the E-Levy. \n "

"Tax expert outlines 6 exemptions in E-Levy law"

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