On Wednesday 17th November 2021, the Finance Minister Ken Ofori Atta presented the 2022 budget before the floor of Parliament and he announced that government from 2022 will impose a 1.7 percent tax on all electronic transactions.
it’s becoming clear there exists the enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the informal economy.
”After considerable deliberations, the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. Thus shall be known as the Electronic Transaction Levy or E-Levy”, the Minister read in Parliament.
But a throwback of Dr. Bawumia in the studios of Peace FM telling host Chairman General that government is not going to tax mobile money transactions.
He went on to say that for him he feels momo transactions shouldn’t be taxed because a lot of people who engage in it are very poor people.
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