The controversial electronic transaction tax (E-levy) since its approval in Parliament has become the concern of many Ghanaians.
Some have become concerned about the impact of the new tax on their finances, regardless, on May 1, the Ghana Revenue Authority (GRA) will begin its implementation.
A tax and management consultant, Fred Kwashie Awuttey has outlined six legal ways that Ghanaians can reduce the risk of exposure to the controversial tax.
Mr. Awuttey noted that since clearing checks electronically is exempt from tax, it provides an alternative to reduce the risk of exposure.
- Perform “physical” cash-ins and withdrawals
Mr. Awuttey noted that the tax does not cover receipts and receipts. It is an open option. But, with this, individuals must be guided by the dangers of carrying cash.
- Make payments via merchant shortcode (for stores and supermarkets)
The levy does not cover payments made through the trader’s short code registered with the Ghana Revenue Authority (GRA) for the purpose of payment of income tax and VAT.
“To minimize exposure, when you go to a store, you should find out if the seller is registered with the Ghana Revenue Authority before you start initiating the transaction.”
- Update bank and momo account details with Ghana Card
Noting that E-Levy does not cover transfers between two or more accounts held by a single person with a unique ID number with Ghana Card, he advised Ghanaians to ensure they update all their accounts. with the map.
“In this case, to minimize the impact, individuals should update their bank accounts, mobile money accounts with the Ghana Card so that these individuals are not affected by the tax when they transfer money from one account, say Vodafone, to another account, say Momo MTN.
- Regulate the volume of electronic payments at the bank
For the purposes of making payment through the electronic platform through the bank, a person may be required to settle the payment.
It is expected that the Minister of Finance will determine the minimum threshold on bank payment so that payment concerns are addressed.
- Pay your taxes through the Ghana.gov platform
To reduce the risk of exposure to E-Levy while paying other taxes, do so through the Ghana.gov platform. The tax expert explains that this platform is exempt from invoicing the E-Levy.