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22 November 2021

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Ghana Proposes Levy on Electronic Transactions as Part of 2022 Budget

Ghana's 2022 Budget Statement and Economic Policy was presented in parliament on 17 November 2021. Proposed fiscal policy measures include the introduction of a new levy on electronic transactions. Considering the growth in electronic transactions for the payment for goods and services, as opposed to cash and cheques, an "Electronic Transaction Levy" or "E-Levy" will be introduced at a rate of 1.75% on electronic transactions covering mobile money payments, bank transfers, merchant payments, and inward remittances. The E-Levy will be borne by the sender (payer), except inward remittances, which will be borne by the recipient. However, all transactions that add up to GHS 100 or less per day will be exempt from the levy. The new E-Levy is to come into effect from 1 February 2022.

Another important measure of the Budget is for the revision of the Flat Rate VAT Scheme, which was introduced in 2017 and provides for a VAT Flat Rate of 3% on the supply of goods by wholesalers and retailers. This will be revised so that the scheme will apply to retailers only, with an annual turnover limit of GHS 500,000. All other supplies of goods and services will attract the Standard VAT rate. Lastly, Relief will be provided to small-scale Gold Miners through a reduction in the withholding tax rate for the sale of unprocessed gold by small-scale miners from 3% to 1.5%. These measures are to generally apply from 1 January 2022.

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