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Akufo-Addo signs E-levy into law

Presidency Nana Addo Dankwa Akufo-Addo has signed the E-levy Bill into law ClassFMonline.com has gathered.

The bill was passed by a one-sided parliament on Tuesday, 29 March 2022.

The E-Levy will impose a 1.5% levy on some electronic transactions: mobile money transfers done between accounts on the same Electronic Money Issuers (EMI), Mobile money transfers from accounts on one EMI to a recipient on another EMI, Transfers from bank accounts to mobile money accounts (either directly, GIP debit, bank cards or another scheme), Transfers from mobile money accounts to bank accounts (either directly, GIP debit, bank cards or another scheme) and Bank transfers originating from a bank account belonging to an individual.

The main opposition NDC MPs in parliament staged a walked out on Tuesday, ahead of the passage of the bill.

The opposition have petitioned the Supreme Court to declare the passage of the bill null and void because, in their opinion, the one-sided majority that passed the bill did not form a quorum.

Meanwhile, in his State of the Nations Address delivered in Parliament on Wednesday, 30 March 2022, President Akufo-Addo said “I believe the levy is going to make a significant contribution to revenue mobilisation and the management of the national economy,” and went ahead to thank the legislators for passing the bill.

Source: Classfmonline.com

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