'No More E-Levy': GRA Orders Immediate Refunds as 1% Levy is Scrapped
Accra, Ghana - 02 April, 2025 - Ghana Revenue Authority (GRA) has announced the immediate abolition of the 1% Electronic Transfer Levy (E-Levy).
This decision follows the President John Mahama's assent to the Electronic Transfer Levy Act and its Amendment Act earlier today.
According to the directive issued by Edward Apenteng Gyamerah, Commissioner of the Domestic Tax Revenue Division, on behalf of the Commissioner-General, as of midnight, April 2, 2025, financial institutions and payment platforms are required to cease applying the levy and process refunds for any deductions made beyond this date.
The GRA has warned that entities found still applying the levy or failing to refund customers will face sanctions in accordance with the law.
Key Directives:
- Immediate Refunds: Financial institutions and mobile money operators must initiate immediate refunds to customers who have been charged the 1% levy beyond the official abolition date.
- Detailed Reporting: All Charging Entities must submit detailed reports of refunds processed to the GRA.
- Outstanding E-Levy: Institutions must account for any outstanding E-Levy collected before April 2, with failure to comply resulting in legal action and penalties.
- Record Keeping: Charging Entities are required to maintain electronic transfer records for at least six years.
The removal of the E-Levy is expected to revive mobile money transactions and encourage digital payments, which saw a decline when the tax was first introduced. Economic analysts view the levy's abolition as a strategic move to boost financial inclusion and accelerate Ghana's digital economy.
With the new policy now in force, Ghanaians can transfer money electronically without additional charges, but the GRA remains firm in ensuring compliance.
“Charging Entities are to take the necessary steps to file and pay all outstanding E-Levy charged and collected on all transactions that occurred before April 2, 2025,” the directive warned.
“Failure to comply with the above directives constitutes an offence, and sanctions will be imposed as prescribed by law,” portions of the statement read.
Read the full statement from GRA below.
Source: Lead News Online
