These are 5 ways to avoid e-levy (Electronic Transactions Levy).
Since it was passed by Parliament, the contentious Electronic Transaction Levy (E-levy) has become a source of concern for many Ghanaians.
Some people are worried about how the new tax would affect their money, but the Ghana Revenue Authority (GRA) will start implementing it on May 1 2022.
Cash the Cheque
Cheques are the simplest way to avoid paying E-Levy. This is because clearing cheques through electronic methods is tax-free, it’s a great way to avoid the E-Levy.
In-Person Cash-in and Cash-Out
Because the E-Levy does not apply to cash-outs and cash-ins done at a mobile money merchant, it is a viable alternative to consider. You can request that a momo merchant deposit funds into a specific momo wallet.
When a person withdraws money (cash-out), they just pay the momo fees and not the E-Levy.
Use Merchant codes for payments, especially at shops.
Because the E-Levy does not cover payments made through a merchant’s shortcode registered with the Ghana Revenue Authority, the tax expert urged Ghanaians to use such codes at supermarkets or shops.
Before beginning the transaction, double-check that the store has a merchant shortcode registered with the GRA.
Ensure all accounts are linked to the same Ghana Card
Because E-Levy does not support transactions between two or more accounts held by one individual with a Ghana Card, you should make sure that all of their accounts are connected to the card.
Individuals must update their bank accounts and mobile money accounts with the Ghana Card to reduce the impact.
In this manner, they won’t be charged tax when transferring money from one account to another, such as from their Vodafone wallet to their MTN wallet.
Amount of electronic payments at the bank should be regulated.
With a daily transaction limit of GHS100, users must ensure that all of their electronic transactions in a day fall inside the threshold to avoid paying the e-levy.
E-Levy has come to stay so the best way is to find legal means around it so you are not too burdened by it.