Friday, January 27, 2023

Mobile Money E Levy Charges: What are they? How do I calculate them?

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Mobile Money E Levy charges are levied by the Ghana Revenue Authority when customers transfer money from their momo wallet to another mobile money wallet or other financial institution.
E Levy was introduced and approved by Parliament on 29th March 2022 and took effect on 1s May 2022. This article will explain how the E levy charges are calculated and, if possible, how to avoid paying E Levy charges.

Also Read: How To Buy Waec Result Checker With Vodafone Cash

What are Mobile Money E Levy Charges?

Mobile Money E Levy Charges are electronic Transaction Levy (commonly known as Electronic Levy or E-levy), a 1.5% tax applied on transactions made on electronic or digital platforms like Mobile Money. The E-Levy is 1.5% of all cumulative daily transfers of more than GHS 100. For example, if a person sends GHS 50 for the first time during the day and then sends another 50 (totaling GHS 100), they will not be charged.
However, any amount transferred after that on the same day will be charged with the E-Levy.

To calculate the E-levy charge when sending money with Vodafone Cash, you can use the E-levy calculator by clicking here. The chart below gives you an idea of the charges you will pay if you are using MTN or AirTelTigo

Mobile Money E Levy Charges
Mobile Money E Levy Charges

How To Avoid the E Levy Charges 

To avoid paying the E-levy charge, you can use the below list of tricks to avoid paying the killer tax imposed by the Ghana Revenue Authority.

  • There are no E-levy charges on Cheques. 
  • Spend less than GHC 100 on your receiver daily until the entire amount you intend to send is evacuated. For example, if you wish to pay GHS 500 to someone, start by sending GHS 50 – 100 every day until the receiver of the GHC 500 is paid in full.
  • You can also go to a Merchant to do cashout directly from the sender or receiver.

Conclusion

The E-levy is applied to transactions including mobile money payments, bank transfers, and unregistered merchant payments. It is advisable for everyone to pay taxes to help develop the country.

Collins Tagoehttps://extratrendsgh.com
A Film Director | Director of Photography | A Programmer | Video Editor | Blogger

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