E-Levy: Gov’t discussing ways to exempt Investment Transactions

The Securities and Exchange Commission (SEC) has begun working with the Ministry of Finance (MoF) regarding the potential exemption of investment transactions from the Electronic Transaction Levy (E-Levy).

It however wants capital market operators to strictly adhere to guidelines issued by the Ghana Revenue Authority over the implementation of the E-Levy until such exemptions are granted.

The move by the SEC to get exemption of investment transactions from E-Levy is to prevent reduction in investment transactions.

“It is estimated that by the start of the second phase (July 1, 2022) of the modified phased-approach adopted by the GRA, charging entities would have completed their integration with the GRA E-Levy Management System (Common Platform), thereby facilitating the complete identification of individuals, verification of daily threshold and exemptions across the various platforms of the Charging Entities”, it pointed out in a statement.

The SEC however urged all capital market operators to update their customers’ investment records using their individual National Identification Card (Ghana Card).

It also wants the capital market players to ensure full compliance with the directive issued by the SEC in July 2020 on Trust Accounts’ opening, maintenance and operation SEC/DIR/003/07/2022 which shall become a key ingredient in seeking potential exemptions for the market.

By Adnan Adams Mohammed