I’ll stop using MoMo starting May 1 because of E-levy – DKB

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DKB, a Ghanaian comedian, has said that he would cancel his Mobile Money account as a result of the approaching introduction of the Electronic Transactions Levy (ETL) (E-Levy).

In an interview with Kessben Fm’s Preko Dankwa on Tuesday, April 12, 2022, Derrick Kobina Bonney (DKB), also known as Derrick Kobina Bonney, shared these opinions.

“I’m going to cancel my Momo account,” he said.

When the presenter pointed out that the tax is intended to aid in the development of the nation, DKB suggested that the government raise the amount so that Ghanaians are aware that they are actually sacrificing for the country.

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“They should increase the E-levy to 70% so that we can see that we are assisting the nation.” Why are they putting a tax on our wallets? The reason we refer to it as a pocketbook is because all of the taxes have already been taken from the total. Instead, they should levy taxes on everything.”

The E-levy is estimated to generate around $1 billion in revenue for the state’s coffers. DKB, on the other hand, believes that if the government prioritizes the tourist industry, Ghana would be able to reap more benefits from the E-Levy than the nation anticipates.

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“Did you realize that tourism contributes $2 billion to our economy? That’s about $8 billion in today’s money. We can gain more from tourism if we concentrate our efforts on it than we will earn from the E-levy.”

In the opinion of the comedian, it is difficult to have faith in the government when it claims to be able to account for every penny it receives through the E-Levy.

“According to the Audit Service, we have a leakage of 12 billion pounds.” Despite the fact that you have not stopped the leak, you have provided them with a larger basket to gather water in. Are there not going to be further leaks in the future?

“How can you expect me to be pleased when the person who stated they shouldn’t tax MOMO is the same person who now says they should tax MOMO?” Make the E-levy 75% of the total, and we will know that we are assisting the nation. If anything isn’t quite right, we’ll let you know.”

He went on to say that although he does not want the nation to go backward, he believes the tax on electronic transactions is unjust.

“It’s as if when someone expresses their actual opinions, they are expressing their opposition to the nation. What exactly do I have against the country? It makes me feel uneasy because it is unfair.”

When presenting the 2022 Budget Statement and Economic Policy of Government to the Parliament of Ghana on November 17, 2021, the Minister of Finance announced the introduction of a “Electronic Transaction Levy” of 1.75 percent on electronic transactions exceeding GHs 100 (US$16), which will be levied on all transactions above that amount.

The fee will be applied to mobile money payments, bank transfers, merchant payments, and inbound remittances, according to the Ministry of Finance. In March 2022, the Ghanaian Parliament passed a law that imposed a 1.50 percent tax on electronic money transactions, which was approved by the government. The Bill was signed into law by the President in a short period of time.

From May 2022 onwards, the levy will be in effect for the first time.

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