- Advertisement -

MoMo Tax: Check out New MOMO charges before and after 2022 budget

- Advertisement -

53

- Advertisement -

On Wednesday November 17, 2021, the Finance Minister, Hon Kenneth Ofori-Atta, during the presentation of the 2021 Budget Statement made mention of the new mobile money levy which according to him is aimed at enhancing financial inclusion and protecting the vulnerable.

The new 1.75 percent MOMO levy is set to take effect on 1st February, 2022. This initiative will be imposed on transactions covering mobile money payments, bank transfers, merchant payments, and inward remittances.

- Advertisement -

The originator of the transactions will bear the charge except for inward remittances, which will be borne by the recipient. There is an exemption for transactions up to GH¢100 (US$ 16) per day

- Advertisement -

For the next 3 months, Ghanaians will have to brace themselves because the electronic transactions tax is here to stay.

Check out the new MOMO charges before and after the 2022 budget.

Source Ghnewsfile

- Advertisement -