News

SEC, Finance Ministry Begin Discussions To Exempt Investment Transactions From E-Levy

Rev. Ogbamey Tetteh

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).

Advertisement

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.

Advertisement

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.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

233shadow

Shadow a.k. Thomas Evans Selah-Ahegbebu is an avid writer of entertainment and life style stories. I love to meet and learn new ways of doing things. Topics of interest are; Medicine, Entertainment & Life Style

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Back to top button