GRA cracks down on E-Levy compliance: Strict monitoring and record-keeping mandated

The Ghana Revenue Authority (GRA) has issued a strong directive. This applies to all financial institutions and electronic money operators. They must monitor compliance and keep records after the E-Levy's abolition.

The Electronic Transfer Levy Act, 2022, is now fully effective. It took effect on April 2, 2025. The GRA states that charging entities must stop applying the levy immediately. They must also implement refund processes for any deductions made after this date.

Edward Apenteng Gyamerah signed the statement as Commissioner of Domestic Tax Revenue Division. The GRA warns that non-compliance will lead to legal sanctions.

To enforce these regulations, the Electronic Transfer Levy Management and Assurance System (ELMAS) has been updated. It will automatically return a “no charge” response for all transactions.

Charging entities must follow these key mandates:

1. **Halt E-Levy Deductions**: All financial institutions and mobile money platforms must stop charging the 1% levy from midnight on April 2, 2025.

2. **Mandatory Refunds**: Any E-Levy deductions made after April 2 must be refunded quickly. Entities need to set up an expedited refund process and document all refunds. Reports of these refunds should be sent to the GRA.

3. **Settle Outstanding Payments**: Charging entities must file and pay any outstanding E-Levy charges collected before April 2 to avoid penalties.

4. **Transaction Reporting**: All electronic transfer transactions still need reporting to ELMAS until further notice, as required by Section 33A of the Revenue Administration Act, 2016.

5. **Record-Keeping**: Entities involved in electronic transactions must keep detailed records for at least six years per Section 27(3) of the Revenue Administration Act.

The GRA will conduct regular compliance checks across all electronic transfer platforms. Non-compliance will be treated as an offence with corresponding sanctions under the law.

With this strict enforcement, the GRA emphasizes that compliance, transparency, and accountability are crucial in Ghana’s financial landscape despite the E-Levy's removal.