Electronic transaction filing aims to undermine profits in the cashless system – Ato Forson

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Ranking member of Parliament’s Finance Committee, Dr. Cassiel Ato Forson

Ken Ofori-Atta presented the budget for 2022

The levy is expected to take effect from January 1, 2022, once the funds are approved

A fee of 1.75% was charged for electronic transactions

Cassiel Ato Forson, ranking member on Parliament’s Finance Committee, said the decision to introduce electronic transaction filing will adversely undermine efforts in the cashless economy.

According to him, the newly introduced tax on mobile money, banking transactions and other electronic transactions is likely to deter citizens from conducting digital transactions.

Speaking to Joy FM, Ato Forson stated, “This budget will wipe out the cashless economy we are talking about. People are going to keep their money at home now, people are going to be carrying money in the back of their car now, people are going to be trading physical cash now because every transaction you make with the bank you are going to pay transfer tax … we are today Faced with the situation that what we are doing to help the cashless economy is wiping everything out today. ”

“… to the extent that companies will suffer … companies are engaging in transfers and the transfers will certainly add to their business costs because now every transfer that the company makes pays 1.75% including employers’ wages will . The company will then put the cost to the customer and it will go on and on and it will skew the economy, ”added Ato Forson.

Finance Minister Ken Ofori-Atta announced on November 17, 2021 the introduction of the electronic transaction tax, which will be waived for transactions that amount to 100 GH or less in one day, or around 3,000 GH per month.

The implementation of the newly introduced e-transaction tax is expected to take effect from January 1, 2021, as soon as the use of the 2022 budget sheet is approved by Parliament.


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