Taxes will be paid by individuals, not the banks – John Awuah throws light on 1.75% MoMo Tax

Chief Executive Officer for Ghana Association of Bankers, John Awuah has explained that the 1.75% levy on electronic channels is a tax on the individual and businesses who use these facilities ( momo, banking transactions, and financial services).

He emphatically said that the levy is not on the bank or Telcos.

According to him one of the strong concerns was on the cost of doing business and banking transactions so the additional layer of the cost will definitely add to the cost build-up in terms of transfer and transactions.

He further stated that the bank will do collection points or collection agents for Ghana revenue authority (GRA) but the tax payment will be on the individual doing transactions.

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Source Eunice Odai