SEC working with MoF over potential exemption of investment transactions from e-Levy

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The Securities and Exchange Commission (SEC) has said it is currently working with the Ministry of Finance (MoF) regarding the potential exemption of investment transactions from the e-Levy.

The e-levy started on Sunday May 1.

SEC in a statement said following the commencement of e-levy by the Ghana Revenue Authority (GRA), it ” is currently working with the Ministry of Finance (MoF) regarding the potential exemption of investment transactions from the E-Levy.

The Commission further said until such exemptions are granted, capital market operators shall strictly adhere to guidelines issued by the GRA regarding implementation of the E-Levy.”

“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 ELevy 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.

“All capital market operators are therefore advised to update their customers’ investment records using their individual National Identification Card (Ghana Card) and 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.”

By Laud Nartey|3news.com|Ghana

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