Imposition of Levy on Electronic Transfer (E-Levy)
The rate of the levy shall be 1.5% and shall be imposed on electronic transfers; “at the time of the transfer” by specific entities.
Specific entities required to charge the E-Levy are:
- Electronic Money Issuers. That is payment service providers who issue electronic money.
- Payment Service Providers. That is Corporate bodies licensed under the Payment Systems and Services Act, 2019 (Act 987) to provide payment services.
- Banks. That is a body corporate with banking licence under the Banks and Specialised Deposit-Taking Institution Act, 2016 (Act 930).
- Specialised Deposit-Taking Institutions. This is a body corporate which engages in the deposit-taking business in accordance with Act 930.
- Other Financial Institutions to be prescribed by Regulations made under the Act.