Minister Of Communications Demands Profit From ‘Momo’ Tax.

Minister of Communications Madam Ursula Owusu Ekuful is demanding from network operators to pay tax from profits they make from mobile money transactions.

In a conference meeting, Madam Ursula said mobile networks make over 71 million cedis from MoMo every month yet that money is not taxed.

” I am very interested in this though this is where l and the Finance Minister have different opinions because l think that Ghc 71 million profit which is made from MoMo transaction, they must pay tax from that to the country.

” We are still on that though, she concluded.

Statistics from Bank Of Ghana for the recent year revealed a huge increment from GHC 155 billion to GHC 233 billion in MoMo transaction which is 43% rise in just one year.

It is clear that the amount of MoMo transaction increment from 2017 to 2018 is about GHC 1.4 Billion.

The MoMo transaction has always been on the increment from 2012 to 2018. For example, by the year 2012, total transaction was GHC 594 million. And by the year 2018, it was Ghc 233 billion.

This year June, World Bank declared Ghana has the fastest-growing MoMo zone in Africa with increment in 6 folds yearly.

Telecom companies are really making huge profit from this and Madam Ursula wants to make sure the country doesn’t missed out on the profit form that sector.

Nobody is talking about actual MoMo transactions that are done by individuals but am interested in the profit that the network operators make from the transaction fees that own-users of the network pay them.

And l think GRA [ Ghana Revenue Authority ] has to have a talk with them about that.

She said.

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