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25.11.2019 Business & Finance

Gov’t Already Taxing MoMo Operations – Ken Ashigbey

By News Desk
Gov’t Already Taxing MoMo Operations – Ken Ashigbey
NOV 25, 2019 BUSINESS & FINANCE

The CEO of the Ghana Chamber of Telecommunications, Kenneth Ashigbey has expressed descending views to calls from Communications Minister that profits from Mobile Money operations should be taxed by the government.

He stated that there are already existing taxes that have been placed on profits being made from mobile money operation by both telecommunication networks and the operators as well.

Mr. Ashigbey’s comments follow initial revelations and call from the Communications minister that, about GHC 71million profits are being made on MoMo operations that go on taxed by government as she called for review and taxing of the profits made by the telcos.

But speaking on Kingdom 107.7 FM’s news, Mr Ashigbey noted that, ”there are taxes on the operations and sees no reason why the minister again make suggestions for their profits to be charged.”

He also stated that, there are better ways of improving on the MoMo operations to allow enough people get on board the platform to increase more revenue for the government but not taxing their profits.

The Mobile Money business in the country
Mobile Money has seen significant growth in value and transactions in all areas of its operations.

Figures from the Bank of Ghana have shown that as of June the deposits held on mobile money accounts has reached over GHc2 billion.

Meanwhile, the patronage of cheques for the first half of this year witnessed a drop compared to the same period last year.

Between January and June this year, the total volume of mobile money transactions reached 915.8 million compared to the 655 million recorded in the same period last year.

KingdomfmOnline

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