Do you know you can void paying E-levy on any Momo amount you send to an individual or a company? Well, tax avoidance is not a crime, but what is it? Let us understand it, then we can focus our attention on the E-Levy Avoidance strategy.
Keep in mind that you can register up to 10 SIMs in your name.
Tax avoidance is when an individual or company legally exploits the tax system to reduce tax liabilities, it means paying as little tax as possible while still staying on the right side of the law.
The strategy shared here can be used by those in love relationships, husband and wife, father and child, mother and child, and businesses and their suppliers or creditors.
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How to avoid paying E-levy on any Momo amount sent legally
Now, this method shared here works better if you regularly send money to a particular individual or company for business or other purposes.
- Enter into an agreement with the other person that you intend to register one SIM with mobile money functionalities and give them the SIM with your details. One of the rules must be no one uses the other person’s phone number for Momo Loans or for any criminal activity.
- The other person or company also does the same with their credentials
- Swap the numbers so that you receive the other person’s or company’s SIM.
- Each time you want to send money to the other person, send from his or her SIM to the other SIM or number in his or her possession
- By doing this, each time you send Momo, you will not pay E-levy because the funds being transferred are being done from one phone number to another which bears the same details.
So let us take Kofi and Ama who send receive money from each other nearly all the time either as business owners or friends or family members. Kofi registers a spare SIM in his name and gives it to Ama, Ama does the same. Whenever Kofi is sending money to Ama, he sends the Momo through Ama’s Momo number with him. Ama will receive the money on her other number.
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As indicated early, this works best if the individual you are entering into the agreement with is someone you often send or receive money from. If it is a business, the same rules apply.