Following the implementation of the Tax Act, banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.
On September 7, 2024, Nigerian financial technology firms (fintechs) announced plans to introduce a N50 stamp duty fee on transactions of N10,000 and above.
According to the fintechs, the move complies with Federal Inland Revenue Service, FIRS, regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.
On September 7, 2024, Nigerian financial technology firms (fintechs) announced plans to introduce a N50 stamp duty fee on transactions of N10,000 and above.
According to the fintechs, the move complies with Federal Inland Revenue Service, FIRS, regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.
0 Comments