Federal Inland Revenue Services (FIRS) Mandates all Banks to charge N50 levy from every N10,000 Electronic transactions
The Federal Inland Revenue Services (FIRS) have mandated all banks to charge N50 levy upon every N10,000 electronic transactions.
Having taken effect already, the Electronic Money Transfer Levy (EMTL) is part of the Federal Government Stamp Duty Act.
A charge of N50 will be taken from every N10,000 mobile transfer, internet banking or any other electronic inflows alone.
It is also important to note that these levies does not go to the bank or transfer channels, but directly to the Federal government account.
Why this is necessary has not been disclosed yet by the FIRS. However, some FinTech companies have started sending emails to customers to inform them of the charges.
The FIRS since its formation in 1943 as Federal Government Agency has been responsible for overseeing tax payment, government policies on taxes, and educating taxpayers on policies about taxes.
They also advise the government on tax reforms, and related issues.
