Nigerians will now pay N50 upon every transaction through electronic bank transfer
This new policy us contained in the Finance Act 2020 signed into law by President Muhammadu Buhari
The electronic bank transfer levy would replace Stamp Duty that was recently outlawed by the Court of Appeal.
The Federal Government through the Finance Act 2020 have introduced a N50 levy on Electronic Bank Transfer starting from January 1, 2020.
It could be recalled that an Appeal Court judgement outlawed the Samp Duty on transactions and the government designed the electronic bank transfer charge as a replacement.
President Muhammadu Buhari recently signed the Finance Act 2020, which has a commencement date of January 1, 2021 alongside the 2021 Appropriation Act.
According to the new law, a N50 levy will be charged on every transaction sum of N10,000 or more deposited in any bank or financial institution on any account
Similar to the Value-Added Tax (VAT), 85 per cent of the levy would be remitted to the states while the Federal Government and the FCT would share the remaining 15%.
Meanwhile, we reported earlier that the Nigerian government has directed all telecommunication operators to deregister all SIM cards that are not synchronized with the National Identity Number (NIN) by December 30th 2020.
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