FG replaces stamp duty with N50 electronic transfer levy

Following the removal of stamp duty charges on electronic bank transfer by the Court of Appeal, the Federal Government, through the Finance Act 2020, has introduced Electronic Money Transfer Levy of N50.

The Finance Act 2020, which was recently signed by President Muhammadu Buhari, has a commencement date of January 1, 2021 along with the 2021 Appropriation Act. It stipulates payment of N50 levy on every electronic money transfer deposited in any bank or financial institution on any account on the sum of N10,000 or more.

Read more details at Tribune

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