Electronic Transfer

According to the World Bank, Nigeria is expected to earn N462 billion this year from the electronic money transfer (EMT) charge, which will serve as a steady source of revenue. The EMT levy was implemented in the Finance Act 2020, which revised the Stamp Duty Act and taps into the rise in electronic funds transfer in Nigeria, according to the bank’s research, titled “Resilience through Reforms.” The EMT levy, sometimes known as Stamp Duty, is a one-time tax of N50 on any electronic receipt or transfer of money put in any deposit money bank or financial institution on any type […]