Fidelity Bank, a leading financial institution in Nigeria, has announced the implementation of the Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions, following directives from the Federal Inland Revenue Service (FIRS).
Recommended read
- Family suspects plot to sideline Herbert Wigwe’s kin amidst tragic loss
- Pastor in trouble over alleged fake prophecy involving late Herbert Wigwe (Video)
- Dr. Nneka Onyeali-Ikpe: Leading Fidelity Bank to new heights
- Fidelity Bank unveils inaugural family weekend for festive fun
In accordance with the Finance Act 2020 and Stamp Act 2004, the FIRS has mandated banks to deduct and remit EMTL on FCY transactions.
Fidelity Bank, in compliance with this directive, will begin deducting a levy of fifty naira (N50) on every FCY transaction amounting to or exceeding N10,000. The levied amount will then be remitted to the relevant tax authority.
This move aims to ensure compliance with regulatory requirements and contribute to revenue generation for the government. The EMTL deductions will be applicable to qualifying transactions executed between the first week of January 2021 and the last week of December 2023.
Speaking on the implementation, a spokesperson from Fidelity Bank emphasized the institution’s commitment to transparency and compliance with regulatory directives.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
