The Federal Inland Revenue Service (FIRS) has issued a notice to banks regarding the implementation of Electronic Money Transfer Levy (EMTL) on Foreign Currency (FCY) transactions, effective January 2021. This aligns with Section 48 of the Finance Act 2020 and the amended Section 89 of the Stamp Duties Act 2004.

In accordance with this directive, a mandatory deduction of N50 or its equivalent will be applied to every FCY deposit transaction amounting to N10,000 and above. The deducted sum will be remitted to FIRS.

Additionally, a retrospective deduction will be made for eligible transactions carried out from the first week of January 2021 to the last week of December 2023, ensuring full compliance with the FIRS directive.