The Federal Government of Nigeria has announced the cancellation of stamp duty charges on every electronic financial transfer, in government replaces it with an N50 levy on all electronic transfer of money deposited in any bank or financial institution on any account on sums of N10, 000 or more.
The cancellation is contained in the amended Finance Act 2020 recently signed into law by President Muhammadu Buhari, the new law which introduces over 80 amendments to 14 different laws and takes effect from 1st January 2021.
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The Electronic Money Transfer Levy revenue, according to the Act, is to be shared based on the derivation formula of 85% to states and 15% to FG & FCT.
The amended Finance Act 2020, also exempted workers who earn N30,000 minimum wage or less from personal income tax and exempted commercial airline ticket from VAT.
