In a notice titled “Important Notice,” Stanbic IBTC Bank communicated to all its customers the mandate from the Federal Inland Revenue Service (FIRS) for deposit money banks to deduct and remit an Electronic Money Transfer Levy (EMTL) on foreign currency deposits, effective January 2021. This directive aligns with Section 48 of the Finance Act 2020, which amended Sections 89 of the Stamp Duties Act, imposing EMTL on electronic receipts or transfers for money deposited in any type of account.’’
The message restated the commencement date for these deductions, declaring, ” According to the FIRS directive, the EMTL is to be charged on all foreign currency deposits with an equivalent of N10,000 and above. Following this, a charge of fifty Naira (N50) will be applied to every foreign currency deposit made into your account equivalent to N10,000 and above, with effect from 01 January 2024.”
The communication closed with a directive to its customers, emphasizing that this measure is aimed at complying with the regulatory requirements of the Federal Inland Revenue Service (FIRS), mandated to commence on January 1st, 2024, compulsorily.
