BREAKING: FG begins N50 digital levy deductions from Opay, Moniepoint, others’ customers
The federal authorities has commenced N50 digital levy deductions from transactions of N10,000 and above made by customers of monetary know-how (Fintech) firms, together with Opay, Moniepoint, Kuda, and others.
The levy, known as Electronic Money Transfer Levy (EMTL), launched below the Finance Act 2020, locations a singular and one-off levy of N50 on the recipient of any digital receipt or switch of N10,000 or above, and was earlier introduced to take impact from September 9, Tribune Online reported.
The introduction of the EMTL was, nonetheless, met with opposition from Nigerians, with varied teams together with the National Association of Nigerian Students (NANS) calling on the federal authorities to reverse its place on the implementation of the levy.
Meanwhile, in a discover despatched to prospects earlier in September, Opay defined that the levy was imposed by the Federal Inland Revenue Service (FIRS), stating nonetheless that it didn’t profit from it.
Please be told that beginning September 9, 2024, a one-time of N50 shall be utilized to digital transfers of N10,000 and above paid into your private or enterprise account in compliance with the Federal Inland Revenue Service (FIRS) rules.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” Opay defined in its earlier discover.
In a current improvement, the fintech firms have once more notified their prospects that the implementation of the N50 EMTL deduction has commenced from December 1, 2024.
Opay, in a message despatched to its customers on Saturday (additionally shared by way of its app), defined that the digital levy deduction begins on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Likewise, Moniepoint in a discover despatched to its prospects on Saturday, defined that it has commenced implementation of the EMTL costs, clarifying nonetheless that the levy shall be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” Moniepoint says
