The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021.
The multilateral institution said this in its ‘Resilience through Reforms’ report.
According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into the growth in electronic funds transfer in Nigeria, and can be administered at low cost.
EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.
The revenue derived from the EMT levy is shared based on derivation and distributed at 15 per cent to the Federal Government and Federal Capital Territory, and 85 per cent to the state governments.
Written by: EaglesFM