Zenith Bank Plc has given further clarification to the newly introduced Electronic Money Transfer Levy (EMTL) by the Federal Government.
In an email sent to its customers, the bank said as follows:
“Dear Valued Customer,
“We have been mandated by the Federal Inland Revenue Service (FIRS) to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency denominated inflows into your account in line with the provisions of the Finance Act 2020, Section 48 and Stamp Duties Act 2004 Section 89A (1) as amended which imposes a levy referred to as Electronic Money Transfer Levy (EMTL) on electronic receipts on transfers for money deposited in any deposit money bank or financial institution, on any type of account.
“While the bank has been implementing provisions of the Acts on Naira denominated inflows, the directive from FIRS has mandated us to extend the levy to foreign currency inflows equivalent of N10,000 and above, and charged at equivalent of N50.00 per transaction.
The FIRS further directed that this levy be retrospectively implemented from January 2021 when the Finance Act, 2020 became effective.
Zenith Bank also made it clear that the new tax is wholly remitted to the government.
