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ARTICLE · 23 DECEMBER 2022

The Electronic Money Transfer Levy Regulations, 2022

KPMG in Nigeria
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The Regulations provide for a singular and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000 or above.

NigeriaTax
Adewale Ajayi
Adewale Ajayi

The Electronic Money Transfer Levy Regulations, 2022

The Honourable Minister of Finance, Budget and National Planning ("the Minister"), Mrs. Zainab Shamsuna Ahmed, recently signed the Electronic Money Transfer Levy Regulations, 2022 ("the Regulations"). This was pursuant to her powers under Section 89A(3) of the Stamp Duties Act Cap. S8 Laws of the Federation of Nigeria, 2004 (SDA), as amended by Finance Act, 2021.

The Regulations were issued to provide guidance for the imposition, administration, collection and remittance of the Electronic Money Transfer Levy ("the Levy") introduced by the Finance Act, 2020.

The key provisions introduced by the Regulations are as follows:

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