Nigerian banks will deduct the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. The deductions will cover transactions between 2021 and 2023 according to the message sent by the banks to their customers on Tuesday. The banks noted that this is in line with the directive from the Federal Inland Revenue Service (FIRS). Last month, the FIRS directed deposit banks to deduct and remit the EMTL on foreign currency (FCY) transactions going forward. The tax body said the…
Read MoreBanks To Deduct EMTL On Foreign Currency Transactions Of 2021-2023 By January 31
