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HomeHeadlinesTHE TAX BURDENS OF ELECTRONIC TRANSACTIONS (₦5 on ₦1,000)

THE TAX BURDENS OF ELECTRONIC TRANSACTIONS (₦5 on ₦1,000)

THE TAX BURDENS OF ELECTRONIC TRANSACTIONS (₦5 on ₦1,000)

CYBERSECURITY LEVY: SENDERS now bear….
₦5 on ₦1,000
₦50 on ₦10,000
₦500 on ₦100,000
₦5,000 on ₦1,000,000
₦50,000 on ₦10,000,000

STAMP DUTY: RECEIVERS bear….
₦50 on ₦10,000
₦50 on ₦100,000
₦50 on ₦1,000,000
₦50 on ₦10,000,000

TRANSFER FEES: SENDERS bear…
₦10 on ≤₦5,000
₦25 on ₦5,001 — ₦50,000
₦50 on >₦50,000

VALUE ADDED TAX: SENDERS bear…
₦0.75 on ₦10 Transfer fee
₦1.875 on ₦25 Transfer fee
₦3.75 on ₦50 Transfer fee

SMS FEE: SENDERS & RECEIVERS bear…
₦4 on each electronic transfer notification

*All applicable on eligible electronic transactions*

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