A one-time N50 tax has been imposed by the federal government on electronic transactions into personal and company Opay accounts over N10,000.
The levy, which complies with Federal Inland Revenue Service laws, will go into effect on September 9, 2024, according to a notice delivered to its customers on Saturday.
It said, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” According to Opay, the fee is imposed by the government and does not generate income for the online payment platform.
OPay noted, “It is important to note that these charges are directed entirely toward the federal government and that OPay does not benefit in any way from them.” Customers are advised to take note of this new regulation and plan their transactions accordingly. OPay appreciates your understanding and cooperation in complying with the government’s directives.
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