The Finance Act 2021 has now bestowed on the Minister of Finance, the power and responsibility to make regulations (subject to the approval of the National Assembly) for imposition, administration, collection and remittance of Electronic Money Transfer Levy (EMTL) including regulations relating to the auditing, accounting, allocation and distribution of arrears of the relevant stamp duties and Electronic Money Transfer Levies collected between 2015 and 2019 fiscal years.
The Minister is to perform this responsibility not later than 30th January 2022
Effective from 2020 fiscal year, EMTL collections are to be distributed within 30 days following the month of collection.
For further enquiries, discussion, advisory or help around complying with these new laws, please send us an email via clients@vi-m.com. You will be able to access all our explanatory write-ups on each of the major changes to the laws, brought about by the Finance Act 2021 and the practical ways in which they will affect taxpayers going forward, under our website group link – https://www.vi-m/category/Finance-Act-2021.