Regulatory Alerts2023-02-05
Added
FEPD Circular Letter No. 02: Retention quota accounts for export of software, ICT and other services
Authorized Dealers are advised to provide Exporter’s Retention Quota (ERQ) account services to ICT companies, freelancers, and other cross-border service exporters to facilitate the repatriation of income in foreign currency. Authorized Dealers must also issue international credit, debit, or prepaid cards to nominated officials of these companies and to freelancers against balances held in ERQ accounts for online payments abroad based on bonafide requirements. Non-Authorized Dealers providing banking services to freelancers must arrange with nearby Authorized Dealers, Cash Transfer Payment Companies, or head offices to open ERQ accounts and issue international cards, while Authorized Dealers providing settlement account services to Mobile Financial Service Providers must similarly arrange these facilities for freelancers in accordance with FE Circular No. 06/2021.