Regulatory Alerts2019-09-09
Added · Updated
FEPD Circular No. 33: Outward remittances on account of IT expenses through digital wallet
The limit for outward remittances of IT expenses on behalf of individual developers and freelancers is increased from USD 300 to USD 500 per calendar year. Authorized Dealers are permitted to process these payments through notional accounts maintained with Online Payment Gateway Service Providers, requiring post-funding settlement from their nostro accounts and adherence to standard reporting and tax deduction formalities. Developers and freelancers may also remit bonafide business expenses from balances held in ERQ accounts via digital wallet, and Authorized Dealers may maintain notional accounts to execute transactions for those without existing accounts.
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