Nigeria Revenue Service Dismisses Claims of New VAT on Banking Fees

The Nigeria Revenue Service (NRS) has denied reports suggesting that Value Added Tax (VAT) has been newly introduced on banking services, describing the claims as misleading and incorrect.

In a statement issued on Wednesday, the revenue authority said VAT has long applied to fees, commissions and charges for services rendered by banks and other financial institutions under Nigeria’s existing tax framework.

It stressed that no new tax obligation has been imposed on customers and that recent media narratives linking VAT on banking charges to the Nigeria Tax Act are inaccurate.

“The Nigeria Tax Act did not introduce VAT on banking charges,” the agency said, adding that the law merely sustains a long-established VAT regime rather than creating new levies.

The clarification follows public confusion over charges on electronic money transfers and other banking services, with some reports claiming a fresh tax had been approved.

The NRS said such assertions were "categorically incorrect," urging members of the public and stakeholders to disregard misinformation and rely solely on official communications for accurate and up-to-date tax information.

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