The Nigeria Revenue Service (NRS) has dismissed reports suggesting that Value Added Tax (VAT) has been newly imposed on banking services, fees, commissions and electronic money transfers, describing such claims as misleading and incorrect.
In a press release issued on Thursday, the Service clarified that VAT has always applied to fees and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.
According to the NRS, the Nigeria Tax Act did not introduce VAT on banking charges, nor did it create any new tax obligation for bank customers, contrary to narratives circulating in some sections of the media.
The Service explained that banking services, including commissions and service charges, have long been subject to VAT, and that recent public reactions were based on misinformation rather than any change in tax policy.
The NRS urged members of the public, financial institutions and other stakeholders to disregard unverified reports and rely solely on official communications for accurate, authoritative and up-to-date tax information.
It reaffirmed its commitment to transparency and continuous engagement with taxpayers to ensure proper understanding of Nigeria’s tax laws and policies.
