The Nigeria Revenue Service (NRS) has dismissed reports suggesting that Value Added Tax (VAT) was newly introduced on banking services, fees, commissions, or electronic transfers.
In a statement issued on Tuesday, the agency explained that VAT has long applied to charges by banks and financial institutions under Nigeria’s existing tax framework, predating the Tax Act 2025.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges nor did it impose any new tax obligations on customers in this regard,” the NRS clarified.
The agency urged the public to disregard misleading reports and rely only on official communications for accurate tax information.
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