Business
NRS Denies New Tax, Explains VAT on Banking Services
The Nigeria Revenue Service (NRS) has dismissed claims suggesting that a new Value-Added Tax (VAT) has been imposed on banking transactions, describing such reports as misleading.
In a statement issued in Abuja, the Service explained that VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established tax framework. It stressed that no new tax obligation has been introduced for bank customers.
According to the NRS, VAT continues to apply to charges such as transfer fees, USSD fees, card issuance costs, account maintenance charges, and similar banking services. These provisions, the agency said, remain unchanged under existing tax laws.
The Service urged members of the public to ignore misinformation and rely on official communications for accurate and reliable tax-related information. It emphasized that electronic money transfers themselves are not newly taxed, and that the VAT regime governing banking services has remained consistent.
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NRS Denies New Tax, Explains VAT on Banking Services
The Nigeria Revenue Service (NRS) has dismissed claims suggesting that a new Value-Added Tax (VAT) has been imposed on banking transactions, describing such reports as misleading. In a statement issued in Abuja, the Service explained that VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under…
