The Nigeria Revenue Service has dismissed reports suggesting that value added tax has been newly imposed on banking services, describing the claims as misleading and inaccurate.
According to the agency, VAT has long applied to fees, commissions and charges on services provided by banks and other financial institutions, and this position remains unchanged.
In a statement issued on Thursday, the service clarified that the recently enacted Nigeria Tax Act did not introduce VAT on electronic money transfers or other banking transactions, nor did it place any additional tax burden on customers.
The agency urged the public to rely on official communication channels for verified tax information, warning that false reports could cause unnecessary anxiety within the financial system.
The News Chronicle understands that the clarification became necessary following widespread public confusion triggered by media reports linking the new tax law to banking charges, despite no amendment to the existing VAT framework governing financial services.
Meanwhile, Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, confirmed that implementation guidelines for the new tax laws are yet to be released due to unresolved issues surrounding the final gazetted version.
Speaking at the 2026 Economic Outlook event organised by the Institute of Chartered Accountants of Nigeria in Lagos, Oyedele said regulatory agencies have been advised to pause implementation until the process is concluded.
He disclosed that while over 40 regulations and public notices have been prepared, none will be issued until clarity is achieved, stressing the need for transparency, stakeholder input and proper legal backing before rollout.
