The Nigeria Revenue Service (NRS) has dismissed reports suggesting that Value Added Tax (VAT) was newly introduced on banking fees, commissions, or electronic money transfers under the Nigeria Tax Act.
In a press release obtained by The News Chronicle on Thursday, the NRS described the claims circulating in sections of the media as misleading and categorically incorrect.
The agency clarified that VAT has long applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s existing VAT regime.
“The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard,” the statement said.
The NRS emphasized that no changes have been made to the taxation of banking services and urged members of the public and stakeholders to disregard misinformation.
It advised Nigerians to rely solely on official communications from the Service for accurate and up-to-date tax information.
