The Nigeria Revenue Service (NRS) has clarified that Value Added Tax (VAT) has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions in the country.
In statement on Thursday, the Service described the claim that VAT on banking fees is just being introduced as “categorically incorrect”.
The NRS therefore, urged members of the public to disregard the misinformation and to rely only on official communication from the Service for correct information on tax matters.
The statement by the NRS reads in full:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“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 obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.”
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