NRS: No New VAT on Banking Fees – Tax Has Always Applied
[NigerianEye - Nigeria] - 15/01/2026
The Nigeria Revenue Service (NRS) has firmly dismissed circulating reports suggesting that Value Added Tax (VAT) has been newly imposed on banking services, fees, commissions, or electronic money transfers under the Nigeria Tax Act, describing such claims as categorically incorrect and misleading.In an official statement issued today, the NRS clarified that VAT has long been applicable to fees, commissions, and other charges for services provided by banks and financial institutions under Nigeria's established VAT regime. The statement emphasized that the Nigeria Tax Act introduced no new (…)
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