The Nigeria Revenue Service (NRS) has clarified that it has not introduced any new Value-Added Tax (VAT) on banking services, dismissing reports suggesting otherwise as misleading.
In a statement issued on Wednesday, the NRS said VAT has always applied to banking services under Nigeria’s existing tax framework and was not introduced by the recently enacted Nigeria Tax Act.
The statement, signed by Dare Adekanmbi, Special Adviser on Media to the NRS Chairman, Zacch Adedeji, stressed that the law did not impose any fresh tax burden on bank customers.
“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 agency explained that VAT has long applied to fees, commissions, and charges for services rendered by banks and other financial institutions, including transfer fees, USSD charges, card issuance fees, and account maintenance charges.
According to the NRS, this position remains unchanged under Nigerian VAT law and predates the new tax legislation.
The Service urged the public and stakeholders to ignore misinformation and rely only on official communications for accurate and up-to-date tax information.
