New VAT on bank fees not introduced by Tax Act— NRS clarifies
Nigeria Revenue Service NRS
Abdullateef Fowewe
The Nigeria Revenue Service (NRS) has firmly rejected viral media reports claiming a fresh Value Added Tax (VAT) levy on banking services, fees, commissions, and electronic transfers, calling the narratives “categorically incorrect.”
In an official statement, the NRS clarified that such taxes have long been part of Nigeria’s established VAT framework, predating any recent legislative changes.
“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 statement emphasised.
It further stressed, “VAT ON BANKING FEES WAS NOT INTRODUCED BY THE NIGERIA TAX ACT,” directly countering the misinformation.
The agency denied that the Nigeria Tax Act introduced new obligations on customers, urging the public to ignore unverified reports.
“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,” it concluded.
This clarification comes amid rising public anxiety over potential hikes in transaction costs, with social media buzzing about supposed new bank charges.
