The Nigeria Revenue Service (NRS) has issued a formal clarification to counter what it describes as “misleading narratives” circulating in the media regarding the imposition of Value Added Tax (VAT) on banking services.
In a press statement released on Thursday, the tax authority categorically stated that the recently enacted Nigeria Tax Act did not introduce VAT on banking fees, commissions, or electronic money transfers, contrary to reports suggesting a new levy on customers.
“The claim is categorically incorrect,” the NRS asserted. “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 clarification aims to settle growing public concern and confusion stemming from social media posts and some news segments that implied a new financial burden had been introduced alongside the updated tax legislation. The NRS emphasized that the legal treatment of banking services under VAT remains unchanged.
“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 read.
The service urged vigilance against misinformation, directing the public and all financial stakeholders to rely solely on official NRS communications for accurate tax guidance.
“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,” the release concluded.
For further clarification, the NRS provided the following contact details:
· HelpDesk Line: 02094602700
· Email: helpdesk@nrs.gov.ng
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