The Nigeria Revenue Service (NRS) has dismissed reports suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers, describing such claims as misleading and inaccurate.
In a statement issued on Thursday, the revenue authority clarified that VAT has long applied to fees and charges for services provided by banks and other financial institutions, stressing that there has been no recent policy shift or additional tax burden imposed on customers.
“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,” the agency said.
According to the NRS, the existing VAT framework already covers banking and financial services, and the current Nigeria Tax Act did not alter this position.
“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 statement added.
The clarification comes amid growing public concern and widespread commentary on social and traditional media over perceived increases in transaction costs within the banking sector.
The NRS urged Nigerians, businesses, and other stakeholders to seek information from credible and official sources to avoid confusion and unnecessary panic.
“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 agency said.
The authority reaffirmed its commitment to transparency and public engagement, noting that it would continue to provide timely guidance on tax matters affecting individuals and businesses across the country.
