VAT tax on banking services not new - Nigeria Revenue Service

VAT tax on banking services not new - Nigeria Revenue Service

The Nigeria Revenue Service, NRS, has clarified that the Value Added Tax, VAT, applied to banking services is not a new development and has no connection to any recent tax legislation. In a statement posted on its official X account on Thursday, the NRS addressed reports suggesting that Nigerian banks, including Moniepoint, had begun introducing a 7.5 percent VAT on banking services such as transfers and Unstructured Supplementary Service Data (…

VAT is on charges collected by banks on customers­’ transactions

In a statement made available to newsmen on Thursday, NRS said VAT has always applied to banking services and is not newly introduced under the new tax law, the Nigeria Tax Act

VAT on Bank Charges Not New, NRS Clarifies Amid Public Confusion - TV360 Nigeria

Tax agency says Nigeria Tax Act 2025 did not introduce fresh VAT on POS, transfer or banking service fees The Nigeria Revenue Service (NRS) has dismissed claims that the Nigeria Tax Act (NTA) 2025 introduced a new value-added tax (VAT) on banking services, clarifying that VAT has long applied to bank charges under existing tax laws. The clarification follows announcements by several banks indicating plans to begin deducting 7.5 per cent VAT on c…

VAT On Bank Service And Transfers

The Genius Media JUST IN: NRS Speaks Over VAT On Bank Service And Transfers JUST IN: NRS Speaks Over VAT On Bank Service And Transfers   The Nigeria Revenue Service has dispelled reports suggesting that Value Added Tax is being charged directly on bank transfers, stressing that the 7.5 per cent tax applies only to fees charged by banks for their services, not to the funds transferred by customers. […] www.thegeniusmedia.com.ng

NRS Dismisses Claims of New VAT on Banking Services - Voice of Nigeria Broadcasting Service

The Nigeria Revenue Service (NRS) has dismissed reports claiming that Value Added Tax (VAT) has been newly introduced on banking services, describing the reports as misleading and inaccurate. In a statement signed by the Special Adviser on Media to the NRS Chairman, Dare Adekanmbi, on behalf of the Executive Chairman, Zacch Adedeji, the Service clarified that VAT has always applied to fees, commissions and charges on banking services. It stresse…

NRS says 7.5% VAT applies only to service charges on bank transfers

The Nigeria Revenue Service (NRS) has officially cleared the air regarding widespread reports that a new Value Added Tax (VAT) is being charged directly on bank transfers.  In a statement released on Thursday, the agency dismissed these claims as inaccurate and misleading, emphasising that the 7.5% tax applies exclusively to the service fees charged by banks, not the principal amount being transferred by customers. “The Nigeria Revenue Service w…