Nigerian Government Clarifies VAT on Bank Services Not New Policy
The Nigerian government has stated that the VAT on bank services is not a new policy but a clarification of existing tax laws. The Nigeria Revenue Service (NRS) emphasizes that banks are required to charge and remit VAT on various services such as electronic money transfers, commission services, USSD charges, card issuance fees, and account maintenance charges.
The move aims to strengthen compliance and enforcement in the banking and microfinance sectors to ensure proper VAT collection. This initiative is part of broader efforts to standardize VAT collection and enhance revenue generation in Nigeria's growing digital economy.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
Read full article
Continue on Punch Newspapers
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NRS Clarifies No New VAT on Banking Fees in Nigeria
Nigerian Revenue Service Clarifies 7.5% VAT on Banking Services
Nigerian Customers Cry Out Against Bank Exploitation Over 7.5% VAT Charges
Nigerian Banks Deduct 7.5% VAT on Card Maintenance Fees, Impacting Customers
Nigerian Banks to Implement 7.5% VAT on Mobile, USSD Transfers from Jan 19, Expert Explains Impact
Nigerians to Pay 7.5% VAT on Bank Transfers and USSD Transactions from January 19, 2026
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
