NRS Clarifies No New VAT on Banking Fees in Nigeria
The Nigerian Revenue Service (NRS) issued a statement addressing misleading media reports that suggested the introduction of Value Added Tax (VAT) on banking fees. The NRS clarified that these claims are incorrect and reaffirmed that VAT has always been applicable to fees and commissions charged by banks and financial institutions in Nigeria.
This clarification comes in light of recent discussions surrounding the Tax Act of 2025, which did not introduce any new VAT obligations concerning banking charges. The NRS urged the public to disregard rumors related to this tax matter and to rely solely on official communications from the service for accurate tax information.
The statement emphasized the long-standing VAT regime in Nigeria, indicating that the application of VAT to banking services is not a new development.
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