- The Federal Government of Nigeria has mandated banks and fintechs to collect and remit 7.5% VAT on service charges.
- The Federal Inland Revenue Service (FIRS) will enforce compliance with this directive.
- The regulation takes effect from January 19th, 2026.
- The move aims to strengthen the tax system, improve transparency, and support national development.
- Financial sector stakeholders are urged to cooperate for smooth implementation.
Source: naltf.gov.ng
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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