Nigeria Orders Banks, Fintechs to Collect and Remit 7.5% VAT on Service Fees

• 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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