- The Nigeria Revenue Service (NRS) denied reports of a new Value-Added Tax (VAT) on banking services.
- NRS clarified that VAT has always applied to banking services, including fees, commissions, and electronic transfers.
- The Nigeria Tax Act did not introduce any new VAT or tax obligations on banking charges.
- The public is urged to disregard misinformation and rely on official NRS communications for accurate tax information.
Source: theeagleonline.com.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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