- The Nigeria Revenue Service (NRS) clarified that there is no new Value-Added Tax (VAT) imposed on banking services.
- VAT has always applied to banking services, including fees, commissions, and charges, under existing Nigerian VAT law.
- The new Nigeria Tax Act did not introduce VAT on banking charges or create new tax obligations for customers.
- The NRS urged the public to disregard misinformation and rely on official sources for accurate tax information.
Source: vanguardngr.com
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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