- The Nigeria Revenue Service (NRS) clarified that no new taxes have been introduced on banking services.
- VAT has always applied to bank service fees, commissions, and charges, not to the money being transferred.
- Misleading reports suggesting new VAT on electronic transfers and banking fees are incorrect.
- The NRS urges the public to rely on official sources for tax information and remains committed to transparency.
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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