- 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.
Latest Posts in "Nigeria"
- Nigeria SONCAP: Bureau Veritas Authorization Extended Until August 2026
- Nigeria Pressed to Fast-Track Digital VAT Reforms for Stronger West African Revenue Growth
- Nigeria’s VAT Reform Creates Divide Between Digital and Traditional Healthcare Services
- Nigeria’s E-Invoicing Rollout: Impact on Cross-Border VAT and Global Tax Compliance Trends
- Nigeria Overhauls VAT Rules: Expanded Deductions, New Exemptions, Fossil Fuel Surcharge, Stricter Compliance
