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Nigeria Revenue Service Debunks Claims of New VAT on Banking Fees
The Nigeria Revenue Service (NRS) has dismissed reports suggesting that the Nigeria Tax Act recently introduced Value Added Tax (VAT) on banking services, fees, commissions, or electronic money transfers, describing such claims as misleading and incorrect.
In a statement issued on January 15, 2026, the NRS clarified that VAT has long been applicable to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s existing VAT framework.
According to the agency, there has been no new introduction of VAT on banking charges, nor has the Nigeria Tax Act imposed any fresh tax burden on customers in this regard.
The revenue authority emphasized that the current VAT treatment of banking services is consistent with long-established tax practices and warned that recent narratives circulating in sections of the media could create unnecessary confusion among the public.
The NRS therefore urged Nigerians, financial institutions, and other stakeholders to disregard misinformation and rely solely on official communications for accurate, authoritative, and up-to-date information on tax matters.
The statement was signed by the Nigeria Revenue Service (NRS).