The Nigeria Revenue Service (NRS) has clarified that the Value-Added Tax (VAT) was in existence on banking services, including electronic money transfer, fees and commission before the new tax law.
In a statement made available to newsmen on Thursday, by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the Service dismissed the reports on imposition of VAT on Nigerians.
It consequently, urged members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.
The statement read thus: “The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.”
