The Nigeria Revenue Service (NRS) has dismissed reports suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers under the Nigeria Tax Act.
In a press release issued on January 15, 2026, the Service described the claims as misleading and categorically incorrect, noting that VAT has long applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s existing VAT regime.
According to the NRS, the Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligations on bank customers in this regard. The Service explained that recent reports suggesting otherwise stem from misinformation and a misinterpretation of long-standing tax provisions.
“The Nigeria Tax Act did not introduce VAT on banking charges,” the statement said, stressing that the applicable VAT treatment of banking services predates the new law.
The NRS urged members of the public, financial institutions, and other stakeholders to disregard false narratives circulating in sections of the media and to rely solely on official communications for accurate and up-to-date tax information.
The Service also encouraged taxpayers seeking clarification to contact its helpdesk or consult official NRS channels for authoritative guidance on tax matters.
