The Nigeria Revenue Service (NRS) has stated that Value Added Tax (VAT) on banking fees, commissions, charges, and electronic money transfers was not newly introduced by the Nigeria ⁷ Act.
The service issued a press release on January 15, 2026, to address and correct misleading narratives circulating in some sections of the media.
NRS emphasised that 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 service urged members of the public and all stakeholders to disregard misinformation and rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.
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The clarification follows public debate and concerns over the implementation of the new tax laws effective from January 1, 2026.
The reforms, including the Nigeria Tax Act and related legislation, aim to modernise the tax system, improve compliance, and support sustainable revenue generation.
NRS reiterated its commitment to transparency and effective communication to ensure taxpayers and businesses understand the framework correctly.
The press release was signed by the Nigeria Revenue Service and includes contact details for the Help Desk Line (02094602700) and email (helpdesk@nrs.gov.ng) for further inquiries.
