- Safiu Kehinde
The Nigeria Revenue Service (NRS) has debunked reports suggesting the introduction of new Value Added Tax (VAT) on banking services.
NRS, in a statement issued on Thursday, declared the claims incorrect as it maintained that the new Tax Act did not include the alleged new VAT.
The service maintained that VAT had long been applied to fees, commission, and charges for services rendered by bank and other financial institutions.
NRS urged memerbers of the public to discard the misinformation.
The statement read; “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.”