Hosted on MSN

VAT applies only to bank service charges, not transfers — NRS

The Nigeria Revenue Service has dispelled reports suggesting that Value Added Tax is being charged directly on bank transfers, stressing that the 7.5 per cent tax applies only to fees charged by banks ...
Sahara Reporters

BREAKING: Nigerians To Pay 7.5% VAT On Mobile Bank Transfers, USSD Transactions From January 19

According to the notice, the development is tied to a directive from tax authorities mandating financial institutions to begin VAT collection and remittance. Nigerians will begin paying a 7.5 per cent ...
BBC

7.5% VAT on transfer, Stamp Duty charge - Wetin be dis bank charges wey dey cause tok for Nigeria?

Wia dis foto come from, PIUS UTOMI EKPEI /Getty Images Di new tax policies wey come into effect for Nigeria from di first day of 2026, still dey cause plenty tok-tok for di kontri as e don sure say di ...
The Nation Newspaper

NRS: no VAT on bank charges for cash transferred to customers

The Nigeria Revenue Service (NRS) has explained that the 7.5 per cent Value Added Tax (VAT) will apply only to charges collected by banks for their services and not to the actual money transferred by ...