Revenue Service confirms VAT on banking services is not new, existing rules continue to apply.
The Nigeria Revenue Service (NRS) has clarified, on 15 January 2026, that Value Added Tax (VAT) has not been newly applied to banking services, fees, commissions or electronic money transfers.
VAT has always applied to fees, commissions, and charges for services provided by banks and other financial institutions under Nigeria’s existing VAT rules.The Nigeria Tax Act did not introduce VAT on bank charges or create any new tax obligations for customers.
The NRS urged the public and stakeholders to rely only on official communications for accurate and up-to-date tax information.
