{"id":81691,"date":"2026-01-16T05:46:48","date_gmt":"2026-01-16T05:46:48","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=81691"},"modified":"2026-01-16T05:46:48","modified_gmt":"2026-01-16T05:46:48","slug":"nrs-dismisses-claims-of-new-7-5-vat-on-banking-services","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2026\/01\/16\/nrs-dismisses-claims-of-new-7-5-vat-on-banking-services\/","title":{"rendered":"NRS Dismisses Claims of New 7.5% VAT on Banking Services"},"content":{"rendered":"<p><strong>By Patrick Idowu\u00a0<\/strong><\/p>\n<p>The Nigeria Revenue Service (NRS), has dismissed reports suggesting that a new 7.5 per cent Value Added Tax (VAT), has been introduced on banking services under the Nigeria Tax Act, which took effect on January 1, 2026.<\/p>\n<p>In a statement, the NRS clarified that VAT on banking fees, commissions and charges is not new and was not introduced by the new tax law. The Service said VAT has long applied to services rendered by banks and other financial institutions under Nigeria\u2019s existing VAT regime.<\/p>\n<p>The clarification followed media reports and customer notices from some banks and fintech firms indicating that customers would begin paying 7.5 per cent VAT on certain electronic banking services, including transfers, USSD transactions and card issuance, from January 19, 2026.<\/p>\n<p>One fintech firm, Moniepoint, had informed customers via email that it was required to collect VAT on specific service charges, stressing that interest earned on savings and deposits remains exempt.<\/p>\n<p>NRS, however, emphasised that the VAT applies only to service fees charged by banks, not to the funds being transferred, contrary to claims circulating on social media.<\/p>\n<p>Describing reports of a newly introduced VAT on banking services as misleading, the Service urged the public to rely on official communications for accurate and up-to-date tax information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Patrick Idowu\u00a0 The Nigeria Revenue Service (NRS), has dismissed reports suggesting that a new 7.5 per cent Value Added Tax (VAT), has been introduced on banking services under the Nigeria Tax Act, which took effect on January 1, 2026. In a statement, the NRS clarified that VAT on banking fees, commissions and charges is [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":81692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1756,172,1719],"tags":[59],"class_list":["post-81691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news","category-tax","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/81691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=81691"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/81691\/revisions"}],"predecessor-version":[{"id":81693,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/81691\/revisions\/81693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/81692"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=81691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=81691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=81691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}