The Nigeria Revenue Service (NRS) issued a release on 15 January 2026 to clarify that VAT on banking fees was not introduced by the Nigeria Tax Act, which was signed into law in June 2025 and entered into force on 1 January 2026. Rather, VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions

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VAT ON BANKING FEES WAS NOT IN…