VAT Applies Only to Bank Service Charges, Not Transferred Funds — NRS
The Nigeria Revenue Service (NRS) has clarified that the 7.5 per cent Value Added Tax (VAT) applies only to charges imposed by banks for their services and not to the actual amounts transferred or withdrawn by customers. The clarification follows widespread reports suggesting that VAT would be charged directly on bank transfers and other customer transactions. The NRS described such claims as misleading and incorrect. In a statement issued on […]
