By Muhammad Mamman
Nigeria’s revenue authorities have moved to calm public concern over reports of a new tax on bank transactions, insisting that no additional levy has been introduced.
In a statement issued on Tuesday, the National Revenue Service (NRS) said recent charges linked to bank transactions were not the result of a new tax policy but the application of existing Value Added Tax (VAT) regulations.
According to the agency, VAT has long applied to certain financial services, including fees charged by banks for electronic transfers, account maintenance and other transactional services.
“The public is hereby informed that there is no new VAT on bank transactions,” the NRS said, adding that any deductions being observed by customers are in line with already established tax laws.
The clarification follows widespread reactions on social media and in the banking sector, where customers expressed concern over what many believed to be a fresh government-imposed charge.
The NRS urged Nigerians to seek accurate information from official sources and cautioned against the spread of misinformation, stressing that transparency remains central to its operations.
It also reaffirmed its commitment to working with financial institutions to ensure proper tax compliance without placing undue burden on citizens.
