NRS Don Clear Air on VAT for Bank Services No Be New Tins

My people, make I talk am clear, NRS don show us wetin dey happen for VAT matter wey concern bank services.

No be today dem dey charge VAT on bank service; e don dey for ground since. Na the new wahala wey people dey carry come una no suppose dey mislead una with gist wey no reach ground.

NRS talk say VAT no dey apply to the money wey we dey transfer or withdraw; e dey apply only to the service charge wey bank go collect. So if your bank dey charge you ₦10 for transfer, dem go just add 7.5% VAT on top that ₦10, which be ₦0.75. Na so e be!

Dare Adekanmbi wey be Special Adviser on Media for NRS don write this matter to quench the fire wey dey burn for social media say VAT na new tin wey dem just drop on banking services.

According to the NRS, dem clarify say e no be new tax wey dey on top our head. The law wey dey ground don already talk say VAT dey apply to bank service charges; the Nigeria Tax Act no change anything for that one.

Make una sabi say all these wahala arise cause some financial institutions don dey catch the vibe and dem dey remind us of the rule wey dey already dey for compliance. What don change be enforcement; so na dem go need to dey remit the VAT wey dem don collect. Na wetin make people dey feel say new VAT don show face.

For dem wey dey worry about how e go take affect wetin we dey buy, make you rest. Basic food items, essential goods, medical products and education no go ever carry VAT. Na loophole we go dey find if anybody dey say otherwise.

The NRS don hammer am well, say the money wey we dey save no dey attract VAT. So if person get small cool cash for savings account, no need to dey worry; your interest no go follow any VAT matter.

In short, the NRS don come out to tell us make we no allow fake news run our lives. As we dey enter this new year, we gats dey sharp and check only official channels when e come to tax matter to avoid unnecessary wahala.

So, my people, listen well, VAT on banking services done dey for ages; e no be new arrangement. No be fat lie, na as e be. NRS don talk am, na dem know the matter pass!