No wahala! Dem Nigeria Revenue Service (NRS) don clarify say dis new Tax Act no bring any new Value Added Tax (VAT) wey go dey chop our money for banking side.
As dem yarn say, dis VAT no be new thing wey just enter; e don dey for banking services since. Dem talk say, VAT dey apply on fees wey bank dey charge for services dem dey render, like transfer fees, USSD charges, and other wahala fees wey fit make your head scratch.
NRS come dey vex as dem see some wahala gist wey dey go around for media wey dey mislead people. Dem talk say, people suppose know say VAT no dey fresh for banking charges, and anybody wey talk say VAT don come new sabi say na lie.
Dem explain am like dis: if your bank dey charge you N10 to transfer money, VAT wey be 7.5% go dey applied, but e no go touch the money wey you wan send; na just the service fee dem go collect VAT on. So, if you wan transfer N100, you self go add N0.75 for VAT. Na so e be.
Wetin dey sweet my belle be say, interest wey you dey earn from your savings no go carry VAT matter. That one dey exempt, because dem to dey classify am as money wey you go use as na money, no be service. So, wetin change now na the compliance and enforcement methods, nothing else.
On top of that, NRS come talk say dem go dey collect VAT on electronic banking services starting from January 19, 2026. Dis one go affect online transfers, mobile banking, USSD fees, and card issuance fees. So, e get as e be o!
Nobody go pay VAT for interest on savings or basic food items like rice and beans, medical services, or school fees. Dem do am like dis to make life easy for people, e no be say dem wan just dey chop our money.
So banks and fintechs dey ready; dem go dey collect VAT as e don set. No be new charge, na just statutory obligation dem dey remind us. If your bank slow, make sure say you ask dem to show you the VAT wey dem dey collect for your transfers. Na wetin we suppose dey expect.
Omo, no let anybody mislead you, follow only wetin NRS dey talk for dem official channels. Dem no wan make us dey hear incorrect gist wey go confuse us. So, better dey informed, no be say you go dey form mumu for matter wey you suppose know!
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