NRS: VAT on Banking Fees Isn't New - Full Details
The Nigeria Revenue Service clarifies misconceptions about VAT on banking services, stating it's not a new tax. Learn what changed and what remains exempt.
Category : Search result: bank charges VAT
New 7.5% VAT on Mobile, USSD Bank Fees Starts Jan 19
Financial expert explains new 7.5% VAT on mobile & USSD bank fees from January 19, 2026. Learn how it impacts your transfers alongside N50 stamp duty.
NRS: Banks Pay VAT on Transfer Fees, Not Customers
The Nigerian Revenue Service clarifies that the 7.5% VAT applies to bank service charges, not transaction values. Implementation begins January 19, 2026. Read the full details.
New 2026 Bank Charges: VAT, Stamp Duty Explained
Starting 2026, Nigerians face new costs: a 7.5% VAT on mobile/USSD fees and a ₦50 stamp duty on transfers above ₦10,000. Learn all the details and how to plan for higher digital banking expenses.
New 7.5% VAT on Mobile, USSD Bank Transfers in Nigeria
Nigerians will pay a 7.5% VAT on mobile transfers and USSD banking from January 2026. Fintech firm Moniepoint clarifies it's a government directive, not a price hike. Consumer groups warn of financial strain.
7.5% VAT on Mobile, USSD Bank Transfers Starts Jan 19
Nigerians will pay 7.5% VAT on mobile transfers & USSD fees from January 19, 2026. NATCOMS calls it 'double taxation' and threatens legal action. Read the full details.
CBN Releases 2026 Bank Lending Rates for Transparency
The Central Bank of Nigeria has published the latest prime and maximum lending rates for Access Bank, UBA, GTB, Zenith, and others as of January 9, 2026, to guide borrowers. See the full list.
21 Banks Meet CBN Capital Target, Secure ₦5.142 Trillion
Nigeria's banking sector shows strength as 21 banks exceed CBN's recapitalisation requirements ahead of the March 2026 deadline, securing over ₦5 trillion. Discover the leaders and the impact.
Tax Misinterpretation Fuels Price Hikes in Nigeria
Nigeria's new tax reforms trigger market chaos as traders exploit confusion, imposing arbitrary price increases. Experts warn of gaps and unintended consequences. Read the full analysis.
Drivers' Union Demands Refund from inDrive Over VAT
Nigeria's app-based transport union, AUATON, demands inDrive refund alleged illegal 7.5% VAT deductions from drivers' earnings. Calls for FIRS investigation and policy review.
22 Banks Secure as 2026 Recapitalization Deadline Nears
As the March 31, 2026 deadline looms, 22 of 34 Nigerian banks have secured their licenses under new CBN capital rules. Find out which banks are safe and what mergers are reshaping the sector.
Analyst Defends Tinubu's 2026 Tax Reform Amid Suspension Calls
APC chieftain Atoyebi Paul commends President Tinubu's new tax acts set for 2026, arguing the outdated law needed reform despite public agitation for suspension. Details inside.
Experts Clarify N50 Stamp Duty on Transfers, Not Balances
Tax authorities clarify that the new N50 stamp duty applies only to electronic transfers, not bank balances. Learn about exemptions, VAT rules, and rent relief under Nigeria's 2025 Tax Act.
Union Gives Ultimatum to Unity Bank Over Staff Sack
ASSBIFI demands Unity Bank recall over 100 terminated employees, citing breach of labour laws and merger agreement. The union threatens industrial action if demands are not met.
New VAT Formula Boosts States' Share to 55% in 2026
Nigeria's new VAT sharing formula, effective January 2026, shifts N461.27bn to states. Federal allocation drops to 10%. Discover the state-by-state impact and fiscal future.
2025 Tax Reforms: Nigeria's Path to Fiscal Stability
Nigeria's 2025 Tax Acts aim to rebuild the nation's fiscal architecture, protect low earners, and drive digital compliance. Discover the long-term strategy beyond the revenue debate.
New N50 Stamp Duty Charge Sparks Debate After Wike Aide's Post
Lere Olayinka, an aide to FCT Minister Wike, reported a N53.75 deduction on an N80,000 transfer, igniting debate on new stamp duty rules. Banks clarify the sender now pays the N50 fee for transfers above N10,000. Read full details.
Lady Laments N23k VAT on N181k Restaurant Bill
A Nigerian lady's viral TikTok video exposes a N23,000 tax charge on a N181,000 restaurant bill, sparking debate on new tax policies and hidden costs in Lagos eateries. See the full breakdown and public reaction.
Lady cries out over N23k VAT on N181k restaurant bill
A Nigerian lady's viral TikTok video exposes a hefty N23,000 tax charge on a N181,000 restaurant bill, sparking debate on new tax policies and business practices in 2026.
Nigeria's Tax Reform: 10 Ways States Will Benefit
Nigeria's proposed tax reform bills aim to reshape fiscal federalism, granting states more autonomy and revenue. Discover the 10 key benefits set to transform governance and infrastructure.
Nigerian Lady Alarms Over Huge VAT on ₦3m Goods
A Nigerian lady's viral TikTok video exposes alarming VAT charges at an Ikeja store, sparking a national conversation on Nigeria's new tax law implementation and consumer rights.
FG to Use Banks, Fintechs for Tax Debt Recovery in 2026
Nigeria tightens tax laws, empowering authorities to use banks and fintechs like Access, Zenith, and Opay to recover unpaid taxes. Learn about the new rules and your obligations.
OPay's N9,999 Transfer Feature Aids Nigerians on Tax
Nigerians celebrate as OPay adds a N9,999 transfer option to help users avoid new electronic tax charges. See user reactions and expert analysis on the fintech's market move.
Woman Calls Out Vendors Over Illegal VAT Charges
A Nigerian woman raises alarm over vendors illegally charging 'VAT' on everyday purchases. She shares shocking examples and calls for government intervention. Read her full story.
Union Bank Closes All Titan Trust Social Media Accounts
Union Bank of Nigeria has disabled all Titan Trust Bank social media accounts. Customers are now directed to follow Union Bank's official platforms for updates and services.
Drivers Union Rejects 10% Tax on E-hailing Trips
The Amalgamated Union of App-based Transporters of Nigeria rejects a new 10% tax burden on inDrive trips, calling it discriminatory. Read their full demands.
CBN Issues New Cash Directive to Banks for 2026
The Central Bank of Nigeria has directed commercial banks to guarantee steady cash flow in ATMs and branches nationwide. This follows a successful festive season with minimal scarcity.
Man Avoids New 2026 Bank Charge by Sending N9,999
A Nigerian man's viral post shows how he avoided the new N50 electronic transfer levy by sending N9,999. His action has ignited a fierce online debate about the 2026 tax laws. Read more.
Lawyer Abroad Reveals Access Bank Charges on N200k Transfer
A Nigerian lawyer in Dublin shares receipts showing Access Bank charges for sending money home. She hopes new tax laws will bring development. See the breakdown and reactions.
Influencer charged N487,500 VAT on N6.5m purchase
Social media influencer Rita 'Raye' Ushie cries out after being charged a huge 7.5% VAT on a N6.5 million purchase for her tech startup. See public reactions and why NANS plans protests.
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