The Nigeria Revenue Service (NRS) has moved to clear the air on widespread reports suggesting the imposition of new Value-Added Tax (VAT) obligations on banking transactions. The agency has categorically stated that VAT on bank charges is not a new introduction under the recently enacted Nigeria Tax Act.
NRS Dismisses Misleading Reports on VAT
In an official statement released on Wednesday, 15 January 2026, the NRS described media narratives about a newly introduced VAT on banking services as incorrect and misleading. The statement was signed by Dare Adekanmbi, the Special Adviser on Media to the NRS Chairman.
The revenue service emphasized that VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria's longstanding VAT regime. According to the NRS, the new Nigeria Tax Act did not introduce this tax on banking charges, nor did it place any fresh tax burden on customers in this context.
"The NRS wishes to address and correct misleading narratives circulating in sections of the media suggesting that VAT has been newly introduced on banking services, fees, commissions or electronic money transfers," the statement read.
The agency urged the public and all stakeholders to ignore such misinformation and to depend solely on official NRS communications for accurate and authoritative tax information.
Tax Reform Implementation Hits a Snag
In a related development, the rollout of the new tax laws has encountered a significant delay. Taiwo Oyedele, the Chairman of the Presidential Tax Reform Committee, revealed this during the 2026 Economic Outlook event organized by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos on Wednesday.
Oyedele explained that the issuance of crucial guidelines for implementing the new tax laws has been put on hold. This pause is due to ongoing uncertainty surrounding the final, gazetted version of the legislation. He has advised both the Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) to hold off on implementation until the matter is resolved.
"Our plan in an ideal world was for all these regulations, guidelines and public notices to be ready like three months before December because we wanted people to give their feedback, debate it, finalise and gazette," Oyedele stated.
Over 40 Documents Await Release
The tax reform chairman provided further insight into the scale of the delay. He confirmed that more than 40 regulations, guidelines, and public notices related to the new tax laws have already been finalised by the committee.
However, not a single one of these documents will be released to the public until the controversy over the gazetted version of the law is conclusively settled. This standstill means businesses and individuals must wait for clarity on the practical application of the new tax regime.
The situation highlights the challenges in transitioning to a new fiscal framework and underscores the importance of precise legal documentation for effective policy execution.
