The Nigeria Revenue Service (NRS) has dispelled misinformation doing the rounds on the imposition of Value-Added Tax (VAT) on banking services, including electronic money transfer, fees and commission, describing the reports as incorrect and misleading. In a statement on Thursday, NRS said VAT has always applied to banking services and is not newly introduced under…
Nigerians will begin paying a 7.5 per cent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new government-backed regulatory directive. This is disclosed in a notice sent to customers on Wednesday afternoon by Moniepoint, informing users of the impending implementation of the…
The Federal government plans to steadily raise the rate for Value Added Tax (VAT) to 15% from the current 7.5%. The move is part of efforts to improve local revenue mobilisation and strengthen public finance buffers. In a document prepared by the Ministry of Finance obtained by Nairametrics, the federal government plans to address its…
The national assembly is considering a bill proposing an increase in the value-added tax (VAT) from 7.5 percent to 10 percent. VAT refers to a consumption tax on goods and services levied at each stage of the supply chain where value is added. In the executive bill seen by TheCable on Sunday, the national assembly…
The Federal Government has announced value added tax (VAT) exemptions for various energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles, among others, in order to reduce prices. This is contained in a statement by The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun, on…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has refuted reports suggesting an increase in the Value-Added Tax rate from 7.5 per cent to 10 per cent. In a statement signed by him on Monday, Edun clarified that the VAT rate remains unchanged at 7.5 per cent, as stipulated in…
