This post was originally published on this site.
Nigerian banks and fintechs have started deducting 7.5% VAT on ATM card issuance and maintenance fees on federal government ordersThe Nigerian Revenue Service said the charge applies only to service fees, not to customers’ account balances or savingsThe NRS confirmed this is not a new tax but an enforcement of existing VAT rules, with banks acting as collection agents for the government
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian bank customers will now see a clearer breakdown of charges on their ATM cards as banks and fintechs begin deducting 7.5 per cent Value Added Tax (VAT) on card issuance and maintenance fees.
The Nigerian Revenue Service (NRS) has clarified that the deduction is not a new tax on customers’ bank balances, but a standard enforcement of existing VAT regulations on banking service charges.
Read also
FG launches YOUTHCRED, opens Portal to give
