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flag Nigeria started enforcing 7.5% VAT on banking service fees, not new taxes.

flag Nigeria began enforcing existing VAT rules on banking service fees, not new taxes. flag Starting January 19, 2026, banks deduct 7.5% VAT on fees like card maintenance and electronic transactions, not on transferred funds. flag The Nigeria Revenue Service confirms no new tax was introduced; VAT applies only to small service charges, not savings interest or basic needs. flag Confusion arose from stricter enforcement and separate fee/VAT debits, but the policy aims to improve compliance, not raise burdens.

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