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Nigeria started enforcing 7.5% VAT on banking service fees, not new taxes.
Nigeria began enforcing existing VAT rules on banking service fees, not new taxes.
Starting January 19, 2026, banks deduct 7.5% VAT on fees like card maintenance and electronic transactions, not on transferred funds.
The Nigeria Revenue Service confirms no new tax was introduced; VAT applies only to small service charges, not savings interest or basic needs.
Confusion arose from stricter enforcement and separate fee/VAT debits, but the policy aims to improve compliance, not raise burdens.
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Nigeria comenzó a imponer un 7,5% de IVA en las tarifas de servicios bancarios, no nuevos impuestos.