Tag: NATCOMS
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Worries as Nigeria Introduces 7.5% VAT on Mobile Bank Transfers and USSD
Overview: What the 7.5% VAT Means for Banking Services Nigerians could start paying a 7.5% Value Added Tax on selected banking services from January 19, 2026. The move targets activities such as mobile bank transfers and USSD-based payments, which many users rely on for day-to-day transactions. While VAT is a common fiscal tool used by…
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Nigeria Faces VAT Hurdle: 7.5% on Mobile Bank Transfers and USSD Sparks Outcry
Overview: What Changes With the 7.5% VAT Implementation Starting January 19, 2026, Nigerians are set to pay a 7.5% Value Added Tax (VAT) on a range of banking services, including mobile bank transfers and USSD-based transactions. The government argues that these digital financial services fall under taxable activities, while critics warn of potential double taxation…
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VAT Shock: Nigerians to pay 7.5% on mobile bank transfers and USSD banking
What’s changing Starting January 19, 2026, Nigerians may begin paying a 7.5% Value Added Tax (VAT) on certain banking services, including mobile money transfers, USSD banking, and related transactions. The proposal, still drawing responses from customers and industry players, suggests that standard banking fees could be subject to VAT, potentially altering the cost of everyday…