Banks and other financial institutions in Nigeria have been assured that the recently enacted tax reforms do not introduce any new taxes or levies on electronic transfers or funds in bank accounts.
This assurance was given by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during a multi-stakeholder engagement session involving the Nigeria Revenue Service (NIRS), the Joint Revenue Board, the Central Bank of Nigeria (CBN), and the Presidential Fiscal Policy and Tax Reforms Committee.
Oyedele clarified that under the new tax framework, many businesses are now eligible to claim input Value Added Tax (VAT) credits on bank charges, a measure aimed at reducing operational costs and improving tax compliance.
The session brought together representatives from fintech companies, commercial banks, microfinance banks, pension fund operators, asset managers, and investment and securities firms. Participants included Risk and Compliance Officers, Legal Advisers, Chief Financial Officers, and Regulatory Affairs Executives.
Key issues discussed included the need to ensure customers are not wrongly charged, clarification of the Tax Identification Number (TIN) requirement for business or income accounts, which has been in effect since January 13, 2020, and guidance for customers on filing tax returns and claiming deductions.
Oyedele disclosed that the engagement also addressed the repeal of Tax Clearance Certificates as a requirement for foreign exchange transactions to ease the process of doing business, clarified the due process for substitution powers exercised by tax authorities, and highlighted additional taxpayer protections under the Office of the Tax Ombud.
He emphasized that the reforms are designed to promote formalisation, tax harmonisation, and financial inclusion, while strengthening trust and efficiency across Nigeria’s financial system.
The government remains committed to ensuring the smooth implementation of the new tax laws without imposing additional burdens on businesses and account holders.
Elijah Adeyemi
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