The claim that Nigerians are now required to pay 7.5 percent on every bank transfer is MISLEADING. The VAT does not apply to the total sum of money to be transferred but on the bank charges for every transfer.
Will Bank Transfers Without Narrations Be Taxed Under Nigeria’s New Tax Law?
The claim that bank transfers without narrations will be taxed is FALSE. There is no provision in Nigerian tax law that a transfer becomes taxable simply because the narration is missing.
