Understanding the 7.5% VAT Deduction by Nigerian Banks (In Simple Terms)
Many Nigerians have recently noticed small extra deductions on their bank transactions and are asking the same question: “Why is my bank deducting 7.5% VAT?” This article explains it clearly, simply, and without jargon, so anyone can understand. What Is VAT? VAT means Value Added Tax. In Nigeria, VAT is 7.5% and is charged on…
