Nigeria issues new tax rules for virtual assets
The Nigeria Revenue Service has released new guidelines for taxing virtual assets, including cryptocurrency and other digital asset transactions. The guidelines are based on the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025. Zacch Adedeji and the agency say the move aims to expand the country’s tax base and promote compliance in the digital economy. Stakeholders are encouraged to review the new rules and ensure they meet their tax obligations.
TLDR
- The Nigeria Revenue Service has issued guidelines for the taxation of virtual assets in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
- The guidelines target taxpayers, Virtual Asset Service Providers, Peer-to-Peer marketplace operators, tax practitioners, and individuals involved in virtual asset activities.
- The new rules set out obligations such as registration, reporting, record-keeping, and valuation for virtual asset transactions.
- The guidelines are part of broader reforms to improve certainty and transparency in tax administration for digital assets.
- Stakeholders are urged to familiarise themselves with the guidelines, which are available on the agency’s official website.
