Nigerian govt issues guidelines on taxation of cryptocurrency, virtual assets, imposes penalties
The agency further clarified that virtual assets received as salaries, wages or professional fees will be valued at their fair market value on the date of receipt and taxed under the relevant provisions of the Nigeria Tax Act.
The NRS said the new framework is intended to provide certainty for taxpayers while improving compliance and ensuring that Nigeria’s rapidly growing virtual asset ecosystem is brought within the country’s tax net.
The agency said the document outlines tax obligations applicable to virtual asset transactions, including registration, reporting and record-keeping requirements, valuation principles, and the tax treatment of digital asset transactions.
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