A provision in Nigeria’s finance bill permits the government to tax cryptocurrency transactions

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According to a source, clauses in a Nigerian finance bill that seeks to reform the nation’s different tax laws permit the government to impose taxes on transactions using cryptocurrencies and other digital assets.

According to reports, Nigeria wants to join the six other nations—including two in Africa—that already impose taxes on the exchange of digital assets.

The 2022 finance bill, which aims to change the excise and duty statutes, has measures that would enable the government to levy taxes on transactions using cryptocurrencies and other digital currencies, according to Nigeria’s finance minister, Zainab Ahmed.

According to Ahmed, taxing these transactions is consistent with the Nigerian government’s overarching objective of raising more money from e-commerce transactions.

Nigeria will join other African nations like South Africa and Kenya that currently collect taxes on cryptocurrency transactions when it begins doing so, as mentioned in a report by The Cable.

The paper also lists other nations that impose taxes on transactions involving digital assets, including Australia, India, the United Kingdom, and the United States.

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