The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of virtual assets, establishing a regulatory framework for cryptocurrency and other digital asset transactions in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
In a public notice issued on Monday, the agency said the guidelines are directed at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer marketplace operators, tax practitioners, and individuals engaged in virtual asset activities. The move is part of the Federal Government’s broader effort to expand Nigeria’s tax base and strengthen compliance within the fast-growing digital economy.
According to the NRS, the guidelines outline tax obligations including registration, reporting, record-keeping, valuation principles, and the tax treatment of digital asset transactions. The agency explained that the initiative is designed to provide clarity, certainty, and consistency in tax administration as virtual assets become increasingly integrated into Nigeria’s financial system.
“The issuance of these Guidelines is part of the Service’s commitment to promoting voluntary compliance, enhancing transparency, and supporting the development of a fair and efficient tax framework for digital asset transactions,” the notice stated.
Stakeholders were urged to study the provisions carefully and ensure full compliance. The guidelines are available for download on the NRS official website.
This development marks another step in Nigeria’s evolving regulatory approach to digital assets. Authorities have shifted from restricting cryptocurrency-related activities to creating clearer legal and tax frameworks, following the enactment of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
These reforms are expected to improve tax administration, boost government revenue, and provide greater certainty for businesses and investors in the digital economy.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com