FG Lifts Ban On Cryptocurrency
The federal government surprised many by announcing its decision to tax cryptocurrencies.
The government said it recognised the growing adoption and economic significance of digital assets and aimed to harness their potential for revenue generation.
By doing so, Nigeria joins the league of jurisdictions currently taxing digital assets, including the United Kingdom, the United States of America, Australia, India, Kenya and South Africa.
December 2, 2022: Zainab Ahmed, minister of finance, budget and national planning, says there is a provision to tax cryptocurrency and other digital assets in the latest finance bill…………………...CONTINUE READING
May 28, 2023: President Muhammadu Buhari signs the 2023 finance bill into law. The law introduces a 10 percent taxation of gains on the disposal of digital assets including cryptocurrency. The law is effective as of May 1, 2023.
