stable coins
By Pankaj K
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Withholding Rates and What They Cover. The rate structure isn't one-size-fits-all. Exchanges and P2P platforms must withhold 1% from…
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President Tinubu's Virtual Asset Council. The guidelines didn't come out of nowhere. They follow an executive order from President Bola…
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From Finance Act 2023 to the 2025 Framework. Nigeria didn't arrive here overnight. The Finance Act 2023 was the first real move — it imposed a…
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Nigeria just got serious about crypto taxes. The Nigeria Revenue Service issued detailed new guidelines forcing digital asset exchanges and peer-to-peer marketplaces to collect,…
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That last part is worth slowing down on. Income tax deducted at source and stamp duty must be remitted in whatever token the transaction originated in.
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The rate structure isn't one-size-fits-all. Exchanges and P2P platforms must withhold 1% from taxable crypto disposals, security tokens, and relevant non-fungible tokens.
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One carve-out worth noting: stablecoin sales are not subject to the 1% withholding tax. That's probably a deliberate choice to avoid friction in everyday dollar-pegged…
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Withheld amounts function as advance payments against a taxpayer's final income tax bill. Individuals face progressive rates.
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Platforms must also collect and report customer details: names, contact information, and Tax Identification Numbers. No anonymity, no workarounds.
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The guidelines didn't come out of nowhere. They follow an executive order from President Bola Tinubu that set up a Virtual Asset Council led by the central bank, with the NRS and…
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Related: Digital Asset Market Clarity Act Hits Senate Wall With 80% of Crypto Developers Already Offshore
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The council structure matters. Putting the central bank at the top, with the tax authority and the securities regulator flanking it, tells you something about how Nigeria sees…
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Effective January 1, Nigeria's comprehensive overhaul under the Nigeria Tax Act and Nigeria Tax Administration Act of 2025 classified digital assets as chargeable assets.
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Nigeria didn't arrive here overnight. The Finance Act 2023 was the first real move — it imposed a flat 10% capital gains tax on gains from crypto disposals.
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The new guidelines spell out how gains get valued, how withholding works mechanically, how remittance happens, and how reconciliation between withheld amounts and final tax…
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