Nigeria Cracks Down on Crypto Tax Evasion with New Guidelines

Nigeria's revenue agency has issued guidelines for crypto platforms and peer-to-peer marketplaces to collect, report, and remit taxes on digital assets.

The Nigeria Revenue Service (NRS) requires exchanges and P2P marketplaces to withhold 1% of proceeds from taxable disposals of crypto assets, security tokens, and non-fungible tokens.

For staking, mining, airdrops, and decentralized finance transactions, platforms must withhold 10%, while token-to-fiat and fiat-to-token transfers are subject to a 1.5% stamp duty.

The withheld amounts are advance payments credited against the taxpayer's final income tax liability.