Nigeria Imposes 30% Tax on Crypto Gains

The Nigeria Revenue Service (NRS) has issued new tax guidelines for companies operating in the virtual asset sector. The guidelines, which take effect immediately, require companies to pay a 30% corporate income tax on their crypto gains.

The NRS said that this rate applies to all companies other than small ones, and that taxable events include transaction fees, brokerage commissions, custody and wallet services, token issuance, mining, staking, decentralised finance (DeFi) activities, investment gains, and more.

The guidelines also clarify several non-taxable events, including simply holding cryptocurrencies or other virtual assets. However, the exemption does not extend to transfers involving companies, partnerships, trusts, unincorporated associations, or other legal entities.