Nigeria Issues Tax Guidelines for Crypto Platforms

Nigeria's tax authority has introduced detailed guidance for crypto platforms and peer-to-peer marketplaces to collect, report, and remit taxes on virtual-asset activity.

The Nigeria Revenue Service (NRS) outlined how income tax withholding, stamp duty, and value-added tax (VAT) should be handled under existing law in its Guidelines on Taxation of Virtual Assets.

Platforms must withhold 1% of proceeds from taxable disposals of crypto assets, security tokens, and specified NFTs, while a 10% withholding rate applies to staking, mining, airdrops, and decentralized finance (DeFi) activity.

The rules also specify that income tax withheld at source and stamp duty must be remitted in the originating token used for the transaction, while VAT must be remitted in the payment currency.