Nigeria Unveils Tax Guidelines for Virtual Assets

Nigeria's virtual asset market is set for significant changes as the country's new tax framework takes shape. The Nigeria Revenue Service (NRS) published guidelines on taxing virtual assets, marking a shift in regulatory approach from restrictions to formalisation of the industry.

PwC Nigeria notes that these guidelines will impose new collection, reporting, and compliance obligations on Virtual Asset Service Providers (VASPs). This move comes as digital-asset activity becomes an increasingly significant component of the economy. The guidelines were published in Information Circular No. 2026/21, Guidelines on the Taxation of Virtual Assets, on July 31, 2026.

The new tax framework raises concerns about multiple tax liabilities for a single transaction, depending on its nature and applicable taxable event. PwC flagged potential implications of the stamp-duty provision, which could imply a broader 1.5 per cent exposure for transfers of goods and intangible property.