Nigerian Finance Bill. Various tax laws include provisions that allow governments to tax cryptocurrencies and other digital asset transactions, the report said. Nigeria is reportedly aiming to join her six countries, including her two in Africa, which already tax digital asset transactions.
Extract more revenue from e-commerce transactions
According to Nigerian Finance Minister Zainab Ahmed, the country’s 2022 Finance Bill — which seeks to amend the excise tax law What to Do—contains clauses. Allow governments to collect taxes on cryptocurrency and other digital currency transactions. Taxing such transactions is reportedly in line with the Nigerian government’s broader goal of extracting more revenue from e-commerce, Ahmed said.
As pointed out in The Cable’s report, when it starts collecting taxes on cryptocurrency transactions, Nigeria is already doing so, including South Africa and Kenya. Join the African nations. Australia, India, the UK and the US are other countries named in the report that also tax digital asset transactions.
Commenting on the bill during a virtual meeting, Mr. Ahmed said: Any form of property, whether in Nigeria or not, is an asset under this law, including options, liabilities, digital assets, and intangible property in general.
Meanwhile, governors of Sokoto, Borno, Kaduna, Kebi and Ogun all commented on the bill after Ahmed finished his presentation, according to the report. Their opinions are reportedly included in a bill that must be submitted to the Federal Executive Council. After this step it will be sent to the Nigerian Parliament.
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