NRS releases fresh tax rules for cryptocurrency, digital assets

The Nigeria Revenue Service (NRS) has issued guidelines on the taxation of virtual assets.

In a public notice signed by the Management and posted on the NRS X handle on Monday, the Service stated that “NRS wishes to inform taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and all persons engaged in virtual asset activities that it has issued the Guidelines on the Taxation of Virtual Assets.

“The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria. They set out the applicable tax obligations including registration, reporting and record-keeping obligations, valuation principles, and the tax treatment of virtual asset transactions in accordance with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025”.

According to the notice, “the issuance of these Guidelines is part of the Service’s commitment to providing clarity, certainty, and consistency in the administration of Nigeria’s tax laws as they relate to the rapidly evolving virtual asset ecosystem.

“The Guidelines are intended to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax framework for digital asset transactions.

“All affected taxpayers and stakeholders are encouraged to familiarise themselves with the provisions of the Guidelines and ensure full compliance with the applicable tax obligations.

“The Guidelines on the Taxation of Virtual Assets are available for download on the Nigeria Revenue Service website at www.nrs.gov.ng,” the notice stated.