Nigeria Plans to Integrate Cryptocurrencies into New Tax Framework
The Nigerian government is planning to impose taxes on the cryptocurrency industry through a new tax law proposed by the Federal Inland Revenue Service (FIRS).
Despite Nigeria’s significant presence in the global crypto market, the country currently receives minimal tax revenue from crypto-related activities. FIRS Chairman Zacch Adedeji emphasized the need to align Nigeria’s tax laws with the realities of the growing crypto economy. He highlighted the potential loss of revenue, citing instances where major crypto exchanges like Binance failed to collect taxes on behalf of Nigeria.
Adedeji assured lawmakers that the FIRS aims to revamp the tax system efficiently to meet its revenue goals, while lawmakers expressed support for these initiatives.
Clever Robot News Desk 20th August 2024
