Nigeria Revenue Service Releases Guidelines on Virtual Asset Taxation
According to the Service, the guidelines set out applicable tax obligations, including registration, reporting, and record-keeping requirements, as well as valuation principles and the tax treatment of virtual asset transactions.
The Nigeria Revenue Service (NRS) has released new Guidelines on the Taxation of Virtual Assets, establishing an administrative framework for the taxation of digital asset transactions in the country.
In a public notice, the NRS said the guidelines are intended for taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners, and all individuals and entities engaged in virtual asset activities.
According to the Service, the guidelines set out applicable tax obligations, including registration, reporting, and record-keeping requirements, as well as valuation principles and the tax treatment of virtual asset transactions. The framework is aligned with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
The NRS said the issuance of the guidelines reflects its commitment to providing clarity, certainty, and consistency in the administration of tax laws as they relate to the rapidly evolving virtual asset ecosystem. The measures are also designed to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax framework for digital asset transactions.
The Service urged all affected taxpayers and stakeholders to familiarize themselves with the guidelines and ensure full compliance with the applicable tax obligations. The guidelines are available for download on the NRS website.
