NRS Issues Guidelines For Taxation Of Virtual Assets

The Nigeria Revenue Service (NRS) has released guidelines on taxation of virtual Assets.

The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria, according to a public notice jointly signed by the Management of Nigeria Revenue Service and the Joint Revenue Board.

The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria.

The NRS disclosed this in a public notice to 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 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.

“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” said NRS in the public notice

It further directed that 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.

It also stated that the Guidelines on the Taxation of Virtual Assets are available for download on the Nigeria Revenue Service website at www.nrs.gov.ng.