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Nigeria's Tax Authority Proposes New Rules for Cryptocurrency

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by Giorgi Kostiuk

a year ago

  1. Proposal and Objectives
  2. Support and Collaboration
  3. Reactions and Prospects


    4. Nigeria’s Federal Inland Revenue Service (FIRS) has unveiled a proposal for new crypto regulations aimed at streamlining tax rules and managing risks in the rapidly growing cryptocurrency market.

    Proposal and Objectives

    Nigeria’s Federal Inland Revenue Service (FIRS) has proposed new cryptocurrency regulations, aiming to simplify tax rules and address potential risks in the fast-growing cryptocurrency market. The new bill, if approved, is expected to be implemented in September 2024 as part of a broader initiative to create a transparent and modern tax system for cryptocurrencies.

    Support and Collaboration

    The proposal was presented by FIRS Executive Chairman Zacch Adedeji during a meeting with the National Assembly’s Finance Committees. He emphasized the need for collaboration between FIRS and the National Assembly in developing and implementing the bill. Senator Sani Musa, Chairman of the Senate Committee on Finance, expressed support for the FIRS proposal.

    Reactions and Prospects

    Stakeholders have shown support for the proposed bill. Senator Sani Musa acknowledged FIRS's efforts in adapting tax laws to the changing technological landscape. The proposal is also generating interest among various market participants who are evaluating its potential impact on the country's economy.

    The new cryptocurrency regulations proposed by Nigeria's Federal Inland Revenue Service aim to create a more transparent and modern tax system and manage potential risks in the cryptocurrency sector. The bill is expected to be considered by the National Assembly soon.

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