Nigeria Plans To Introduce Law to Tax Crypto By September
Nigeria’s tax-collection authority, FIRS, reportedly intends to introduce a bill to tax crypto to the Nigerian parliament by September. FIRS briefed lawmakers on this plan, saying that the authority wants to regulate crypto more. “We just have to plan to regulate” crypto “in such a way that it is not injurious to the economic development of Nigeria,” a Saturday report cited a senior official as saying. The report was first revealed by Nigerian news outlet Punch Nigeria.
Zacch Adedeji, executive chairman of the tax collection agency, revealed the plan at a meeting with the National Assembly’s Senate and House Committee on Finances. “The plan first is to have the law that regulates it, and that is why you see that we are here with the legislature, which will be the base of charging,” Adedeji said.
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Nigeria To Maintain Strictness on Crypto, Tax All Digital Assets
Nigeria has been a strict country regarding its crypto laws. Handling external-based cryptocurrency blockchains has always been a crucial action for the country. The Nigerian government charged and sued Binance with failure to register with FIRS for tax purposes and violating the existing tax law in March. Multiple officials in the country blame cryptocurrency for the fall of the nation’s native Naira currency. The Naira has performed poorly compared to the sinking US dollar over the past year. Instead of banning digital assets though, the tax-collecting authority simply wants to regulate and tax crypto heavily.
Adedeji said that other places in the world were legislating to tax crypto too, as the growth of cryptocurrency is inevitable. “… you just have to get ready for it because you can’t go away from it. So we just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria,” the chairman reportedly said.
An exact date for the crypto tax proposal is unknown, but Nigeria may likely follow through with the tax to further regulate cryptocurrency usage in the country and protect the Naira.