New guidelines require digital asset platforms to withhold and remit taxes, including payments in cryptocurrencies for certain obligations.
Nigeria’s revenue agency has introduced tax collection rules for digital asset platforms, including exchanges and peer-to-peer marketplaces. The guidelines mandate withholding taxes on crypto disposals, staking, mining, and other transactions, with rates ranging from 1% to 10% depending on the activity.
Under the new framework, platforms must remit income tax and stamp duty in the originating token of the transaction, while value-added tax must be paid in the currency used for payment. Stablecoin sales are exempt from the 1% withholding tax, and withheld amounts serve as advance payments against final tax liabilities.
The rules apply progressive rates for individuals and a 30% corporate tax rate for most companies. Token-to-fiat and fiat-to-token transfers are subject to a 1.5% stamp duty, reinforcing Nigeria’s efforts to formalize crypto taxation.