{"id":15160,"date":"2022-12-05T12:02:57","date_gmt":"2022-12-05T12:02:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigerian-finance-bill-has-provisions-allowing-govt-to-tax-crypto-transactions-taxes-bitcoin-news\/"},"modified":"2022-12-05T12:02:57","modified_gmt":"2022-12-05T12:02:57","slug":"nigerian-finance-bill-has-provisions-allowing-govt-to-tax-crypto-transactions-taxes-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigerian-finance-bill-has-provisions-allowing-govt-to-tax-crypto-transactions-taxes-bitcoin-news\/","title":{"rendered":"Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions \u2013 Taxes Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A Nigerian finance bill, which seeks to amend the country\u2019s various tax statutes, contains provisions which allow the government to tax cryptocurrency and other digital asset transactions, a report has said. Nigeria is reportedly seeking to join six other countries, including two from Africa, which already levy taxes on digital asset transactions.<\/strong><\/p>\n

Extracting More Revenue From E-Commerce Transactions<\/h2>\n

According to the Nigerian finance minister, Zainab Ahmed, the country\u2019s 2022 finance bill \u2014 which seeks to amend excise and duty statutes \u2014 has provisions allowing the government to collect tax on cryptocurrency and other digital currency transactions. The taxation of such transactions fits with the Nigerian government\u2019s broader goal of extracting more revenue from e-commerce transactions, Ahmed reportedly said.<\/p>\n

As noted in a report<\/a> by The Cable, when it starts collecting taxes on cryptocurrency transactions, Nigeria will join fellow African countries like South Africa and Kenya which already do so. Australia, India, the United Kingdom, and the U.S. are the other countries named in the report that also tax digital asset transactions.<\/p>\n

Commenting on the bill during a virtual meeting, Ahmed said:<\/p>\n

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Also the bill contains an amendment under Chargeable Assets stating that \u2018subject to any exceptions provided by this Act,\u2019 all forms of property shall be assets for this Act, whether situated in Nigeria or not, including options, debts, digital assets, and incorporeal property generally.<\/p>\n<\/blockquote>\n

Meanwhile, the report states that after Ahmed ended her presentation, the state governors for Sokoto, Borno, Kaduna, Kebbi, and Ogun all commented on the bill. Their input is reportedly included in the draft bill which must be sent to the Federal Executive Council. After this step, it then goes to the Nigerian national assembly.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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