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Nigeria Finance Bill 2022 Set To Tax Cryptocurrencies.

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Nigeria through the office of the president on Thursday announced The Finance Bill 2022 which it reveals will bring all sectors of the economy into the tax net, including Capital Gains Tax from digital assets, Cable Undertakings, Lottery and Gaming Businesses.

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The bill also contains an amendment under Chargeable Assets stating that “subject to any exceptions provided by this Act, all forms of property shall be assets for the purposes of this Act, whether situated in Nigeria or not, including Options, debts, digital assets and incorporeal property generally.”

According to a statement signed late Thursday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, these formed part of the deliberations at an extraordinary virtual meeting of the National Economic Council presided over by Vice President Yemi Osinbajo.

The statement is titled ‘At NEC meeting, FG, governors in consultation on proposed 2022 Finance Bill.’

Also Read: Nigeria SEC Says Crypto Not. A Priority In Its Policy Push For Digital Assets.

Also, the bill contains an amendment under Chargeable Assets stating that “subject to any exceptions provided by this Act, all forms of property shall be assets for the purposes of this Act, whether situated in Nigeria or not, including Options, debts, digital assets and incorporeal property generally.”

According to the bill, these provisions clarify the basis for the taxation of Cryptocurrency and other Digital Assets in line with the Government’s policy thrust of enhancing the cross-border and international taxation of growing e-commerce with emerging markets.

By doing so, Nigeria will join the league of jurisdictions currently taxing digital assets, including the United Kingdom, the United States of America, Australia, India, Kenya and South Africa.

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