Mrs. Zainab Ahmed, Nigeria’s Minister of Finance, Budget, and National Planning, has announced that the 2022 Finance Bill includes a provision to tax crypto currency and other digital assets.
Zainab Ahmed updated the National Economic Council (NEC) on the core properties of the 2022 Finance Bill at an extraordinary digital event on Thursday, according to a statement released by Laolu Akande, spokesperson for Vice-President Yemi Osinbajo.
Following her presentation, governors from Sokoto, Borno, Kaduna, Kebbi, and Ogun states, among others, expressed their views on the bill.
The NEC agreed to update the draught Finance Bill with additional input from state governors before it is sent to the Federal Executive Council (FEC) by President Muhammad Buhari.
According to the Minister, the proposed bill is based on five influential policy anchors.
Tax equity, climate change, job creation/economic growth, tax incentive reform, and revenue generation/tax administration were among the drivers she listed.
More details on FG’s proposed crypto currency tax
The proposed bill, according to the Minister, clarified the taxation of crypto currency and other digital assets, in line with the government’s policy of improving cross-border and international taxation of growing e-commerce with emerging markets.
“The bill seeks to amend and offer extensive provisions in particular laws linked with the public financial management of the federation,” Ahmed said. “Other aspects of the Finance Bill include chargeable assets, exclusion of losses, and replacement of business assets,” she added.
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 this Act, whether situated in Nigeria or not, including options, debts, digital assets and incorporeal property generally.”
“Also, under the Tax Equity pillar, all sectors of the economy would be brought into the tax net including Capital Gains Tax from digital assets, cable undertakings, lottery and gaming business,” the statement quoted Mrs. Zainab Ahmed as saying.
To read our blog on “How To swap cryptocurrency Binance Coin (BNB),” click here
