Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions – Taxes Bitcoin News

According to the Nigerian finance minister, Zainab Ahmed, the country’s 2022 finance bill — which seeks to amend excise and duty statutes — 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’s broader goal of extracting more revenue from e-commerce transactions, Ahmed reportedly said.

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.Tags in this story

Nigeria has over 50% crypto currency usage and now they are taxing their citizens for using it... government can't keep their fingers out of everyone's pockets 🙃

Crypto, it seems to me, is very important for the economy of Africa

It is Nigeria

With their vast amounts of crude oil reserves, one would think that extracting taxes additional out of the population is counterproductive to the growth and development of their country and it is. Bitcoin adoption can only help their self determination.

When it starts collecting taxes on cryptocurrency transactions, Nigeria will join fellow African countries like South Africa and Kenya which already do so.

Not good

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And US is still stuck with regulations lol

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