NRS issues tax guidelines for virtual assets

The Nigeria Revenue Service (NRS) has released new guidelines on the taxation of virtual assets, providing a framework for taxing cryptocurrency and other digital asset transactions in the country.

In a public notice issued on Monday, the agency said the guidelines apply to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and individuals involved in virtual asset activities.

According to the NRS, the guidelines establish administrative procedures for the taxation of virtual assets, including registration requirements, reporting obligations, record-keeping standards, valuation principles and the applicable tax treatment of digital asset transactions.

The Service said the framework was developed in line with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.

It explained that the initiative is aimed at providing clarity, certainty and consistency in the administration of tax laws relating to the country’s rapidly growing virtual asset ecosystem.

The NRS added that the guidelines are expected to encourage voluntary tax compliance, improve transparency and support the development of a fair and efficient tax system for digital asset transactions.

The agency urged all affected taxpayers and stakeholders to familiarise themselves with the provisions of the guidelines and ensure full compliance with their tax obligations.

It added that the Guidelines on the Taxation of Virtual Assets are available for download on its official website.