CRYPTO NEWS: SOON, CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION.

CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION
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SOON, CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION. THE CENTRAL BANK OF NIGERIA (CBN) ISSUED A DIRECTIVE TO BANKS IN 2021 ORDERING THEM TO TERMINATE THE ACCOUNTS OF ANY INDIVIDUALS OR ORGANISATIONS FOUND TO BE INVOLVED IN CRYPTOCURRENCY TRANSACTIONS.

 

SOON, CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION:

CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION
CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION

I RECALL THAT SEVERAL ACCOUNTS WERE CLOSED AS A RESULT OF THE DIRECTIONS AT KUDA BANK AND A FEW OTHER COMMERCIAL BANKS. THE TOP BANK FURTHER RECOMMENDED PEOPLE AVOID CRYPTOCURRENCY ASSETS, ADMONISHING THAT THEY ARE FREQUENTLY USED TO FINANCE NEFARIOUS ACTIVITIES.

CURRENTLY, THE FINANCE MINISTRY, BUDGET, AND NATIONAL PLANNING CLAIM THAT THE 2022 FINANCE BILL CONTAINS A CLAUSE TO TAX CRYPTOCURRENCIES AND OTHER DIGITAL ASSETS. THE MINISTER CLAIMED THAT THE PROPOSED MEASURE IS BASED ON FIVE PRIMARY POLICY PILLARS.

SHE LISTED THE FACTORS AS TAX EQUITY, ADDRESSING CLIMATE CHANGE, FOSTERING JOB GROWTH AND ECONOMIC DEVELOPMENT, REFORMING TAX INCENTIVES, GENERATING REVENUE, AND MANAGING TAXES.

SHE STATED THAT THE MEASURE AIMED TO UPDATE PERTINENT TAX, EXCISE, AND DUTY STATUTES IN ACCORDANCE WITH THE FEDERAL GOVERNMENT’S REVISIONS TO ITS MACROECONOMIC POLICIES. IN LINE WITH THE GOVERNMENT’S STRATEGIC GOAL OF IMPROVING CROSS-BORDER AND GLOBAL TAXATION OF EXPANDING E-COMMERCE WITH EMERGING COUNTRIES, THE MINISTER CLAIMED THAT THE PROPOSED MEASURE CLARIFIED THE TAXES OF CRYPTOCURRENCIES AND OTHER DIGITAL ASSETS.

ACCORDING TO THE SPEAKER, THE UK, US, AUSTRALIA, INDIA, KENYA, AND SOUTH AFRICA ARE AMONG THE COUNTRIES THAT CURRENTLY IMPOSE TAXES ON DIGITAL ASSETS, AND NIGERIA WOULD JOIN THEM IF THEY DID THIS.

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CRYPTO NEWS: SOON, CRYPTOCURRENCY WILL BE SUBJECT TO TAXATION.

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