PwC Flags Legal Gaps, Enforcement Challenges in Nigeria’s New Virtual Asset Tax Rules
Sunday Ehigiator PwC Nigeria has warned of the legal uncertainties, enforcement gaps and a potentially heavy compliance burden for Virtual Asset Service Providers (VASPs) in the new tax framework for
PwC Nigeria has raised concerns about the legal uncertainties, enforcement challenges and potential compliance burden for Virtual Asset Service Providers (VASPs) in Nigeria's new tax framework for virtual assets. The tax alert, published in August 2026, outlines several provisions that raise important questions about the guidelines for taxing virtual assets.
The guidelines, published by the Nigeria Revenue Service (NRS), introduce a range of new obligations for VASPs, including withholding taxes, stamp duty, and VAT. However, PwC notes that the guidelines lack an effective date and that some provisions create a heavy compliance burden. The firm highlights the complexity of calculating taxable gains using the US dollar methodology, and the extensive responsibilities placed on VASPs, including withholding taxes, stamp duty, and VAT collection.
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