{
  "id": 995372,
  "title": "PwC flags tax traps in Nigeria’s new virtual assets guidelines",
  "url": "https://urgent.news/2026/08/15/pwc-flags-tax-traps-in-nigerias-new-virtual-assets-guidelines",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-15T08:40:37.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/15/pwc-flags-tax-traps-in-nigerias-new-virtual-assets-guidelines/"
  },
  "original_language": "en",
  "account": null,
  "summary": "PwC Nigeria has highlighted several ambiguities in the Nigeria Revenue Service's recently released Guidelines on the Taxation of Virtual Assets, while also urging taxpayers to prepare for implementation. The firm's tax alert notes that the guidelines provide greater clarity on digital assets' tax treatment but leave several practical and legal questions unresolved. The guidelines represent the first comprehensive administrative framework for taxing virtual assets in Nigeria, but PwC identified issues surrounding the safe harbour for transfers between wallets owned by the same person and the interaction between the 1% withholding tax and income tax on net gains. Additionally, PwC questioned the Nigeria Revenue Service's authority to impose withholding tax obligations beyond the Withholding Tax Regulations 2024. The guidelines, published on July 31, 2026, come in the wake of President Bola Tinubu signing the Presidential Executive Order on Virtual Assets Coordination, establishing a regulatory framework for cryptocurrencies, stablecoins, tokenised assets, and other digital financial products. However, the Digital Assets Coalition, representing stakeholders in Nigeria's virtual asset economy, has warned that the new tax rules could discourage investment and slow down the sector's expansion, as the country's virtual asset market is currently the largest in Sub-Saharan Africa, valued at $92 billion.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}