Nigerian crypto tax transfer is ‘untimely’ — Native stakeholders

The president of the Stakeholders in Blockchain Know-how Affiliation of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation of the Finance Act, 2023, which was signed into legislation on Could 28. In line with Iwunna, the profitable execution of the legislation might be difficult on account of its untimely introduction.

The act introduces a sequence of tax reforms geared toward modernizing the nation’s fiscal framework. Amongst its provisions was the introduction of a ten% tax on positive aspects from the disposal of digital property, together with cryptocurrencies.

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