Nigeria Tax Administration Act, 2025 · Circular 2026/21 ¶9.2, ¶11, ¶12
Records, and how the tax is actually paid over
Withheld tax and duty move in the token itself; naira only appears once, on the annual return.
Who this lands on: Taxpayers and service providers alike.
Income tax deducted at source and stamp duty are remitted to the Service in the token the transaction was in. There is no conversion to naira at the point of withholding.
VAT is remitted in the currency the transaction was in, in every case.
Naira only enters the picture once — at the annual return — using the CBN/NAFEM rate for each transaction's own date.
The Service accepts only tokens supported by participating registered providers. Where a conversion is needed to get there, the Service bears the cost and your withholding credit is not reduced.
Keep everything for six years: dates, token quantities, dollar values, the rate used, and your valuation method where no market price existed.
Service providers and P2P marketplace operators must deduct tax, collect duty, charge VAT, remit on time, file the returns in ss.11, 22, 25 and 28 of the Tax Administration Act, and keep records under s.31 and the Fifth Schedule.