The Presidential Fiscal Policy and Tax Reforms Committee says the virtual currency under the new tax reform policy will be liable to tax.
Prof. Taiwo Oyedele, the Chairman of the committee, said this at an online public lecture organised by the Capital Market Academics of Nigeria, CMAN, on Wednesday.
Virtual currency is a digital or electronic representation of value that exists only online without a physical form.
It is often issued and controlled by private developers or a specific virtual community, and can be used for transactions within that community or, in the case of convertible types like cryptocurrencies exchanged for real-world currency.
Mr Oyedele who said the new policy had exempted capital market gains from tax, urged stakeholders to educate the youth on the gains of investment in the market.
He said the exemption was an opportunity to attract young investors away from cryptocurrency and gambling.
The chairman emphasised the need for information management in the market to avoid discouraging potential investors from the market.
”Virtual currency under the new law is liable to tax.
