Kindly share this postNigeria Revenue Service (NRS) yesterday announced that medium and large companies in Nigeria that earn income from cryptocurrency and other virtual asset transactions will now be subject to a 30 per cent corporate income tax. NRS stated this in its new guidelines setting out a tax framework for cryptocurrency and other digital asset transactions. NRS said the move is aimed at encouraging voluntary compliance and improving transparency as Nigeria’s digital asset sector grows. While small companies will continue to enjoy applicable tax exemptions under the law, medium and large companies will be liable to the standard 30 per cent corporate income tax rate. The guidelines also reaffirm that unrealised gains on cryptocurrencies and other virtual assets are not subject to income tax.