FG to tax cryptocurrencies, gaming, other digital assets

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The Federal Government is set to agree on including taxes for cryptocurrencies and other digital assets in the Finance Bill 2022 currently being drafted by the ministry of finance.

This was announced after an extraordinary virtual meeting of the National Economic Council (NEC) on the proposed Finance Bill 2022 where they also resolved to update the draft with additional inputs from State Governors as the bill goes ahead to the Federal Executive Council.

The NEC, which is chaired by the Vice President, comprises 36 governors and the Central Bank Governor. The Council meetings are also attended by some members of the Federal Executive Council.

According to the finance minister, Zainab Ahmed, “the bill seeks to amend relevant taxes, excises and duty statutes in line with the macroeconomic policy reforms of the Federal Government and to amend and make further provisions in specific laws in connection with the public financial management of the Federation.”