Implementing The National Tax Policy (2)

Nigeria has introduced a new Tax Remission Order for 2026 targeting deep offshore oil and gas projects, establishing a framework of fiscal incentives designed to stimulate investment in the sector. This regulatory development carries significant implications for both domestic and international investors evaluating opportunities in Nigeria's offshore energy landscape.

Nigeria has introduced a standardised framework for the taxation of virtual assets through the NRS Virtual Asset Tax Guidelines. This comprehensive breakdown examines who the guidelines apply to...

Nigeria's Revenue Service has issued comprehensive guidelines establishing the country's first administrative framework for taxing virtual assets and cryptocurrency transactions. The new rules classify digital assets into six categories and outline detailed compliance obligations for individuals, companies, and Virtual Asset Service Providers operating in Nigeria's digital economy.

Nigeria has introduced comprehensive tax guidelines for virtual assets, requiring VASPs to withhold taxes, collect stamp duties, and maintain detailed records. The new framework classifies crypto assets into six categories and imposes income tax, VAT, and stamp duty on various transactions, fundamentally changing compliance obligations for cryptocurrency platforms operating in Nigeria.

Nigeria's Minister of Finance has issued the Presumptive Tax Regulations 2026, establishing a simplified framework for assessing income tax from taxpayers without adequate accounting records. This landmark regulation forms part of Nigeria's broader tax reform agenda aimed at expanding the tax base while reducing compliance burdens for small and informal businesses.

On 6 August 2026, President Bola Ahmed Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, consolidating fiscal incentive measures into a single framework for deep offshore developments. The Order introduces a Supplementary Production Tax Credit and a Profit Oil Reset for qualifying greenfield projects, requiring approval by the Nigeria Revenue Service and compliance with Nigerian content requirements.

Nigeria's Revenue Service has issued comprehensive guidelines clarifying how virtual assets are taxed under existing legislation. The framework addresses taxation for individuals and businesses engaged in cryptocurrency trading, virtual asset service providers, and peer-to-peer marketplaces. A notable feature is the requirement to compute gains in US dollars rather than Naira.

Nigeria's Revenue Service has issued comprehensive guidelines establishing a uniform framework for taxing virtual assets and cryptocurrency transactions. The new rules adopt a substance-over-form approach, focusing on the economic nature of digital asset transactions rather than their technical labels. These guidelines clarify tax treatment, compliance obligations, and administrative procedures for all persons engaged in virtual asset activities under Nigerian law.

The August 2026 issue of TEMPLARS Tax Transcripts examines developments in treaty policy, fiscal administration, and stamp duty adjudication as Nigeria continues to align administrative practice with its new tax statutes. Key updates include the signing of a Double Taxation Agreement between Nigeria and Hong Kong, the commencement of the Green Tax surcharge on imported high-engine vehicles, and the Accountant-General's directive to discontinue the 1% stamp duty deduction on payments to contractors, vendors

Nigeria's Revenue Service has issued comprehensive guidelines establishing a taxation framework for virtual assets, cryptocurrency exchanges, and blockchain enterprises.