š„š„š„ #Nigerian Civil Society Groups Praise Crypto Tax Proposal
A coalition of Nigerian civil society organizations (CSOs) has applauded Zacch Adedeji, head of the Federal Inland Revenue Service (FIRS), for his proposal to incorporate cryptocurrencies into the tax system. The CSOs believe this move will enhance confidence in the crypto market and attract foreign investment. They also stress the need for a regulatory framework specifically designed for #CryptocurrencyTrading to manage the sector effectively.
Nigerian Tax Laws Outdated for Digital Economy
- The coalition has praised Zacch Adedeji, the executive chairman of FIRS, for his initiative to integrate #Cryptocurrencies into Nigeriaās tax system. According to Mallam Yakubu Mohammed, the coalitionās national secretary, and Barr Godspower Ebi, the national coordinator, this proposal is expected to increase confidence in the cryptocurrency market & safeguard consumers. They also believe it will help curb tax evasion related to cryptocurrencies and draw foreign investors.
- Adedeji first introduced this proposal during his appearance before the Nigerian National Assembly joint committee. He highlighted that current Nigerian tax laws are outdated and do not align with the realities of the modern digital economy.
- Mohammed & Ebi supported this view, emphasizing the need to update tax regulations to keep pace with the evolving digital financial landscape. They noted, āAdedejiās approach aligns with global best practices & demonstrates leadership in adapting Nigeriaās tax policies to the digital economy. This move will foster a more transparent, secure, and vibrant financial system for Nigeria.ā
- The CSOs pointed out that existing Nigerian tax regulations, including the Stamp Duty Act of 1939, are obsolete & inadequate for addressing the complexities of digital currencies. They also stressed the necessity of developing a regulatory framework tailored specifically for cryptocurrency trading to effectively manage the sector.
Source - news.bitcoin.com
