FG Set To Tax Crypt-Currency Finance Bill

The Finance Bill 2022 will bring all sectors of the economy into the tax net, including Capital Gains Tax from digital assets, Cable Undertakings, Lottery and Gaming Businesses.

The bill also contains an amendment under Chargeable Assets stating that “subject to any exceptions provided by this Act, all forms of property shall be assets for the purposes of this Act, whether situated in Nigeria or not, including Options, debts, digital assets and incorporeal property generally.”

According to a statement signed late Thursday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, these formed part of the deliberations at an extraordinary virtual meeting of the National Economic Council presided over by Vice President Yemi Osinbajo.

The statement is titled ‘At NEC meeting, FG, governors in consultation on proposed 2022 Finance Bill.’

It read in part, “The meeting which was presided over by Vice President Yemi Osinbajo, SAN, members of the Council were briefed on the main features of the bill by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

According to the Minister, the proposed Finance Bill 2022 is anchored on five fundamental policy drivers: Tax Equity; Climate Change; Job Creation / Economic Growth; Tax Incentives’ Reform; Revenue Generation / Tax Administration.

“She added that 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.”