Test Your Knowledge on Nigeria’s New Crypto Tax Rules!

Question 1

Under Nigeria's new rules, which category do stablecoins fall into?

Accepted Answer

Stablecoins and Payment Tokens

Answer

Security and Investment Tokens

Answer

Cryptocurrencies and Exchange Tokens

Answer

Non-Fungible Tokens (NFTs)

Question 2

What is the VAT treatment for buying or selling virtual assets in Nigeria?

Accepted Answer

It does not attract VAT on its own

Answer

It always attracts VAT

Answer

It never attracts VAT

Answer

It attracts VAT only if outside Nigeria

Question 3

Are gains from the disposal of virtual assets in Nigeria taxable?

Accepted Answer

Yes, they are taxable

Answer

No, they are not taxable

Answer

Only gains above a certain threshold are taxable

Answer

Only corporate gains are taxable

Question 4

Which type of income earned in virtual assets must be declared for tax purposes?

Accepted Answer

Salaries and professional fees

Answer

Only investment returns

Answer

Only incomes over $500

Answer

No income needs to be declared

Question 5

Who is responsible for withholding tax where the payer is outside Nigeria?

Accepted Answer

The recipient is responsible

Answer

The payer is responsible

Answer

No tax is withheld

Answer

The government is responsible