The Chairman of the Nigerian Revenue Service (NRS) has clarified that cryptocurrency traders who suffer losses will not be required to pay tax on such transactions.
Speaking during an interview on TVC, the chairman explained that only profitable crypto transactions are subject to taxation under Nigeria’s tax laws.
“Tax is not payable on losses,” he said. “If you trade in crypto and you make a loss, there is no obligation to pay tax on that transaction.”
This statement comes amid rising concerns among digital asset traders regarding the government’s plan to tax crypto income. The NRS chairman assured that the system would distinguish between gains and losses and only net profits will be assessed for tax purposes.
He encouraged traders to keep proper records of their transactions to enable accurate reporting and fair taxation.
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