Nigeria Diaspora Group hails FIRS Chief’s crypto tax reforms

THE Nigeria Professionals in Diaspora group has lauded Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), for his groundbreaking reforms in cryptocurrency taxation.

In a press release issued from Abuja and endorsed by Dr Obiora Okereke, President and Chief Mrs Bukola Shonekan, Home Secretary, the group praised Dr Adedeji’s efforts to revamp Nigeria’s tax framework to include digital currencies.

“Dr Adedeji’s reforms in crypto taxation represent a crucial shift towards integrating the digital economy. “His proactive stance ensures that Nigeria’s tax policies remain relevant and aligned with international standards,” the statement read.

The group highlighted the inadequacy of existing regulations, such as the antiquated Stamp Duty Act of 1939, in addressing the complexities of digital assets. They applauded Dr Adedeji’s initiative to set clear regulations for cryptocurrencies, simplify tax reporting processes and utilise technology to streamline compliance.

“By implementing these reforms, Dr Adedeji is expected to enhance trust in the cryptocurrency sector, safeguard consumers and draw international investments. His dedication to updating Nigeria’s tax system marks a pivotal moment for the nation’s economic development,” the release added.

The Nigeria Professionals in Diaspora group called on stakeholders to support these reforms, emphasising that they will contribute to a more transparent, secure and dynamic financial system in Nigeria.

Acknowledging Nigeria’s increasing involvement in digital currency, the group underscored the importance of a modern regulatory framework to effectively navigate the evolving financial landscape.

“Dr Adedeji’s crypto tax reforms are a forward-thinking step. We applaud his leadership and vision in preparing Nigeria for success in the digital economy.

“Dr Zacch Adedeji’s updates to the tax system, particularly regarding cryptocurrencies, will benefit Nigerians by clarifying rules for digital assets. This will simplify tax compliance for individuals and businesses, enhance confidence in the crypto market and encourage broader participation,” the statement further noted.

It emphasised the necessity of keeping tax regulations in sync with technological advancements as the digital economy progresses.

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