Section 25 Nigeria Tax Administration Act 2025

Section 25 of the Nigeria Tax Administration Act 2025 is about Returns for Virtual Assets Service Providers. It provides as follows:

(1) A taxable person engaged in services related to the exchange, custody or management of virtual assets as a Virtual Asset Service Provider (VASP) shall, with or without a notice, in addition to the returns provided in sections 11 and 13 of this Act, submit to the relevant tax authority, the information prescribed in subsection (2).

(2) The returns shall contain –
(a) a description of the virtual asset service (exchange, sale, or transfer of virtual assets) provided during the month ;
(b) the date of the transaction ;
(c) the type and value of the virtual assets involved ;
(d) the sales value of the virtual assets ;

(e) the name, address, telephone number, email address and Tax ID of the customer including the national identification number of the customer if he is an individual ;

(g) the name, address, telephone number and email address of any counterparty involved in the transaction ; and

(h) such other particulars as may be prescribed by the relevant tax authority.

(3) Notwithstanding subsections (1) and (2), the relevant tax authority may at any time, with or without a notice, request a VASP to submit further information in a prescribed form, on a specified date.

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