Virtual-Asset

PwC says unresolved issues around wallet transfers, asset valuation and withholding tax could complicate compliance. VASPs face extensive reporting and tax-administration duties, with penalties reaching N10 million for the first month of default. The firm says clearer guidance...

Virtual-asset tax defaulters face a N10 million penalty in the first month and N1 million for every subsequent month, according to PwC’s analysis of the NRS guidelines. Failure to deduct tax at source attracts a 40 percent penalty,...