the federal government.
According to the Minister, the bill is aimed at amending and making further provisions and specific laws in connection with the public financial management of the Federation.
She listed other aspects of the finance bill to include chargeable assets exclusion of losses and Replacements of business assets.
According to the Minister, the measure aims to ensure that all economic sectors, particularly those that have developed over time like the gaming and cryptocurrency sectors, are included in the tax nets.
For instance, all economic sectors, including those with capital gains from digital assets, cable undertakings, lottery, and gaming businesses, would be subject to taxes under the Tax Equity pillar.
In line with the government’s strategic goal of improving cross-border and international taxation of expanding e-commerce with emerging economies, the bill contains measures that make clear the legal foundation for the taxation of cryptocurrency and other digital assets.