The Invisible Taxman: How FIRS’s New System Targets Every Digital Naira (Including Crypto)
FIRS launches VAT portal as Nigeria’s $59 billion crypto ecosystem faces Transaction Monitoring System requiring real-time API integration for banks, fintechs, PSPs like PayStack and Flutterwave. Non-residents earning over $25,000 annually must register and remit VAT targeting $4.6 billion digital economy. Crypto on/off-ramps, cNGN/USDT exchanges, wallet providers with fiat conversion now taxable. Executive Chairman Zacch Adedeji: “Transformative leap in transaction visibility.” Penalties under Tax Administration Act Sections 71 & 103: $652 (₦1M) + $6.5 (₦10k) daily non-compliance fines.
