₦airaland Forum

BY BUNMI ADULOJU


KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent value-added tax (VAT) on transaction fees for users in Nigeria.

The company said a regulatory update in Nigeria led to KuCoin’s decision to introduce the VAT.

In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would be effective from July 8.

KuCoin said for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount.

“We are writing to inform you of an important regulatory update that impacts our users from Nigeria,” the company said.

“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5% on transaction fees in each trade for users whose KYC information is registered in Nigeria.

“Nb: The 7.5% is only charged on the 0.1%/0.05% transaction fee and not your total amount which will be remitted.”

According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1 percent fee rate, the transaction fee would be $1.

The VAT, the crypto platform said, would be 7.5 percent of the fee which is $0.075 — the net amount for the transaction would be $998.925.

“Please note that the VAT will be applied to the transaction fees in each trade, not the transaction amount, and covers all transaction types on KuCoin platform,” the crypto exchange said.

In 2022, Zainab Ahmed, former minister of finance, budget, and national planning, had initially hinted at government’s plans to tax cryptocurrencies and other digital assets.

In the 2023 Finance Act, the government imposed a 10 percent tax on profits from digital assets, including cryptocurrencies.

However, the particular provision of the act was not enforced.

In May, the Securities and Exchange Commission (SEC) announced plans to delist naira from all peer-to-peer (P2P) platforms.

SEC said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space.

https://www.thecable.ng/nigeria-introduces-7-5-vat-on-crypto-transactions/amp/

Nlfpmod

Just a start

E don dey cast small small .

The builder of Lagos only knows how to be taxing people.

Zero experience in growing economy or attracting foreign investment.

End APC and Tinubu protest is inevitable.

Long overdue

ijustdey:
https://www.thecable.ng/nigeria-introduces-7-5-vat-on-crypto-transactions/amp/

Nlfpmod

this is unnecessary now. Nigeria youths will still survive it oooo

Buhari and Tinubu scaring investors with bad policies while hoping investors show up at Nigeria’s doorstep

7.5% may be too high but they should’ve towed the path of tax from day 1 rather than go after them

This is what you should have done not go after binance

Another easy money is Betting

Charge deposits 15% tax and winings 50% tax

Na those wey dey do Naira Arbitrage I pity
Dem wan stiffel them die

mrvitalis:
This is what you should have done not go after binance

Another easy money is Betting

Charge deposits 15% tax and winings 50% tax

Two different opinions from two diff members of the Obidient group

If u follow these people way, U sef go confuse like them

givedemwotowoto:
Buhari and Tinubu scaring investors with bad policies while hoping investors show up at Nigeria’s doorstep

CyrusVI:
Two different opinions from two diff members of the Obidient group

If u follow these people way, U sef go confuse like them

It’s the same point, you’re just not intelligent enough to understand it

They should’ve taxed them from day 1 rather than go after them thereby scaring off investors in the sector

CyrusVI:
Two different opinions from two diff members of the Obidient group

If u follow these people way, U sef go confuse like them

Everyone knows my positions on tax on naira land

Obi was the best candidate in the last elections doesn't mean I agree with him 100%

He believes in investing then tax.. I believe in taxing the people instantly

Labor is wining UK today most people don't really buy their idea but they are the best among the options

How are simple things like this difficult for you to understand?

hmm