Nigeria introduces 7.5% VAT on crypto transactions

📆 7/4/2024 8:40 PM
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KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent VAT on transaction fees for users in Nigeria.

KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent value-added tax on transaction fees for users in Nigeria.In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would be effective from July 8.

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

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KuCoin imposes 7.5% VAT for Nigerian usersKuCoin, a cryptocurrency exchange, has announced that it will start collecting a 7.5 per cent Value-Added Tax on transaction fees for users
Source: GuardianNigeria - 🏆 1. / 94 Read more »