• About
  • Advertise
  • Contact
Thursday, May 29, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Nigeria Imposes 7.5pct VAT On Crypto Transactions

Vital News by Vital News
July 4, 2024
in Economy
0
Nigeria Imposes 7.5pct VAT On Crypto Transactions
Share on FacebookShare on Twitter

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 per cent 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.

RelatedStories

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

“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 per cent fee rate, the transaction fee would be $1.

The VAT, the crypto platform said, would be 7.5 per cent 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 per cent 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.

(vitalnewsngr.com)

Tags: CryptotaxtransactionVAT
Previous Post

Demolition : Ogun Allocates 15 Housing Units To Residents Of Igbeba Housing Estate

Next Post

Oyo Declares July 8 Public Holiday To Commemorate Hijrah 1446AH

Vital News

Vital News

RelatedStories

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
FAAC Shares N1.411trillion October Revenue Among FG, States, LGs
Economy

FAAC Disburses N1.681trillion April Revenue To FG, States, LGs

May 16, 2025
Next Post
Makinde Approves Recruitment Of 7,000 Teachers Into Oyo Primary Schools

Oyo Declares July 8 Public Holiday To Commemorate Hijrah 1446AH

Media Support Groups Mark 2024 World Press Freedom Day, Urge Governments To Protect Media Freedom

IPC Organises Media Dialogue, Stakeholders' Interface On Edo Governorship Election

Death Toll From Lagos Cholera Outbreak Rises To 29, Suspected Cases Now 579

Benue Records Four Deaths From 16 Suspected Cholera Cases

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Tinubu In Landmark Deal With UAE Secures Visa, Flight Ban On Nigeria

Tinubu In Landmark Deal With UAE Secures Visa, Flight Ban On Nigeria

2 years ago
MACAO CELEBRATES 25TH ANNIVERSARY OF RETURN TO CHINA  — By Lawal Sale

MACAO CELEBRATES 25TH ANNIVERSARY OF RETURN TO CHINA — By Lawal Sale

5 months ago

Bandits Invade Police Station In Zamfara, Seize Phones, Other Valuables Of Policemen On Duty

3 years ago

SERAP, BPSR partner to enhance transparency, accountability in public service

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

May 29 : Ododo Lauds President Tinubu’s Courage, Resilience, Inspiring Leadership

PRESIDENT BOLA TINUBU’S STATEMENT ON THE SECOND ANNIVERSARY OF HIS ADMINISTRATION ON MAY 29, 2025

Trending

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

by Vital News
May 29, 2025
0

President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company Limited (NCGC). The...

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

May 29, 2025
Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025
  • Midterm Performance : Taraba State Rated Least In IGR, Good Governance May 29, 2025
  • School Wall Collapses On Students Writing WAEC In Taraba May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In