Nigerian Government has imposed a 7.5% Tax on crypto transaction trade, starting from July 8th

The Nigerian Government has imposed a 7.5% Value Added Tax on crypto transaction fees for each trade, starting from July 8th, 2024 on Exchanges

✅KuCoin introduces 7.5% VAT on trading fees for Nigeria Users

We are writing to inform you of an important regulatory update that impacts our users from Nigeria.

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

Example:

Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
VAT/Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT

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.

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