KuCoin VAT charge on Nigerians. What's your opinion?

[Aanuoluwatofunmi]

According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.

This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?

You don't have to blame Kucoin on this increase, that was as a result of what they are facing from the government regulations, other exchanges or platforms who could not afford to make some changes and readjust base on the government directives, then they take their leave and go, all these that we are seeing them do is just bouncing back on us, the same people they fail to carter for.

[Cryptsafe]

Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.

Imagine say Naija get like 1,000,000  person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.

Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.

And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.

Big man you are making a good point here.  Ever since kucoin announce about taxing Nigeria traders on their platform per transaction, me I don happy say Na good thing Isay our country go get back up based on budget expenditure from crypto but after the official announcement, I never see anywhere wey our government make public announcement with respect to that development and agreement between both parties. Nigeria government supposed come on air come announce am say dem don reach agreement with party x to dey collect tax on their citizens crypto transaction on their platform say this on  Na extra revenue and e go add up to the budget expenditure. Till now nothing of that nature

This thing come.make me dey talk wether kucoin really reach agreement with our government or dem just dey do am like that and nobody don even ask question about the development. Me and you know say any thing wey government no come on air to announce like that na voicemail e dey  enter so.

[Sim_card]

Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.

Imagine say Naija get like 1,000,000  person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.

Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.

And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.

Big man you are making a good point here.  Ever since kucoin announce about taxing Nigeria traders on their platform per transaction, me I don happy say Na good thing Isay our country go get back up based on budget expenditure from crypto but after the official announcement, I never see anywhere wey our government make public announcement with respect to that development and agreement between both parties. Nigeria government supposed come on air come announce am say dem don reach agreement with party x to dey collect tax on their citizens crypto transaction on their platform say this on  Na extra revenue and e go add up to the budget expenditure. Till now nothing of that nature

This thing come.make me dey talk wether kucoin really reach agreement with our government or dem just dey do am like that and nobody don even ask question about the development. Me and you know say any thing wey government no come on air to announce like that na voicemail e dey  enter so.

I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.

[Cantsay]

I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.

They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.

And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.

[Darker45]

I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.

They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.

And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.

In fact, many people are not using only P2P to transact as there are numerous traders still using the exchanges without involving features of P2P to trade futures as well as spot. However, given that we as most of the users present in this forum use P2P more frequently, it generates the feeling that that it is the latter that is primarily being focused on in Nigeria. Regarding the VAT fee, I do not think that it would be very much of a problem for us as long as we see more development out of services such as KuCoin. If service they provide is improved then it will also be easier to make sure that extra amount which we are charged is justified since we get a much better service.

[21Pilots]

I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.

They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.

And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.

In fact, many people are not using only P2P to transact as there are numerous traders still using the exchanges without involving features of P2P to trade futures as well as spot. However, given that we as most of the users present in this forum use P2P more frequently, it generates the feeling that that it is the latter that is primarily being focused on in Nigeria. Regarding the VAT fee, I do not think that it would be very much of a problem for us as long as we see more development out of services such as KuCoin. If service they provide is improved then it will also be easier to make sure that extra amount which we are charged is justified since we get a much better service.

Some of the trading platforms that are present to date are the P2P and exchange, and they do have flexibility that gives one an opportunity to select according to their desires. I am pretty sure everyone who frequently uses P2P does very well understand its real world usage of P2P, particularly in day-to-day transactions. But improving the services such as those provided by KuCoin is very useful for all of us because as the quality of the service keeps on rising, we can sense that additional costs pay the benefits. As more features for this platform are being built, we as users will get a better, safer, and more comfortable transaction experience so that our investments can keep on growing as optimally as possible.