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

[Smcchamp]

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?

[Wiwo]

This one na nice move, and this is what the government could've done since instead allowing Binance to escape with all the money made from Nigerians trading on their platforms,  there is no doubt the fact that at least there is some form of regulations before the approval of such a tax.

I think after the whole thing, p2p will be reopen on Kucoin for Nigerians soon, at least alot of things is beginning to fall into place in a positive direction for the Nigerian cryptocurrency community and this in a way is another form of crypto adoption in Nigeria.

[Fivestar4everMVP]

I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.

Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

[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?

Is the said rate in percentage not too much for them to pay per individual making use of the platform for exchanges or any for of transactions, i learnt that many companies and organizations were already leaving Nigeria all because of the tax inflation which becomes unbearable for many of the foreign companies to afford paying, i hope things does not keep getting worst henceforth from where it is currently.

[Rruchi man]

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?

What do our government really use all these tax for because we are yet to see the effect. Things are not getting easier for people and the government is increasing taxation, refusing to set an appropriate new minimum wage, and they are still borrowing. So I ask, what are they using all these taxes for?

[Wiwo]

Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

The thing is that, the government os playing all sort of games and at some point their seems to have lose focus onntheir war against cryptocurrency and digital assets, this is why you see them going back and forth without any tangible and notable success in their fight against cryptocurrency,  what I think will be best for the government is to be more crypto friendly and instead of making their intentions about revenues and taxation known,  it becomes easier to win the Nigerian crypto community trust if the government make more afforts to formally legalised cryptocurrency and then after their can talk of tax and other things, but just selecting kucoin to start remiting taxes is some what discouraging for traders and at such looking at DEX if they fine the right volume there will becomes the only option for those who doesn't want tax or being monitored.

My question now is that.

Will there return p2p trading on kucoin now that their want to start taking tax for the government from Nigerians cryptocurrency traders, this are what caught my attention the most, because until p2p return back to kucon there won't generate and traffic from Nigerians now.

[Smcchamp]

I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.

Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

That's what I expected though not this. I read alot of mixed feelings towards this. But as a Nigerian. I think I won't be happy paying more during crypto transactions. That's my opinion. So I'm glad other platforms like Bitget, bybit don't have these kinda stuffs and even have NGN P2P active...

Other question, will the Nigerian govt really utilize this tax for something good? Cos we all know how they operate.

[Smcchamp]

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?

What do our government really use all these tax for because we are yet to see the effect. Things are not getting easier for people and the government is increasing taxation, refusing to set an appropriate new minimum wage, and they are still borrowing. So I ask, what are they using all these taxes for?

Very good question. This present administration seems to be trending for the wrong reasons.

[Asiska02]

I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.

Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

I didn’t see that coming or even thought of that in the first instance. How can you be collecting tax from people when you’ve told them not to use the services of those things you’ll be collecting tax from them for. This is indeed a misplaced priority and Nigerians should be very careful more. You don’t want your citizens to use a service and now you want to tax them for using that service, where is the confusion coming from.

Or maybe, they’ve just released a news without the consent of the government which I strongly doubt too. I just hope they’re not in liason with the government ti give the name of users to them. After all, they’re exchanges and known for centralization so I won’t be surprised if they do that and if they actually did it, they should get ready for what is to come for them because they’ll lost all customers from Nigeria which I don’t think they will want it to happen.

[Cantsay]

they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?

If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.

Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.

[Sim_card]

they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?

If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.

Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.

I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.

[Mate2237]

they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?

If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.

Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.

I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.

But as they are coming back they might do well because they are going to be strict about the rules. And they will be no manipulation of naira or dollar by the vendors. And trading will be interesting. I will like to see how things work first before using them.

I saw the news that they start the trading on the 8th of this month which will be on Monday next tomorrow.

[SmartGold01]

This VAT is useless because I don't see any reason to impose the on Nigerian users knowing that the main purpose of them using the exchange is because of p2p so no one will trade there if they don't offer p2p trade any.

[Smcchamp]

they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..

I guess it's time for us all to move to DEX.

If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?

If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.

Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.

I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.

I suggest say make them improve their services, security framework, UI and trading etc like other platforms like BG dey do first before then think of tax. This na wrong move and users don da port to other places already.

[Charles-Tim]

0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.

This was how Kucoin make example of the VAT:

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

If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.

We should not be complaining about this because it is very low amount of money.