Nigeria Planning to Present Law to Tax Crypto by September: Report

[ABCbits]

Nigeria Planning to Present Law to Tax Crypto by September: Report

Enacting the law would need the support of the National Assembly.

• Nigeria's tax-collection authority, FIRS, told lawmakers it intends to introduce a bill to tax crypto to parliament by September.
• "We just have to plan to regulate" crypto "in such a way that it is not injurious to the economic development of Nigeria," a report cited a senior official as saying.

Nigeria's Federal Inland Revenue Service (FIRS) plans to present a bill for taxing the crypto industry for approval by parliament by September, news outlet Punch Nigeria reported on Saturday... Read more here.


A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

[Kemarit]

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

We know that India already has also put a taxed, although if you look at it, if we pay tax, should we at least get some protection from the government?

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

[Charles-Tim]

Could you believe that Kucoin and other exchanges IP are still banned after the CBN lies? Although, you can use their apps to access the exchanges.

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

After their hostile behavior towards foreign exchanges, they are very slow about it. They left the CBN alone to say rubbish about cryptocurrencies. Lies above lies.

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

If you use bitcoin, there is still options to avoid not being free.

[iBaba]

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

We know that India already has also put a taxed, although if you look at it, if we pay tax, should we at least get some protection from the government?

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

I hope the Nigerian government can do better than just placing taxes on cryptocurrencies. They should also standardize the regulations by trying to protect the crypto community within Nigeria. A lot of people needs to continue to be safe in the hands of the government using the cryptocurrencies rather than placing taxes and still making people uncomfortable with using bitcoin amongst other cryptocurrencies.

[Asiska02]

A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

The Nigerian government are of the opinion that exchange like KuCoins are the ones responsible for Naira devaluation through their p2p platforms and that much have lead to the termination of p2p service for Nigerians in those exchanges. Prior to KuCoin stopping tht service, Binance also did the same, after KuCoin, OKX also did the same and not OKX is finally leaving Nigeria. This we believe it all enacted from this Naira devaluation they blame exchanges on.

Ever since then, they’ve stopped all Nigerian banks from transacting with anything cryptocurrency and vow to penalize anyone found wanting, until date I haven’t heard of any culprit which I believe banks will also take the security and anonymity of their client more serious. After trying to stop crypto transactions in Nigeria and all to no avail, I think they’ve now settled down to regulate the use of it, this would have been better all along than making it this hard and strict for the Nigerians that are finding ends meet through cryptocurrency.

[hugeblack]

A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

7.5% trading fee is a kind of soft ban that forces you to make fewer trades otherwise the value of the trades will not be profitable and you may lose by paying the trading fees. I don't know, but if there is a tax imposed without affecting adoption, it will be annual and on profits, 5% to 10% will be good.

[Findingnemo]

A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

7.5% trading fee is a kind of soft ban that forces you to make fewer trades otherwise the value of the trades will not be profitable and you may lose by paying the trading fees. I don't know, but if there is a tax imposed without affecting adoption, it will be annual and on profits, 5% to 10% will be good.

Even 20% can be acceptable on capital gains but paying 7.5% fee for every trade then no one is gonna trade in the legitimate ways so by doing this the government is actually forcing the traders to take the shortcuts and trade via P2P platforms that's better compared to this.

Government lifted the ban on crypto just this year if I am not wrong so there's still room for improvisation but they need someone with right mind in the authority to make it happen.

[Vision pro]

Nigeria Planning to Present Law to Tax Crypto by September: Report

Enacting the law would need the support of the National Assembly.

• Nigeria's tax-collection authority, FIRS, told lawmakers it intends to introduce a bill to tax crypto to parliament by September.
• "We just have to plan to regulate" crypto "in such a way that it is not injurious to the economic development of Nigeria," a report cited a senior official as saying.

Nigeria's Federal Inland Revenue Service (FIRS) plans to present a bill for taxing the crypto industry for approval by parliament by September, news outlet Punch Nigeria reported on Saturday... Read more here.


A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

What I understand from your post is that the Nigerian government is a bit more concerned with crypto currency because they will pass a bill to tax crypto currency from parliament.  Since the government has taken action then it will leave the implementation but what does it sound like to tax crypto-currencies is up to you.

[Jating]

A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

7.5% trading fee is a kind of soft ban that forces you to make fewer trades otherwise the value of the trades will not be profitable and you may lose by paying the trading fees. I don't know, but if there is a tax imposed without affecting adoption, it will be annual and on profits, 5% to 10% will be good.

Or they are forcing the traders not to trade at all. Even here in our country, our government has imposes big taxes on online sellers, and with this kind of law, the only affected ones are the small sellers and some of them have reported that they are going to close their online store because it's not that worth it. So it's possible that with this law, there are  going to be fewer trades or some traders are going to look for other means just to get away with this kind of stupid crypto law.

[Ujok]

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

We know that India already has also put a taxed, although if you look at it, if we pay tax, should we at least get some protection from the government?

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

if the government taxes us, everyone who pays taxes to the government should get protection so that one of the parties benefits from it all.. but Nigeria has the largest crypto market in the world with that the government imposes taxes so that the country is orderly and fair.. every company must have taxes for the country and the government makes taxes so that everyone is not jealous of the crypto market which has a very large daily income.

[ABCbits]

I see some of you discuss 7.5% tax on KuCoin trading fee. I'm aware it sounds big, but it's smaller than you expect after seeing this example calculation.

Example Calculation:

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

We know that India already has also put a taxed, although if you look at it, if we pay tax, should we at least get some protection from the government?

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

Using India as example, i don't see any news that India government investigate WazirX hack or compensation to it's users.

[Zed0X]

If you can't ban them, then tax them Funny how FIRS say injurious since even without tax on crypto, the profits/gains earned by crypto investors/traders will still flow into their economy. The more their citizens earn from trading, staking, airdrops, and bounty, the more money they could spend locally. Eventually, it will still help in the development of the country's economy (but they want more).

[Baofeng]

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

We know that India already has also put a taxed, although if you look at it, if we pay tax, should we at least get some protection from the government?

Or this is the cost of being in crypto now? And we will never be free although crypto is a way for us to be out of the reach of these governments.

if the government taxes us, everyone who pays taxes to the government should get protection so that one of the parties benefits from it all.. but Nigeria has the largest crypto market in the world with that the government imposes taxes so that the country is orderly and fair.. every company must have taxes for the country and the government makes taxes so that everyone is not jealous of the crypto market which has a very large daily income.

That should be our mindset or at least that what we are expecting from the government, to give us protection in case of a hack or if we lose our crypto to scammers.

But I do not see it just like that, I still think crypto being decentralized, there only thing that the government can do. And I do not see them giving that protection even if we pay them taxes.

[TomPluz]

I think this could be the new trend, government taxing us, so this is not a surprised and seeing that Nigeria is one of the largest crypto market in the world, their government will have to look and find a way to get some "money" from their people.

The truth of the matter is it would be a big loss on the side of the government not to get engaged with the crypto industry or the people and the platforms who are into crypto in their geographical location. And since it is inherent in the government to tax the people and the business, this is the best and the rational thing to do, hopefully introducing a win-win formula that can make everybody happy. In the case of Nigeria, I am looking forward to see how much is the tax rate it would be implementing and I am guessing it would not be really lenient.

[Gurujebs]

A months ago, i created thread about KuCoin charging 7.5% trading fee in Nigeria. So i guess this news could be related with KuCoin past action. Your opinion is greatly appreciated.

If I have the the opportunity to ask for a power, it is going to be power to useless politicians that sit on their chambers to make useless decisions that doesn't favour the masses. Until Nigerian government take away crypto from the mouth of ordinary people before they finally rest with all their impounding policy that are not favorable to people.

Kucoin agreed to give them that shares because what they get from the Nigerian communities is in large volume. They don't want to exit and lose the opportunity that's why they are still there. Exchange like OKX exited probably they don't like the Nigerian government or because there are other conditions that was not reveal to the public and not favorable for them.