FG to collect 7.5% VAT on crypto transactions

Starting from July 8, 2024, cryptocurrency platforms will start charging customers a Value-Added tax of 7.5 percent on transactions.

This is in line with a report from KuCoin, one of the cryptocurrency platforms present in the nation.

 “We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria,” the platform wrote in an email to subscribers

“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”

Details later…