FGN Imposes 7.5% VAT On Cryptocurrency Transactions
FG Imposes 7.5% VAT On Cryptocurrency Transactions The Federal Government has imposed a 7.5 percent Value Added Tax(VAT) on cryptocurrency transactions. This development was made known after KuCoin; a cryptocurrency exchange, says it will commence collection of the transaction fees for users in Nigeria. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would commence from July 8 and that for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount. According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1…
