KuCoin to begin collecting VAT of 7.5% per transaction from Nigerians

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

Example Calculation:Transaction: Buy 1,000 USDT worth of BTCFee: 1 USDT (0.1% fee rate)Tax: 0.075 USDT (7.5% of the fee)Net Amount for Transaction:998.925 USDTPlease note that the VAT will be applied to the transaction fees in each trade, not the transaction amount, and covers all transaction types on KuCoin platform.