KUCOIN To Start Vat Tax Collection From Nigerians
This letter by now must have reached all Nigerian crypto traders operating in KuCoin.
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Dear KuCoin User,
We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria. 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......
Regards,
The KuCoin Team
We are watching to see development on this and the crypto space in Nigeria.