By Yinka Kolawole
Cryptocurrency tradersin Nigeria will start paying 7.5 percent value-added tax (VAT) with effect from July 8, 2024.
A cryptocurrency platform, KuCoin, disclosed in an email that it will commence collection of the VAT on transaction fees for users in Nigeria at the said date.
The company stated that a regulatory update in Nigeria led to KuCoins decision to introduce the VAT.
According to KuCoin, for every trade, the 7.5 percent VAT will be applied to the transaction fee, not the total transaction amount.
