Nigeria to collect 7.5% VAT on crypto transactions

Cryptocurrency platforms will begin charging users a 7.5 percent Value-Added tax on transactions on July 8, 2024.

This is according to an update by one of the crypto platforms, KuCoin, that is operating in the country. In an email to users, the platform said, “We are writing to inform you of an important regulatory update that impacts out users from the Republic of Nigeria.

“Starting from July 8, 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.”