Notification Concerning the Commencement of Tax Collection for KuCoin Users in Nigeria
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KuCoin has notified its users of a regulatory adjustment impacting individuals residing in Nigeria. Effective from July 8th, 2024, KuCoin will levy a 7.5% Value-Added Tax (VAT) on transaction fees for users who have completed KYC registration in Nigeria.
As an illustration, consider a transaction where a user purchases 1,000 USDT worth of BTC with a transaction fee of 1 USDT. Under the new regulation, a VAT of 0.075 USDT would be applied to the fee, resulting in a net transaction amount of 998.925 USDT after tax.
KuCoin emphasized that the 7.5% Value-Added Tax (VAT) would be applied exclusively to transaction fees, not to the total transaction amount. This policy would encompass all types of transactions conducted on their platform, ensuring that the tax is only levied on the fees associated with each transaction.
The company encouraged users to seek further assistance and clarification by joining their Telegram Group or reaching out to their Online Support Team. KuCoin expressed gratitude to its users for their cooperation and understanding during this regulatory change.
