News
Nigeria introduces 7.5% VAT on crypto transactions
By Kayode Sanni-Arewa
KuCoin, a cryptocurrency exchange, said it would commence collection of a 7.5 percent value-added tax (VAT) on transaction fees for users in Nigeria.
The company said a regulatory update in Nigeria led to KuCoin’s decision to introduce the VAT.
In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would be effective from July 8.
KuCoin said for every trade, the 7.5 percent VAT would be applied to the transaction fee — not the total transaction amount.
“We are writing to inform you of an important regulatory update that impacts our users from Nigeria,” the company said.
“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.
“Nb: The 7.5% is only charged on the 0.1%/0.05% transaction fee and not your total amount which will be remitted.”
According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1 percent fee rate, the transaction fee would be $1.
The VAT, the crypto platform said, would be 7.5 percent of the fee which is $0.075 — the net amount for the transaction would be $998.925.
“Please 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,” the crypto exchange said.
In 2022, Zainab Ahmed, former minister of finance, budget, and national planning, had initially hinted at government’s plans to tax cryptocurrencies and other digital assets.
In the 2023 Finance Act, the government imposed a 10 percent tax on profits from digital assets, including cryptocurrencies.
However, the particular provision of the act was not enforced.
In May, the Securities and Exchange Commission (SEC) announced plans to delist naira from all peer-to-peer (P2P) platforms.
SEC said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space.
News
Many Pastors Are Not Enjoying Their Marriages Due To Wives’ Behaviours – Bamiloye
Renowned Christian filmmaker and evangelist, Mike Bamiloye, has raised concerns about the challenges some pastors face in their marriages, attributing these struggles to the behavior of their wives.
Bamiloye shared that many pastors are unable to fully enjoy their marriages because their wives use their husbands’ pastoral roles against them. He explained that some pastors’ wives feel secure in the knowledge that their husbands, being men of God, are unlikely to consider divorce or other drastic measures. This, according to Bamiloye, emboldens them to act in ways that strain the marital bond.
He pointed out that such behavior not only affects the pastors but also impacts their ministry, as they are expected to maintain exemplary relationships in the eyes of their congregations.
In addressing this issue, Bamiloye emphasized the need for mutual respect, understanding, and open communication in pastoral marriages. He urged pastors and their wives to prioritize their relationship and seek counseling when faced with difficulties.
“Pastors’ marriages should be a beacon of light and a model for others. When the relationship at home is troubled, it can hinder the effectiveness of their ministry,” he noted.
Bamiloye’s observations have sparked important conversations within Christian circles about the unique pressures pastoral families face. His call to action serves as a reminder of the importance of building healthy relationships and seeking support to ensure that ministry work does not come at the cost of personal happiness and marital stability.
News
FG eyes 25,000 jobs from Lagos textile, garment economic zone
The Managing Director of the Nigeria Export Processing Zones Authority, Dr Olufemi Ogunyemi, has said the Lekki Textile and Garment Special Economic Zone project located in the Eyin-Osa area of Epe, Lagos State, will generate 5,000 direct and over 20,000 indirect jobs when operational.
Ogunyemi made the remarks while disbursing cash compensation to the seven Eyin-Osa families that contributed the 240.09 acres of land for the Federal Government project.
A statement issued by the NEPZA Head, Corporate Communications, Martins Odeh, disclosed this on Sunday in Abuja.
The MD, represented by Mrs. Chika Ibekwe, Director of Zone Operations, said that the community would be continually regenerated, adding that the benefits that would accrue from the gestures would spill over to several generations.
The beneficiaries included families of Olayinka Salami, Aderenle village, Muhammed Balogun, Bashorun Seidu, Iyanda, Matanmi Mobolaji, as well as the Agara Onileyan respectively.
“The space will generate 5,000 direct and over 20,000 indirect jobs for the country, just as it will serve the export markets of the South-West region.
“There are many benefits to gain from the SEZ, including employment generation, especially to the local community, the opportunity for backward linkage, improvement of infrastructure network around the project, and others too numerous to mention now,” he said.
Ogunyemi further said that the development was in line with the goals and objectives of the Federal Government’s Economic Recovery and Growth Plan.
He, however, stated that the current administration of President Bola Tinubu is not just interested in attracting Foreign Direct Investments through the Free Trade Zone Scheme but was also interested in the development of all the host communities.
“This exercise is to commence the application of the Authority’s new concept of Community Social Regeneration in order to open a new chapter of cooperation and mutual understanding to foster unhindered progress of the free trade operations across the country.
“NEPZA has since re-aligned its mandate with the administration’s economic policy to deliver the Renewed Hope Agenda of the president.
“NEPZA will not shy away from leading the country on the path of economic growth. The Lekki Textile and Garments SEZ project is already attracting investment interest to this remote area of Lagos.,” Ogunyemi said.
Ogunyemi also explained that the Federal Government had taken steps to replicate the economic scheme across the six geopolitical zones, adding that more states should leverage the speedy development potentials of the scheme.
According to him, the Lekki Textiles and Garment SEZ will also serve as hubs for Information and Communication Technology, Agro-industries, as well as world-class sports and community development centres.
On his part, the president of Eyin-Osa United Kingdom Development Association, Muftau Shittu, the umbrella association for the host community, said that the area had been occupied by their forefathers for over 500 years.
He said that at the beginning, the enclaves and villages that constituted the community had lived in peace practising economic activities such as farming, hunting, fishing, brewing of hot drinks and timber lumbering.
Shittu however, said that trouble started in mid-year 2003 when groups of land grabbers started claiming ownership of Eyin-Osa lands from the original and rightful owners.
According to him, in May 2008, without due diligent information, the lands were expropriated to the Lekki Free Trade Zone, and the journey for adequate compensation with the Lagos State Government began.
“We are delighted today for this humane approach of the federal government through NEPZA. The community can only imagine these good gestures as most of the earliest promises were not kept. We now have NEPZA management and government that are serious about regenerating the Eyin-Osa land.
“We are happy to cede the total of 240.09 acres to NEPZA for the economic emancipation of our land. We pray that this cooperation and the steps to regenerate our people become permanent,” he added.
News
Lagos seals church, fuel station over environmental violations
The contractors handling various housing projects on behalf of the Lagos State Government have been warned to deliver all aspects of the projects as scheduled in all contract agreements or have contracts terminated and re-awarded to those who will deliver on time.
The Commissioner for Housing in Lagos State, Moruf Akinderu-Fatai, who had earlier expressed his displeasure and dissatisfaction with the level of work done during a routine inspection of Sangotedo Housing Estate Eti Osa phase 2, lamented that the project was yet to get to the expected level despite Lagos State Government commitment and support to the contractors.
The commissioner reiterated his dissatisfaction after an evaluation of the projects, formal briefs from project supervisors, and a follow-up meeting between the Ministry’s technical team and the project contractors at the ministry’s conference room at the secretariat in Ikeja.
He frowned at the slow pace of work witnessed at some of the project sites visited and directed the affected contractors to increase the speed of work or be excused from the sites.
Akinderu-Fatai said, “Shifting of completion period by contractors will no longer be tolerated because we will not allow you to slow us down, as there is pressure on the government to deliver on all its promises, especially in the housing sector.”
He further expressed the dissatisfaction of the Governor of Lagos State, Babajide Sanwo-Olu, on the inability of most of the contractors to adhere to the agreed time of delivery on various aspects of the projects.
The Permanent Secretary in the ministry, Abdulhafis Toriola, enjoined the contractors to ensure they deliver every facet of the project as scheduled without compromising quality.
The project review meeting was attended by heads of technical departments and supervising officials.
The Sangotedo Housing Estates phase 2 after completion will comprise about 43 blocks and is expected to add over 500 housing units to the existing stock.
The first phase of the project consisting of 744 home units was delivered and inaugurated by Sanwo-Olu in December.
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