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Nigeria introduces 7.5% VAT on crypto transactions

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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.

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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.”

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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.

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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.

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Court halts Abuja multi-million naira market project

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A High Court of the Federal Capital Territory (FCT) has issued an order stopping further development works on the planned multi-million Abuja market project known as the Apo Resettlement Market Scheme.

Justice Yusuf Halilu, in a ruling, ordered the AMAC Investment and Property Development Company Limited, Commercial Properties Ltd, Manillah Integrated Partners Ltd and their agents to halt any further works on the market project located at plot 1729 Cadastral Zone E27, Apo, Abuja.

The interlocutory injunction, Justice Halilu said, is to subsist until the determination of a suit brought against Dr. Shuaibu Omeiza Musari and his company, Techs and Concretes Nigeria Ltd, by AMAC Investment, Commercial Properties and Manillah Integrated.

The ruling delivered on April 15 was on the application filed by Techs and Concretes Nigeria Ltd, with which it sought to preserve the subject of the dispute between parties in the suit, marked: CV/467/2024.

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Techs and Concretes Nigeria Ltd stated in a supporting affidavit that a dispute arose between parties when Manillah Integrated Partners allegedly decided to breach an agreement between them to jointly develop the market.

It stated that by the joint venture agreement executed between them, Manillah Integrated Partners was designated as the “developer” while Techs and Concretes Nigeria Ltd was designated as the “financier, co-developer and sole marketer.”

Techs and Concretes stated that contrary to the terms of the agreement between them, Manillah Integrated Partners allegedly went behind to unilaterally commence the development of the market project.

It stated that the suit by Manillah Integrated Partners and others was intended to shield them from being made to comply with the agreement, with the intention of getting away with their breach of the agreement.

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In the ruling of April 15, Justice Halilu said: “From what has played out, as contained in the respective affidavits for and against the application for interlocutory injunction, I am fortified to say that there is indeed an agreement which both parties have signed, is the document at the centre of the misunderstanding.

“The second defendant/applicant (Techs and Concretes Ltd) is entitled, in law, to rely on same (the agreement) as the basis for establishing legal interest and has indeed established same as a matter of right, which deserves legal protections.

“I am minded to hold that the balance of convenience hinges heavily in favour of the applicant (Techs and Concretes).

“On the whole, therefore, I have no difficulty granting the application in the overriding interest of justice and fairplay,” the judge said.

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On Monday, Dr. Musari, accompanied by some officials of his firm and security personnel, visited the project site to paste the court order and notify workers on the site to cease operations as ordered by the court.

Dr. Musari said as a law-abiding citizen he was not interested in any trouble, but that the right thing should be done, with parties complying with the order of court and waiting for the final determination of the case.

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FG partners Mayo Clinic to establish two liver transplant centres

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The federal government has announced plans to establish liver transplant centres in two Federal Tertiary Health Institutions, in partnership with the globally renowned Mayo Clinic.

The Minister of State for Health and Social Welfare, Dr. Iziaq Salako, revealed the development via his official X handle following a strategic visit to the Mayo Clinic Comprehensive Cancer Centre in Rochester, Minnesota, United States.

According to Salako, the initiative is part of a broader collaboration with the Mayo Clinic to enhance Nigeria’s capacity for advanced medical care, including liver transplants, cancer research, and precision medicine.

The partnership, he said, would not only boost Nigeria’s transplant infrastructure but also position the country as a regional leader in high-end medical services.

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“We are working towards strengthening our partnership on collaborative research, policy development, public health initiatives, capacity building, cancer infrastructure development, clinical trial opportunities and so on. Nigeria is working towards establishing Liver Transplant Centres in at least two of our Federal Tertiary Health Institutions in partnership with the Mayo Clinic,” he said.

During the visit, Salako led a Nigerian delegation to meet with Professor Folakemi Odedina, a Nigerian-American from Ogun State and the Enterprise Deputy Director for Community Outreach and Engagement at the Mayo Clinic Cancer Centre.

The delegation also held a virtual meeting with the Executive Director of the Centre, Cheryl Willman who was unable to attend in person due to a personal bereavement.

“It was an opportunity to explore areas of partnership and collaboration between the Mayo Clinic Cancer Programme and the Federal Ministry of Health and Social Welfare through the National Institute for Cancer Research and Treatment to advance shared goals in cancer research, precision medicine, and health equity for Nigerians and the global Black community. It was also an opportunity for a guided tour of the Mayo Clinic in Rochester,” Salako said.

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He emphasised that the discussions focused on strengthening ties in collaborative research, policy development, public health initiatives, capacity building, cancer infrastructure development, and clinical trial opportunities, all aimed at improving health equity for Nigerians and the global Black community.

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Tragedy as grader crushes mother, child to death in Ondo

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A middle-aged woman and her child lost their lives on Monday along Olujewu/Igbatoro Road in Ose Local Government Area of the state when a grader crushed them to death.

The incident occurred when a grader owned by the local government, deployed for the rehabilitation of roads in the area, lost control and rammed into the woman and child, killing them on the spot.

It was gathered that the mother and her child were on their way to the farm and met their untimely death when the grader operator lost control of the vehicle due to brake failure.

Speaking on the tragic incident, the Chairman of the council, Kolapo Ojo, who confirmed the development, expressed deep sorrow over the unfortunate event and extended condolences to the grieving family.

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In a statement issued by Ojo after visiting the family house of the deceased, he described the incident as unfortunate, lamenting the death of the mother and child.

He said, “The tragic accident, which occurred as a result of brake failure in a grader owned by the local government and deployed for road rehabilitation under our rural development programme, has brought great pain to all of us.

“What was intended as a noble effort to improve access and infrastructure within the community has now become a moment of intense grief. This is a loss that touches us all—not just as a government, but as members of one human family.

A hardworking mother and her innocent child set out to the farm like on any other day, only to have their lives cut short in the most heartbreaking way.”

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He added, “No words can adequately express the sadness and regret we feel as a government and as a people.

 

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