An Opportunity for Bitcoin P2P Usage

[NurseHub]

I been dey read one news say our Presido wey be Bola Ahmend Tinubu, just sign one new Acts (bill) in to law and this Acts carry  Personal Income Tax (PIT). Na the headline news be this;

Individuals earning NGN800,000 or less per annum will now be exempt from tax on their income and gains, while higher income earners will be taxed at a higher rate up to 25%.

This one mean say most of us here wey be the masses for Naija go dey pay 25% tax to our government soon, as long as say you earn money big reach 800k (Naira) every year!

Here be the real matter: After I read the news I come think am different say na opportunity be this for Bitcoiners, as long as say you nor dey use exchange or personal bank account them no go tax you because you no too get naira wey day come into you bank account by of the year, so I come think am as opportunity for bitcoin P2P for Nigeria.

People wey dey use bitcoin fit dey do deal without them to use naira or bank account, so the real nature of bitcoin wey Satoshi do fit dey in use wella wella for Naija, and that 25% tax no go come affect use wey dey use bitcoin if we come chose to dey use P2P for Naija.

Weytin Una think of this my thoughts.

[Nwada001]

You go try add link to this news make I read through am well well, cuz this news broadcaster sometimes them they sabi spread watin no be am.. and secondly it’s crazy 800,000k per annual that’s them they also consider person way they earn as low as the minimum wage go remit 25% of watin never do them and the family to government way they suffer them say say nah serving..

[Charles-Tim]

You go try add link to this news make I read through am well well, cuz this news broadcaster sometimes them they sabi spread watin no be am..

Here are some news about it:

https://www.pwc.com/ng/en/publications/the-nigerian-tax-reform-acts.html
https://www.goldsmithsllp.com/all-you-need-to-know-about-nigerias-newly-signed-tax-reform-acts
https://africacheck.org/fact-checks/meta-programme-fact-checks/not-true-nigerians-earning-n800000-or-more-annually-will-pay

https://tat.gov.ng/Nigeria-Tax-Act-2025.pdf

and secondly it’s crazy 800,000k per annual that’s them they also consider person way they earn as low as the minimum wage go remit 25% of watin never do them and the family to government way they suffer them say say nah serving..

Someone earning 66,666 monthly will pay the tax. Earning 16,666 weekly. That is around $10 weekly with the present exchange rate of a dollar to naira.

I have discussed about this with someone before like 2 or 3 weeks ago. The tax act or bill came out in June.

[DubemIfedigbo001]

People wey dey use bitcoin fit dey do deal without them to use naira or bank account, so the real nature of bitcoin wey Satoshi do fit dey in use wella wella for Naija, and that 25% tax no go come affect use wey dey use bitcoin if we come chose to dey use P2P for Naija.

Weytin Una think of this my thoughts.

I think that people that would use this your method would spend even more than they would've remitted to the government. Bitcoin charges fees for it's transactions and depending in the number of transactions you make in a day, Bitcoin is a more expensive medium of payments when using the mempool, unless you're considering LN which is cheaper and less popular and there comes a problem of trying to make all your client want to use LN

[Charles-Tim]

People wey dey use bitcoin fit dey do deal without them to use naira or bank account, so the real nature of bitcoin wey Satoshi do fit dey in use wella wella for Naija, and that 25% tax no go come affect use wey dey use bitcoin if we come chose to dey use P2P for Naija.

I forgot and omitted this. Some people earn in naira, they will not be able to escape this. Some people on this forum that has bitcoin already will want to sell, they may to beyond 80000 naira. 800000 is a small amount of money that can easily be gotten to.

I think that people that would use this your method would spend even more than they would've remitted to the government. Bitcoin charges fees for it's transactions and depending in the number of transactions you make in a day, Bitcoin is a more expensive medium of payments when using the mempool, unless you're considering LN which is cheaper and less popular and there comes a problem of trying to make all your client want to use LN

People will even prefer to accept just naira with the way people are in Nigeria.

[Frankolala]

OP, one thing that you should know is that, there's no way a Nigerian who is been paid his salary in bitcoin wouldn't use Naira but only bitcoin because that's impossible. You need to convert your bitcoin to fiat in order for you to take care of your monthly needs and expenses. Tax collection isn't that active in Nigeria if you are not a government worker or someone tha own a business.

Someone earning 66,666 monthly will pay the tax. Earning 16,666 weekly. That is around $10 weekly with the present exchange rate of a dollar to naira.

Bros... I beg which exchange you dey use wey the exchange rate of USDT to Naira na 1666 make I start to use am. I don dey exchange usdt for 1550 and below over three months.

[Bright0515]

You go try add link to this news make I read through am well well, cuz this news broadcaster sometimes them they sabi spread watin no be am.. and secondly it’s crazy 800,000k per annual that’s them they also consider person way they earn as low as the minimum wage go remit 25% of watin never do them and the family to government way they suffer them say say nah serving..

Watin the op dey talk nah true broda, because even yesterday self I talk this same thing for one comment wey I make say from next year January 1st all Nigerians way dey earn above 800k per year go dey pay tax.
this nah watin I talk about this paying of tax thing I see this news since but I no too take am serious until I make more research.
The government won hold the whole country down make no sectors escape this tax payment. One of the reasons why I like the no too think am nah because of we keep paying taxes and the government is not doing anything good with the tax we are paying to them we can actually speak up maybe even sue them to court. The taxes we pay can be used to make roads and to provide more securities in the country. But we all know our country Nigeria, we fit no know we're the money they enter just the way we no know were the money EFCC dey seize dey enter.

[Callido]

There is a legal way for companies to boycott paying this huge task, the company shouldn't be registered under a sole business administration but rather as limited liability company, in this structure all expenses will be deducted before being taxed on what is left as the income, legally the owner can choose to accrue more expenses on the business and then get taxed for lesser amount of his income.

Bros... I beg which exchange you dey use wey the exchange rate of USDT to Naira na 1666 make I start to use am. I don dey exchange usdt for 1550 and below over three months.

No difference between 1550 and 1530 though, which i have been using since, 100 Naira difference na big money to how many usdt... make he drop update.

[TokenTikas]

At first, I felt a little guilty when I saw that a 25% tax had to be paid to the government. Later, after thinking for a while, I saw that since our country's government has determined it. It would be natural for us to pay taxes to the government, which means moving our country towards development.

The real issue you discussed here is that by using P2P, we can remain tax-free. Well, think about it, You and I know a lot about crypto, and we can earn a fair amount from it, but is it right to enjoy this earned money without paying tax to the government? Although we can remain tax-free through many third-party apps or crypto.

I think that if we do not do this, if we all comply with this law of the government properly, then our country will continue to move forward and prosper economically with this tax. If you look at other countries like the USA and Canada, you will see that everyone pays the taxes given to the government there correctly.  If we run away like this, corruption will never be eradicated from our country, or they will commit corruption themselves. This is not right for our country.

[igebotz]

There is a legal way for companies to boycott paying this huge task, the company shouldn't be registered under a sole business administration but rather as limited liability company, in this structure all expenses will be deducted before being taxed on what is left as the income, legally the owner can choose to accrue more expenses on the business and then get taxed for lesser amount of his income.

Maybe  you didn't know but Boycotting tax and demarketing it's is a crime - those who are qualified to pay their taxes should do so, you don't need to discourage them or campaign against it  no country can survive without stax

No difference between 1550 and 1530 though, which i have been using since, 100 Naira difference na big money to how many usdt... make he drop update.

I Was going to ask you where you saw that post of N166/$1. Read it back again you'll understand.

[Nwada001]

Maybe  you didn't know but Boycotting tax and demarketing it's is a crime - those who are qualified to pay their taxes should do so, you don't need to discourage them or campaign against it  no country can survive without stax

No country can survive without tax; that's very correct, but there is no country out there that's using taxpayers' money to enrich itselflike Nigerian politicians are doing. As small business operators in this country without any single political backup, this new tax reform is more targeted on us than the big companies out there.

If the taxpayers' money is being put into adequate use, no one will want to disobey paying tax, at least not everyone, but in a country where even with paying that tax you still need to pay for your own security and the cost of getting your hands on little basic amenities is high, what's the exact point in doing that, if I may ask, when the money you are paying as tax is typically like a donation to a few elite who will use it to boast about their 10th generation to come never being poor?

Until things are done right in this country and we know that we are not being taken for fools, expect this type of discouragement. You don't expect me to donate 25% of my sweat to a county where I will still have to pay for typically 100% of whateverI want to make use of.

[IjawMan]

People wey dey use bitcoin fit dey do deal without them to use naira or bank account, so the real nature of bitcoin wey Satoshi do fit dey in use wella wella for Naija, and that 25% tax no go come affect use wey dey use bitcoin if we come chose to dey use P2P for Naija.

I forgot and omitted this. Some people earn in naira, they will not be able to escape this. Some people on this forum that has bitcoin already will want to sell, they may to beyond 80000 naira. 800000 is a small amount of money that can easily be gotten to.

The average Nigerian politician is literally crazy to have this policy enacted for a 25% tax that is to be collected from Nigerians making from #800,000 annually. What is #800,000 that the average hardworking Nigerian can't make in a year that the politicians through the presidency are making it be like it is a large amount of money.

25% is outrageous and criminal to be collected by a government that are behind in providing the minimum basic amenities for Nigerians who literally provides all of the amenities they need to make their businesses stand.

I have to provide electricity, water, security etc for what my business needs to grow and at the end of the year when I am fortunate to make above #800,000 the government will be entitled to 25% of that 800,000, how did we got to this?

There is a legal way for companies to boycott paying this huge task, the company shouldn't be registered under a sole business administration but rather as limited liability company, in this structure all expenses will be deducted before being taxed on what is left as the income, legally the owner can choose to accrue more expenses on the business and then get taxed for lesser amount of his income.

Maybe  you didn't know but Boycotting tax and demarketing it's is a crime - those who are qualified to pay their taxes should do so, you don't need to discourage them or campaign against it  no country can survive without stax.

Agreed we should not support tax boycotting.Yet when the government are doing the right things as it is in their responsibility to do, the citizens will not bother about boycotting paying tax. Is 25% tax for an #800,000 annual income not much for a government that are failing in their duties to provide you the basic vital structures?

[Charles-Tim]

Someone earning 66,666 monthly will pay the tax. Earning 16,666 weekly. That is around $10 weekly with the present exchange rate of a dollar to naira.

Bros... I beg which exchange you dey use wey the exchange rate of USDT to Naira na 1666 make I start to use am. I don dey exchange usdt for 1550 and below over three months.

I mean 800,000 naira in a year means the person is collecting 66,666 and that also means the person is collecting 16,666 weekly which is $10 if it is converted to United States dollar with the present rate. I just want to let us know that the government are not doing the poor people good as some of them still fall under people that will still pay the tax. It is unfair.

Agreed we should not support tax boycotting.Yet when the government are doing the right things as it is in their responsibility to do, the citizens will not bother about boycotting paying tax. Is 25% tax for an #800,000 annual income not much for a government that are failing in their duties to provide you the basic vital structures?

Tax should not be evaded but 800,000 naira is still average earning for poor people. It would have been better if the annual income for people to pay the tax should be higher than that.

[Callido]

Maybe  you didn't know but Boycotting tax and demarketing it's is a crime - those who are qualified to pay their taxes should do so], you don't need to discourage them or campaign against it  no country can survive without stax

What worse crime will it be that our taxes are not used to betterment the country, it is obvious that paying those taxes are just enriching those at the top. I won't infiltrate or stand in anyone's way of paying taxes but if am not getting the benefits of those taxes why do i need to spend more but barely living in a condemned economy with poor infrastructures, high cost of living and still paying high taxes.`

[Nathrixxx]

I been dey read one news say our Presido wey be Bola Ahmend Tinubu, just sign one new Acts (bill) in to law and this Acts carry  Personal Income Tax (PIT). Na the headline news be this;

Individuals earning NGN800,000 or less per annum will now be exempt from tax on their income and gains, while higher income earners will be taxed at a higher rate up to 25%.

This one mean say most of us here wey be the masses for Naija go dey pay 25% tax to our government soon, as long as say you earn money big reach 800k (Naira) every year!

Our leaders don't have anything to think on regarding alleviating the masses than taking from them rather, which is absurd in behavior, all they knows best to do is to impose tax on the people without having the conscience of they are been affected by this or not, this is not making sense honestly, we have been always deprived of what belongs to us and the right to public opinion in democracy has been denied, because whatever then government want wanted to do will always come in place without the reasoning whether it cost the people or not, very soon, they will be implementing on policies that will be chasing away the people from active compliance in their regulations when they are all unbearable for the masses to pay.

[Achalugo BTC]

Our leaders don't have anything to think on regarding alleviating the masses than taking from them rather, which is absurd in behavior, all they knows best to do is to impose tax on the people without having the conscience of they are been affected by this or not, this is not making sense honestly, we have been always deprived of what belongs to us and the right to public opinion in democracy has been denied, because whatever then government want wanted to do will always come in place without the reasoning whether it cost the people or not, very soon, they will be implementing on policies that will be chasing away the people from active compliance in their regulations when they are all unbearable for the masses to pay.

You are right, the way the government are demanding for taxes is very gets people worried, they keep demanding without knowing the impact it's giving the people, they don't know how troubling is it and they don't care about how they are struggling to survive in this life and they are also making things difficult for people by putting a burden to them by paying taxes.

[sokani]

No country can survive without tax; that's very correct

United Arab Emirates citizens are not paying taxes and they're doing very well.

https://u.ae/en/information-and-services/finance-and-investment/taxation

but there is no country out there that's using taxpayers' money to enrich itselflike Nigerian politicians are doing. As small business operators in this country without any single political backup, this new tax reform is more targeted on us than the big companies out there.

That is where the problem is. I don't think most Nigerians will have problems with paying their taxes. The real problem will be, how can they pay personal tax to a government that's corrupt, mismanages public funds and lack accountability? They removed fuel subsidy and they said the suffering is temporary but they're not affected by the economic hardship. They're still living their best lives and and now they want to take from the little one is earning.

[Nwada001]

No country can survive without tax; that's very correct

United Arab Emirates citizens are not paying taxes and they're doing very well.

https://u.ae/en/information-and-services/finance-and-investment/taxation

The citizens are not paying tax. That doesn't mean the country doesn't take tax; the tax corporations that operate the country also tax citizens for other things but not on income taxes like excessive spending, and some kind of levies are being paid to the government, which is also some kind of revenue generation for the country. Aside from their oil and gas, tax is essential in every country, but how it's being used is what matters. Nigeria is not supposed to be where we are today in terms of development if our resources are being put into good use.

[Obari]

You go try add link to this news make I read through am well well, cuz this news broadcaster sometimes them they sabi spread watin no be am.. and secondly it’s crazy 800,000k per annual that’s them they also consider person way they earn as low as the minimum wage go remit 25% of watin never do them and the family to government way they suffer them say say nah serving..

Even me go like see the link to that very post because most of these bloggers Dey always look for catching news and headlines to take sell their platforms and most of them no care about spreading rumors and propagandas and as such, make we Dey try filter news wey we Dey digest make we no come also be carriers of false news.

Omo the initiative go affect everybody and in other words, these economy no want make the common man grow and everytime dem Dey seek every possible means to kill our minds from bigger things and wealth but e go shock them normally say we go still survive as that na wetin the average Nigerian sabi do na to survive at all cost without wanting to hold anyone accountable for their actions.

[Perfectbaby]

I think nothing changes because as I see am almost people wey dey deal with Bitcoin, be it p2p or not before year ends at least someone must transact within 800k or above so nothing changes. Okay, if you wanna use p2p won't they send money to your account and send them BTC or won't you send them money to their account and you received BTC? Is vice versa as whatever that concerns transactions most showcase itself. Even though you decided to hold for long and not to sell your coin or investment, the given day or date that you decided to sell you would still be charged to transaction because as then your profits could be higher than the 800k lesser.