Possible names or tags for crypto transactions come 2026.

[CryptSafe]

As the year is finally coming to an end, and as we prepare ourselves for the year 2026, we should have in mind that we are in for a heavy tax reform, which would definitely have many people pay for whatever transaction they initiate without a proper label or tag attached.  I believe the majority of us here must have seen videos circulating on social media about the tax reforms and what to do in order not to get double-taxed for both personal and organisational taxes.

There was actually a statement attributed to the minister saying that "transactions without description or tag will likely be taxed," which means that every transaction must carry a description for which that transaction was initiated, so as not to get double taxed, because that is what the statement likely means.

As for the crypto traders and enthusiasts who use p2p platforms to do Bitcoin trades and other crypto activities, I believe we do this daily and on a regular basis. When there is a constant flow of funds in and out of an account without any description for it, there definitely must be some sort of side attraction, and in so doing, there definitely would be eyes on that account, and now that the new tax reform would commence from January 2026, for a safer means of trading without any side attraction and notices, what do you feel or think would be the best headings to describe your transaction as a tagline for it. Maybe we could help each other to ponder over it here. 

What's your opinion about it?

[DubemIfedigbo001]

This is a good one, I also think these guys have gotten super smart too since there would be data sharing across every activity linked to a particular TIN to estimate their worth, I mean your TV subscription, Buying petrol and paying with transfer and other little things you do involving your bank account, they would use these transactions to estimate your networth, and this is crazy.

I have two approaches

• If you keep repeating the same remark, it would get suspicious, so the best approach is a way to inform the vendor of the tag to include in the current transfer
• More effectively, as much as you can insist that you pay through stable coins for bulky transactions so that you would have less funds to be taxed upon, that is if we are sure of the exchanges that do not share data with the government or better still you can use a No KYC exchange like Bisq to further make your transfers anonymous.

[Charles-Tim]

There was actually a statement attributed to the minister saying that "transactions without description or tag will likely be taxed," which means that every transaction must carry a description for which that transaction was initiated, so as not to get double taxed, because that is what the statement likely means.

I did not know about this, if you are paying your tax, you have nothing to be worried about in my own opinion. To add double tax to transactions that has no description is only false.

If someone is suspected to be evading tax, they will first carry out investigation on the person, the person will be questioned about it before penalizing the person.

[7juju]

Is it that it is every transactions that you carry out in your account that will be taxed? I have been hearing about this tax of a thing and they are not explaining it well for us to understand. Are they now going to treat each transactions like the way they do with all these mobile banking like Opay and others were we get debited #50 whenever we receive money that is up to #10k and above? Or will they calculate all the money that flow into our account in a month or a year and tax it? Someone with a clear understanding of this tax reform should enlighten me on it please.  As for something to tag you can ask the buyers to be adding orphanage donations or less privileged donations. And also reduced how much you will trade your coins to fiat. If you can do it once a week it will help you to save some taxing.

[Cryptoprincess101]

As the year is finally coming to an end, and as we prepare ourselves for the year 2026, we should have in mind that we are in for a heavy tax reform, which would definitely have many people pay for whatever transaction they initiate without a proper label or tag attached.  I believe the majority of us here must have seen videos circulating on social media about the tax reforms and what to do in order not to get double-taxed for both personal and organisational taxes.

There are so many propagandas spreading across social media platforms about the tax reforms that FG plans to initiate by 2026 so it's not everything we should believe because there are people that just aim at causing panics to the public, unless the tax reforms become effective, we cannot really know how it going to work. That notwithstanding, i don't know how not attaching a description to a transaction will become problematic, i thought that the tax system is based on annual income. Every organization is registered of which they will be taxed differently from personal accounts so i don't even understand the double-taxing you are talking about. If an organization or an individual does not pay their tax, isn't it supposed to be by fining them and not double taxing.

[Odohu]

I don't want to speculate on this until we reach next year when the new tax reforms will come into effect. I know it will be biting at the beginning but with time, we will find our way around it. There will always be a way to avoid double taxation especially when it has to do with credit alerts, that we will find out from next year. I'm still wondering how they will tax our poor mothers in the villages, and small business operators like POS.