Don’t go all into bitcoin because of tax

[Joy_learns_crypto]

New Year’s Eve is a time for one or two resolutions and plans will start taking place. 2026 has something new. The Tax will ultimately start in 2026 and the system of tax go Dey new to Nigerians and we don already Dey find ways we go take cope for the tax
The transfer narration don spread like wide fire, friend and family won blind me with it even if it will not be the major factor for tax it is a good to write the right description for transferring.

Bitcoin go be another big thing people who don’t want the tax go Dey in. The tax is on annual income above 800k we go see income earners earning in bitcoin to hold off the tax charge.

While bitcoin good having all income in bitcoin go Dey bad.
Normal.

What are things you go advice people who Dey come bitcoin because of the tax me I go advice them to have an emergency fund out of bitcoin.

[Charles-Tim]

People receiving their money in naira will easily be taxed if done appropriately.

People on forum like this will first have to convert their coins to naira before they can be taxed. People prefer fiat-pegged stable coins than having naira.

So the real reason people on this forum will be taxed is when they convert money to naira and that will most likely be when they want to spend.

[Agbamoni]

Because of the tax, there will be high inflation, that one no be something we suppose they surprise.
I can imagine how difficult life would be for everyone. To cope with a new rule or system is very hard; there will be much hardship, and even the rich this time around will be affected too.
If the tax system is effective by 1st January 2026. That means in the next few hours, we all should be careful.

[EL MOHA]

What are things you go advice people who Dey come bitcoin because of the tax me I go advice them to have an emergency fund out of bitcoin.

The first advice I will be giving is anyone coming into bitcoin should be aware that bitcoin is volatile and the only way to beat bitcoin volatility is to go long term in investing into it. If you’re leaving your money into bitcoin for a short period of time all in the name of hiding away from tax and will spend it when you want is a bad idea because you might be in loss during bearish periods.

The thing Nigerias need to understand about this new tax reform is that it doesn’t actually affects money sitting on your bank (current account) that doesn’t attracts interest (savings account) only your income are taxed (like salary) and also VATs on consumption tax.

Come into bitcoin for long term purposes as a savings account but not for usually spending.

[Joy_learns_crypto]

People receiving their money in naira will easily be taxed if done appropriately.

People on forum like this will first have to convert their coins to naira before they can be taxed. People prefer fiat-pegged stable coins than having naira.

So the real reason people on this forum will be taxed is when they convert money to naira and that will most likely be when they want to spend.

You are correct but do you have any advice that people on the forum and people who aren’t on the forum can use bitcoin to not being taxed.
I think the tax will be hard to evade but wetin you think will help out in this situation. I have friends already asking me how bitcoin can help their business from tax but I can’t tell them to start accepting bitcoin because I don’t think their customers are paying in bitcoin .

[Charles-Tim]

You are correct but do you have any advice that people on the forum and people who aren’t on the forum can use bitcoin to not being taxed.
I think the tax will be hard to evade but wetin you think will help out in this situation. I have friends already asking me how bitcoin can help their business from tax but I can’t tell them to start accepting bitcoin because I don’t think their customers are paying in bitcoin .

If bitcoin is used for the payment in business, it is very possible the tax might be evaded but such can not work in country like Nigeria as almost all transactions are processed in naira and no other currencies. Even if he wants his buyers to be accepting bitcoin, another thing is for his customers to accept but most people will prefer to pay in naira. This can not work.

[Jubilee58]

New Year’s Eve is a time for one or two resolutions and plans will start taking place. 2026 has something new. The Tax will ultimately start in 2026 and the system of tax go Dey new to Nigerians and we don already Dey find ways we go take cope for the tax
The transfer narration don spread like wide fire, friend and family won blind me with it even if it will not be the major factor for tax it is a good to write the right description for transferring.

Bitcoin go be another big thing people who don’t want the tax go Dey in. The tax is on annual income above 800k we go see income earners earning in bitcoin to hold off the tax charge.

While bitcoin good having all income in bitcoin go Dey bad.
Normal.

What are things you go advice people who Dey come bitcoin because of the tax me I go advice them to have an emergency fund out of bitcoin.

Keeping your money in in bitcoin can reduce your tax rate , unlike bank that takes money from your account from time to time even when you don't make any transaction. When you invest your money in bitcoin, you can only pay tax when you want to convert your bitcoin to naira currency. Keeping your bitcoin in a wallet does not attract any charge and making transaction with bitcoin is even more cheaper compared to fiat currency.

Saving money in bitcoin is more preferable to keeping money in fiat currency because you pay more task in fiat currency because as federal government will be taken their own tax, bank too will be deducting money for their own service charge.

[Amphenomenon]

So the real reason people on this forum will be taxed is when they convert money to naira and that will most likely be when they want to spend.

This is why I don't bother much about the tax structure, as long as your money are kept in a non custodian wallet it won't be traced to you through banks or any Centralised exchanges.


Also, I see this as a point to start negotiating with does you are getting something from or business partners, if they can accept bitcoin. This helps reduce the number of transactions one will be making in naira.

[Barikui1]

You are correct but do you have any advice that people on the forum and people who aren’t on the forum can use bitcoin to not being taxed.
I think the tax will be hard to evade but wetin you think will help out in this situation. I have friends already asking me how bitcoin can help their business from tax but I can’t tell them to start accepting bitcoin because I don’t think their customers are paying in bitcoin .

As it stands now, the only possible way you fit avoid tax while converting your Bitcoin to naira is if the p2p vendor wey dy buy your coin put him description as gift, family support or any other better excuse wey no look like income to our federal government.
And even when you dey send to someone, try add a better description make them no see any money wey dy go in and out of someone account as income, because according to wetin I understand, na only income them go tax, but if them no put description for any of the money wey enter your account, the possibility of them taxing you dy very high because you go have to explain each and every transaction wey no carry description to the tax body, and if your explanation no sweet for ear, them fit tax you heavily for trying to cheat the system, so when receiving money, it's important that the sender put him description as those examples I said earlier, so that our government officials no go see am as income.

[Charles-Tim]

This is why I don't bother much about the tax structure, as long as your money are kept in a non custodian wallet it won't be traced to you through banks or any Centralised exchanges.

It is not that easy at all, there is not way most of us will not spend above 2 million naira yearly, if 800 thousand is deducted from it, it will remain 1.2 million naira. 15% of 1.2 million is 180000 naira to Nigerian government.

That will likely be for just feeding, how about you want to buy phone, land, car or do other things that might require high amount of money. The tax on them will not be small at all.

And as the money is increasing, the tax in percentage is also increasing up to 25%.

[Odusko]

You are correct but do you have any advice that people on the forum and people who aren’t on the forum can use bitcoin to not being taxed.
I think the tax will be hard to evade but wetin you think will help out in this situation. I have friends already asking me how bitcoin can help their business from tax but I can’t tell them to start accepting bitcoin because I don’t think their customers are paying in bitcoin .

If bitcoin is used for the payment in business, it is very possible the tax might be evaded but such can not work in country like Nigeria as almost all transactions are processed in naira and no other currencies. Even if he wants his buyers to be accepting bitcoin, another thing is for his customers to accept but most people will prefer to pay in naira. This can not work.

The bottom line is that, there is no way we can avoid the tax, but we must Note that we have what is call tax remitance which means everything will have to be declared by the citizens, we should not expect Banks to start deductions of tax from our income, annually we have to declare our income and the appropriate tax then pay them, regardless if you receive payment in Bitcoin, at each point of exchange to naira despites into you bank account you will be tax, so no excape.

[Cryptomultiplier]

Bitcoin for some of Nigerians that earn it, doesn't keep a paper trail and so far I think the government has been doing some underground codifying that is specifically targeted at digital assets.
Those of us who use Bitcoin use it as a hedge against our devaluing Naira, use it to make across border transactions and it for sure makes us a bigger part of the global economy.

I don't also think using Bitcoin to save to avoid taxes is a smart move because the loop holes are getting slimmer on all CEX and it is more or less 25% rate tax on profits for those who earn very big amounts.

It is good and a wise move to consult a tax professional before making large investment decisions because the tax reforms policy is still getting clearer by the day until it has started being implemented.

[Amphenomenon]

This is why I don't bother much about the tax structure, as long as your money are kept in a non custodian wallet it won't be traced to you through banks or any Centralised exchanges.

It is not that easy at all, there is not way most of us will not spend above 2 million naira yearly, if 800 thousand is deducted from it, it will remain 1.2 million naira. 15% of 1.2 million is 180000 naira to Nigerian government.

That will likely be for just feeding, how about you want to buy phone, land, car or do other things that might require high amount of money. The tax on them will not be small at all.

And as the money is increasing, the tax in percentage is also increasing up to 25%.

Yes, I don't bother doesn't mean I'm not annoyed or disappointed but in the aspects where no one is ready to do anything or can, I had to stick with this.

Getting a device, land or other property us where I think this will work better, because the amount is big and many of them in such business are aware of bitcoin and so speaking to them about using it as a means of payment may more likely.

The system is shit, nothing changed with the 50 naira charges for any amount above 10k naira, this is among something that influenced my decision or view point. I often don't want to give much thought or concern to this because it doesn't changes anything.  The masses are not ready for a fight, I just stick to what works better for me here.

[Progress101]

While bit[Suspicious link removed]d having all income in bitcoin go Dey bad.
Normal.

What are things you go advice people who Dey come bitcoin because of the tax me I go advice them to have an emergency fund out of bitcoin.

Tax changes will naturally push people to look for alternatives, and most likely Bitcoin will definitely be part of that conversation. But sha it is important to be clear-headed about why you are getting into Bitcoin in the first place. Bitcoin is a good tool, but it should not be treated as an escape plan from responsibility. Relying entirely on it for income can expose you to unnecessary risk, especially with volatility. Just like you said, having an emergency fund outside of Bitcoin is very important.

For anyone coming into Bitcoin because of tax concerns, my advice would be to understand the rules, diversify your income and savings, dont put yourself in a position where short-term needs force you to sell at the wrong time. Use Bitcoin as part of a balanced plan, not the whole plan or else you will learn the hard way.

[Lembo69]

According to the new Nigerian Tax Code 2026, there is almost no scope for tax evasion. Those who earn regular income will have to pay tax. If you save your money in Bitcoin, you will not have to pay tax as long as you hold the Bitcoin. However, whenever you convert it into Naira, especially if you make a profit from it, tax will be applicable.

This rule is being strictly enforced especially on people who earn money online. Therefore, no matter how many strategies are adopted in such a situation, it is not possible to avoid paying tax in the end. Personally, I think that if this tax is used properly, it will be useful for the development of the country.

In short, there is no tax until you hold Bitcoin, but you have to pay tax only when you sell it and make a profit.

[Shadiq]

To live your daily life and meet your daily needs, you have to pay taxes. You may be able to evade taxes by holding Bitcoin, but when you convert Bitcoin to Naira and buy daily necessities in the market, you have to pay taxes.

The only way to evade taxes for those of us in the forum and those outside the forum is to be as involved in decentralized finance as possible. It may be easier for us, but it will be harder for those outside the forum. This way, we may be able to evade taxes annually, but we still have to pay taxes daily. I can't find any other easy way to evade taxes...

[Hyphen(-)]

So the real reason people on this forum will be taxed is when they convert money to naira and that will most likely be when they want to spend.

This is why I don't bother much about the tax structure, as long as your money are kept in a non custodian wallet it won't be traced to you through banks or any Centralised exchanges.

The problem is how long can you keep holding your Bitcoin in a non-custodial wallet? If you don't have an alternative way of income, you will have to use what you have to sustain yourself before you can save the rest, so you have to use Naira because in Nigeria, most of our businessmen don't accept payment from other currencies or other means like the use of Bitcoin and other payment methods; therefore, this tax can't be avoided easily unless you hold all your coins for long, which you will still have to use with time. The only advantage will be if the coin gives you profit that can cover up for the tax.

Also, I see this as a point to start negotiating with does you are getting something from or business partners, if they can accept bitcoin. This helps reduce the number of transactions one will be making in naira.

In Nigeria, did you think accepting Bitcoin could work easily? I think it will actually take time because the way we here in the forum know about Bitcoin, many people out there don't have any idea about it; they just know it by name.

[Marykeller]

Because of the tax, there will be high inflation, that one no be something we suppose they surprise.
I can imagine how difficult life would be for everyone. To cope with a new rule or system is very hard; there will be much hardship, and even the rich this time around will be affected too.
If the tax system is effective by 1st January 2026. That means in the next few hours, we all should be careful.

Na normal thing wey we d see for our country "Naija". When a new law is implemented, em go at first create high inflation, the next thing that will follow na more hardship go flow for the country before everyone go begin they readjust and they used to am.

If you ask me, I no d sure whether this tax of a thing go start tomorrow because I don see many videos of senators and groups kicking against it to have many portholes for am(what is said is not what is written in the tax manifesto).

Make we see how it goes sha from tomorrow, whether em go get head, or be postponed. We go all know because Nigerians are not ready to be taxed in manner that the government doesn't provide jobs and welfare for her citizens, but them wan tax them for what they have been working hard and laboring for.

[Antotena]

So the real reason people on this forum will be taxed is when they convert money to naira and that will most likely be when they want to spend.

This is why I don't bother much about the tax structure, as long as your money are kept in a non custodian wallet it won't be traced to you through banks or any Centralised exchanges.


Also, I see this as a point to start negotiating with does you are getting something from or business partners, if they can accept bitcoin. This helps reduce the number of transactions one will be making in naira.

I'm so invested in this coming tax and actions Nigerians are going take if the govern decide to start this income tax. This thing is inconvenient, and inappropriate despite the call to put a suspense to the tax, the government doesn't want anything that will stop this tax. I know everyone are quiet now until the bank start deducting money from each and everyone account, that's when we are going to know how useless this government has become.

I don't care if I'm been call not patriotism enough but I'm going to be among the  percentage of Nigerians that will have their account debited of this tax money. If I'm not going to p2p, I will not put my money on any exchange and by then if we have more trusted local alternative of p2p, I will completely ignore the centralized exchanges. My only fear is that p2p is full of terror traders and scammers, make e no be say person run from green snake to black mamba.

[iBaba]

Because of the tax, there will be high inflation, that one no be something we suppose they surprise.
I can imagine how difficult life would be for everyone. To cope with a new rule or system is very hard; there will be much hardship, and even the rich this time around will be affected too.
If the tax system is effective by 1st January 2026. That means in the next few hours, we all should be careful.

Since these people started talking about this tax , I already rest my case that higher inflation is much expected so it should not really come to anyone as a surprise. If the tax system becomes effective from 1st January 2026 then it will also means that the Nigerians will gradually warming up to hike their prices to suffer the common people. I know as a Nigerian for sure, once this people take this opportunity to increase their own prices, it will take another time before the prices can be returned back to the current situations yet