Benefits of the new tax law for cryptocurrency earners

[Wiwo]

As we all know, the level of adoption and regulations of the cryptocurrency sector in Nigeria have faced alot of bad confrontation from government officials like Central Bank governor,  which have made earners in cryptocurrency to be treated or viewed as somewhat outlaw or just acting under net with fear of getting treated harshly from government for involving openly and directly with cryptocurrency in Nigeria.

This reality have affected alot of our confidence since we can not boost of being a legal contributors to our country development via payments of tax since the means of the income is not legalise by the government so for that there is no tax framework for cryptocurrency in the past tax regime.

That brings us to the topic properly.

Benefit of the current tax regime.

1: the new tax law seeks to tax all incomes that is above the No tax income that is any amount below #800,000 annul income,  that means any person earning more than that amount must pay tax and get the tax identification number (TIN), with that records cryptocurrency earners can now directly pay their income tax and defend their receipts as tax payers at any point in tine when confronted.

For better understanding, below is an image shared online to compare the current tax law VS the old tax laws


With this record, and amount payable, I think instead of complaining as cryptocurrency holder like Blord trying to encourage cryptocurrency earners to avoid paying tax with the help of his shady cryptocurrency to naira app, is better to just face it and pay the necessary tax and get your confidence that comes with being a tax payer.

This is my own way of encouraging all of us bitcointalk naija local people to pay tax and gain your confidence make sure you have all your evidence of tax payment all the time.

[I_Anime]

I have already accepted the recent tax law , at first I was against it but the truth must be told despite the truth that our country is not trying doesn’t mean we can’t play our role as citizens . Instead of finding means to practice tax invasions is best to find ways to cope with it . The only thing that will pain me is if there’s no good changes in this country after collecting tax from us .

And please let me use this medium to tell you guys to avoid any form of unnecessary description , don’t try to cheat the system you are only going to make things messy for your self . Be honest with any description you are using if you are taken loan write it (not when you are buying goods you are putting gift or loan ), put gift when necessary if the money is for love ones or an actual gift , the truth be shey nah only God go fit save us from this country.

[Churchillvv]

Unfortunately I can’t find where you stated the benefit of the new tax law in the thread or mentioned anything that has to do with benefit for the tax payers.

in a working system where the country provides the means of survival than this struggle for daily meal paying tax wouldn’t be a problem at all but the mere reason why we (not all people ) seek to evade the tax is because there is no benefit for the tax payers nor has there been benefit from the countries national revenue, so why would people be proud to pay it?

I encourage the avoidance of tax for people who are not living good in this country it will definitely be of help to them, let the government do the necessary with the already generated revenue we can be proud tax payers.

[She shining]

I nor sure say na Nigeria u dey stay many fear na say Dem go pay govt nor go use the money do better thing. You know you're people even if tinubu put 50 naira as tax Dem go add ₦100 for all their product

[Emjay24]

I have already accepted the recent tax law , at first I was against it but the truth must be told despite the truth that our country is not trying doesn’t mean we can’t play our role as citizens . Instead of finding means to practice tax invasions is best to find ways to cope with it . The only thing that will pain me is if there’s no good changes in this country after collecting tax from us .

We all know how it would end even before it started. Just prepare for the pain because this government isn't giving any positive vibes at all. What good are you expecting from a government whose major focus is in winning 2027 elections only?

And please let me use this medium to tell you guys to avoid any form of unnecessary description , don’t try to cheat the system you are only going to make things messy for your self . Be honest with any description you are using if you are taken loan write it (not when you are buying goods you are putting gift or loan ), put gift when necessary if the money is for love ones or an actual gift , the truth be shey nah only God go fit save us from this country.

Funny enough FG mentioned in a recent interview that they're not interested in your transfer remarks, you've to file in your earnings and pay your tax at the end of the year. Oyedele made this known in a recent interview

[Cryptomultiplier]

We can't avoid the fate of the current new tax reform on us as crypto currency earners or traders or users, because I believe in the more developed countries, paying taxes is a huge deal and one could land in prison or pay huge fines for defaulting in their tax return.

Am still waiting to see how this new tax reform would start being implemented, because sincerely am tired of waiting and have had to put all savings on hold just to not fall victim to the tax reform, being that it is a new consciousness to build and adapt to even if the current government leaves power tomorrow.

[Bright0515]

I have already accepted the recent tax law , at first I was against it but the truth must be told despite the truth that our country is not trying doesn’t mean we can’t play our role as citizens . Instead of finding means to practice tax invasions is best to find ways to cope with it . The only thing that will pain me is if there’s no good changes in this country after collecting tax from us .

One thing about us is that we all want to wait and see the results before we start acting but funny enough by that time the whole situation have gone out of hand. However, from the beginning I have known that there's nothing we can do about this paying of tax because we the Nigerians don't have one month because of what has happened in the past but still no change (just like what happened during the end SAR's protest). People are scarred and the government is taking advantage of that. Actually, I don't see any reason to pay tax to the government whereby we don't have job. In an unstable economy like this, paying of tax will only increase the hardship because both you and I already know that the government will not do any reasonable thing with the money. Just mark my words.

[IceLincoln]

My brother there is no benefit for or from this new task, even from your OP u no really mention any benefits, people don Dey pay tax since no b today e start but this one now wan involve everybody even people wey government nodey do anything for. The idea behind this new tax is not for the good of the country at all its just the greed of one man and his cohorts. When the present President came into power first thing he did remove subsidy what good did he do with that, then electricity tariffs increased, increased VATs on almost all transactions, what has been done since for the development of the country ABSOLUTELY NOTHING.
There’s no good federal roads anywhere in the country, no good healthcare structures, No Educational infrastructure or systems, No functional systems at all.
If there have been visible developments then paying tax will not be an issue at all.

This is not Tax this is EXTORTION

[Gozie51]

The only thing I see there is getting a Tax Identification Number incase they attach it to using government amenities or social amenities, benefits, social responsibility accruing to someone or community. And sometimes when you want to register in some apps or trading apps, they require it (and make it optional). So maybe now the government will collaborate with them to make it compulsory and mandatory before you can open and trade with them. Likewise, some government apps and registration will begin to carry TIN.

Apart from all those cohesion, I don't see any need or and benefit for that kind of forceful taxation where they have not provided 50% jobs for the youths at least. Taxing is not bad if the majority of the people are benefiting from government resources.

Although, it is more of a proportional tax system that the higher you earn the higher you are taxed, and I believe they are still going to continue taxing those who are already being taxed in their records because those are the people they will easily track and those that are in their payroll, like their salary earners, contractors and others doing all sorts of businesses with them.

As for the general public, that's the masses, they are already looking for means to evade the tax regime.

I went to a POS shop and they have already listed non taxable items to be written in the description, incase you want to send them money or they want to send to you.

[Futurexxx]

Unfortunately I can’t find where you stated the benefit of the new tax law in the thread or mentioned anything that has to do with benefit for the tax payers.

Bro, I just weak.
The tax we don dy pay since, wetin Dem don use am do?
I no wan just talk because my mouth no good.

in a working system where the country provides the means of survival than this struggle for daily meal paying tax wouldn’t be a problem at all but the mere reason why we (not all people ) seek to evade the tax is because there is no benefit for the tax payers nor has there been benefit from the countries national revenue, so why would people be proud to pay it?

You don really talk my mind my brother, if our system are working, we dy see light on a steady and our health care center dy alright, who go complain?
No job for we country, but as we wey be citizens create job for ourselves, them wan still tax our small business wey never even stand well, for country wey be saying all the tax them dy take na to enrich themselves and the political elite.

I encourage the avoidance of tax for people who are not living good in this country it will definitely be of help to them, let the government do the necessary with the already generated revenue we can be proud tax payers.

I also support ur sentiment here because I never hear am before say them dy tax poverty instead of surplus.

[casey15]

As much as a lot of us are currently not in agreement with the new tax law, that does not mean we have to look for ways to evade it.  Even as the government has failed to do a lot of their responsibilities, I think it is still proper to do our part as good citizens, not to say that the government can do whatever they like but as a way to show that we are quite different from them.. when you try to evade tax, you yourself are still as corrupt as the leaders you speak against. At least they said a lot of small businesses will not be affected.

[I_Anime]

We all know how it would end even before it started. Just prepare for the pain because this government isn't giving any positive vibes at all. What good are you expecting from a government whose major focus is in winning 2027 elections only?

I understand your point and same time  understand how you feel too (cause I feel same way too) . But the truth is that we are not the only country paying tax like this (yes most of this country are well developed), that’s why we still have to play our role and watch how the government are going to use the money to better the country , but if their   plan is to squander the money , then keeping quite is already sign we have failed as citizens. This country is messed up and is not getting any better , is like even the citizens don’t have say anymore.

One issue am having with this tax is that The government did not provide accountability before introducing the tax. and they came up with such rate to start , and tax are being paid ever since the only different is that now affecting everyone,  to me the rate quite to much for country that’s not even trying at all , no employment, no opportunities just hardship , many businesses are going to take advantage of this that’s the pain in it , not only the government we all have to work on ourselves and stop making profit from others pain.

[Qhunman]

I went to a POS shop and they have already listed non taxable items to be written in the description, incase you want to send them money or they want to send to you.

The government has stated it that adding narration to transfer isn't necessary that no bank account would be automatically deducted for tax. Sounds Strange abi ?ok it's on the news Read it .  It couldn't it be misinformation but I don't trust this government because they might be lying. They are smarter than we think and Nigerians should break the silence because enough is enough.  As for me, all my transactions now goes with narrations because I don't want anything to happen to my money. Misinformation or not, nobody should trust this government they are deceitful and anybody that trusts them is doing so at their own risks

[Rockson1]

I went to a POS shop and they have already listed non taxable items to be written in the description, incase you want to send them money or they want to send to you.

The government has stated it that adding narration to transfer isn't necessary that no bank account would be automatically deducted for tax. Sounds Strange abi ?ok it's on the news Read it .  It couldn't it be misinformation but I don't trust this government because they might be lying. They are smarter than we think and Nigerians should break the silence because enough is enough.  As for me, all my transactions now goes with narrations because I don't want anything to happen to my money. Misinformation or not, nobody should trust this government they are deceitful and anybody that trusts them is doing so at their own risks

It is as simple as you said it, from first till now as I'm writing, I don't fail to describe my transactions e get why, whether our government talk anything wey counter that one e no concern me, we no be mumu so any how wey them want am we dey for them, since them wan kill us finish because of tax, person wey no give you job abi na employment the tax you no be juju be that, I no yo blame them Sha, we the easily adapt to their shit policies and because of that them come the see is like people wey no no anything, person just wake up, come think of something wey him and his fellow political jobers go take extort Nigerians of their hard earned money, bro any person wey trust the government as you talk, the do that one to his detriment.

[Wiwo]

I nor sure say na Nigeria u dey stay many fear na say Dem go pay govt nor go use the money do better thing. You know you're people even if tinubu put 50 naira as tax Dem go add ₦100 for all their product

At least before you come here to make assumptions or play dramas in your head wether and leaving on Nigeria or not, you should at least make a contributions to the discussions instead of just making unconstroctive comments just to fill your posts quarter and activities.

Next time put efforts to contribute something good, tax is everyone business regardless of where you from as long as you are a Nigerian you need to pay tax.

Bitcointalk Community is a wide place with people of various interests and characters, this is why we need proper alignment, awareness on new government policies that have direct impact on out daily weekly life's.

[Agbe]

I have have not really gotten the full details of the new tax law so I no dey conversant with the tax matter now. I still dey do transaction without narration. And I come dey see say the #50 wey the bank dey cut steady, e no dey again. Someone send me #40k dis morning, I no see the #50 deduction again. I don't know dem go accumulate am till the Month end and cut am take. I am really lost in tbe new tax law. But I go find am out later. I never really ready for them.