Nigerian Government doesn't care about your silly internet money

Nigerian Government doesn't care about your silly internet money

By belemo | belemo | 3 Feb 2021


I was reading one of @edicted's posts about tax and generally how the feds have them by the balls in the USA. Unlike the USA, Nigeria has no such tight grip on our genitals and around here, it is a bit like the jungle.

How I see it, tax is used to improve their society. Generally speaking, countries with advanced taxing policies and mechanisms are higher up the economic scale. Just like the USA, Australia, UK and numerous other advanced countries have to pay taxes for literally any money that goes into their bank account and then some on gains made from trading, purchases, etc.

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In Nigeria, we have a distinctly different circumstance in terms of taxes. As far as I can tell, only businesses and entities with physical structures or offices have to pay tax. So this means Vehicle owners, government workers, retailers, transport service providers, restaurants and all those types of businesses pay tax.

I've been around crypto since December of 2017, and I'm not aware of any direct taxing system for any gain I make through trading or selling coins. The banks take a cut through minor charges and stamp duty but I can hardly call that tax and it is fixed, rather than in the percentages I see being thrown around by people in other countries.

It is not a case of outsmarting the system or anything elaborate. It is just that the system doesn't acknowledge me or my means of income as an event that is taxable. There are no specific laws given to banks about people that trade crypto and so I have the freedom to move moderate sums of money($2000 or less) through my account without raising any eyebrows.

I'm also not offered any sort of protection by my government in the event of any breach of agreement but that's actually a good thing. Everything the government touches turns to shit, and if they decide to meddle, we'll all just get drowned in useless paperwork that often ends with someone being bribed.

Anyway, the government has a hands-off policy on cryptocurrencies; thus it is neither legal nor illegal. They basically said "it is your business, we don't care", so that means whatever comes of it also isn't their business. This also means that I can move funds below the $2k(1 million Naira) for a savings account without having any problems.

Thanks to this oversight(or shortsightedness?) by the government, it is very easy to be a crypto millionaire/billionaire as a Nigerian citizen. All we do is take money, throw it into an exchange and then trade. There are no tax records, bank records, or explanations to give to any IRS. They literally don't care about your silly internet money and just want to focus on stealing public funds printed by the central bank.




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belemo
belemo

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