Dear Crypto bros,
This is how the Finance Bill 2023 will affect your crypto/digital assets.
If you're always posting your wins on social media, better know that the tax man will use that as proof and will make you pay tax on those gains.
There's more...
This is how the Finance Bill 2023 will affect your crypto/digital assets.
If you're always posting your wins on social media, better know that the tax man will use that as proof and will make you pay tax on those gains.
There's more...
The Finance Bill 2023 will take effect from 1, May 2023 tentatively.
The part I refer to is the Capital Gains Tax.
- Gains arising from the disposal of digital assets including your meme tokens, shit coins, and ponzi tokens will now be taxed at 10%.
- You made $20k on the
The part I refer to is the Capital Gains Tax.
- Gains arising from the disposal of digital assets including your meme tokens, shit coins, and ponzi tokens will now be taxed at 10%.
- You made $20k on the
last trade you posted on twitter? Great, you owe IFRS $2k of that money.
- You made N50m on the NFT you shilled to your community, then rugged. Nice! You owe the government N5m.
But it's not all bad.
In fact, it's good news for majority of the people since 90% of people
- You made N50m on the NFT you shilled to your community, then rugged. Nice! You owe the government N5m.
But it's not all bad.
In fact, it's good news for majority of the people since 90% of people
actually make losses and not gains trading crypto.
This one is for the ruggees.
- Capital losses arising from the disposal of chargeable assets can now be deducted from capital gains on the same type of asset. I.e your shit coins and ponzi tokens & Bitcoin. And you can carry
This one is for the ruggees.
- Capital losses arising from the disposal of chargeable assets can now be deducted from capital gains on the same type of asset. I.e your shit coins and ponzi tokens & Bitcoin. And you can carry
forward that those losses for a period of 5 years from when the loss occured.
In simple English, if you have more losses than gain, you can use the losses to write off the gains and carry forward the balance incase you get rugged again next year.
This means being a terrible
In simple English, if you have more losses than gain, you can use the losses to write off the gains and carry forward the balance incase you get rugged again next year.
This means being a terrible
trader now has its advantages.
You can use your losses to offset the win. So better be thankful to your idolo for rugging you.
They saw the future and helped you.
- Finally, the tax doesn't get charged until you actually close the position and realize a gain/loss.
You can use your losses to offset the win. So better be thankful to your idolo for rugging you.
They saw the future and helped you.
- Finally, the tax doesn't get charged until you actually close the position and realize a gain/loss.
So, if you're fund of posting your gains online, be calculating your tax too because tax evasion carries a sentence of 3 years.
You don't want to go from Idolo rugging your followers to somebody's prison bitch.
You're welcome.
You don't want to go from Idolo rugging your followers to somebody's prison bitch.
You're welcome.
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