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RE: SEC-S18W1 | Celebration of Global Pizza Day 🍕| My Pizza My Choice |
Paying 32% income tax for crypto transactions is too much. In Nigeria, such a type of tax is for capital gain for manufacturing companies. With such a rate, people will avoid trading cryptocurrency.
Hey @josepha I know you love eating pizza!
Sure sir, I love eating pizza and I must say that the pizza you have prepared is the kind of pizza that I like eating. Thanks for the invitation and I am sure I am going to honor this invitation one day. Success to you.
I pay more than 32% on my additional income but in India, all crypto transactions are taxable even if a person has no other income of not even in tax slab. That's one of the reasons too few Indians join crypto related sites or find a way to avoid tax. Thanks, for rvrything.
Does it mean the tax burden is on crypto users such as investors and traders or just crypto exchanges?
Every transaction by individuals any amount coming from exchanges to bank or any other wallet (which is banned for now), they deduct it from source and send the proceeds to government with no refund to user whatsoever.