I read a news recently, which states that the President of Nigeria, just signed a new Acts (Bill) in to law and this Acts includes the Personal Income Tax (PIT). Here is the headline;
Individuals earning NGN800,000 or less per annum will now be exempt from tax on their income and gains, while higher income earners will be taxed at a higher rate up to 25%.
This means that most of us here and the masses in Nigeria will be paying 25% tax to the government soon, as long as you earn something good above 800k (Naira) per year!
Here is the catch: After reading this I thought of it as an opportunity for bitcoin, as long as you're not using an exchange or personal bank account you will not be charged or taxed because there is no much income in (fiat) naira coming into your bank account at the end of the year, so I thought of it as an opportunity for bitcoin P2P usage in Nigeria.
Individuals who deal with bitcoin can basically transact without using fiat and the real use of P2P in bitcoin will be activated if Nigerians choice to use it wisely and the 25% tax will not be a big deal for us.