A man, known on X as @QuantUMYTE, has gone public with his personal experience after making his first financial transaction in 2026.
This came amid concerns and reservations about
the new tax laws that the
federal government implemented.
According to @QuantUMYTE , he sent someone N20k and expected to be taxed or a deduction of N4k, but neither of those happened.
He condemned the widespread misinformation about the new tax laws on social media and advised netizens to always verify any information concerning the tax laws.
“Just made my first transaction in 2026.
“₦20k sent, no 20% tax, no ₦4k charge.
“A lot of misinformation online always verify.”
@GIbadin said:
“Your tax is paid at year end. So if your cumulative salary is more than 800k, you will be subjected to tax.
“Besides the tax, now if you transfer funds of ₦10,000 and above, Tinubu will deduct ₦50 from the sender and ₦50 from the receiver. If the receiver then sends ₦10,000 to another person, ₦50 is deducted from the sender (This is in addition to the ₦50 the receiver already paid), and the new receiver pays another ₦50, with the cycle continuing. This is robbery.”
@EniolaShodeinde said:
“That’s isn’t how it works, you get taxed as an individual after you exhausted the 800k threshold yearly for personal account, and by end of the year your cumulative will be known.”
@wisdomthefunds said:
“I keep wondering if they will take me even if i make transactions way over 800k this year.
“I thought it was just for salary earners. I don’t just get this thing yet.”
@kenjith3creator said:
“Do you think they’ll be deducting it as you’re transacting lol?
“It’s a cumulative thing, when you file your taxes.”
@laide0 said:
“So you actually believed 20% of your money would be deducted from any amount you sent or received?? Wow wawu wawest.”
@toyosialliowe said:
“20% kheee.. No naaa. You have a threshold of 800k taxfree. Then the tax starts and gets progressive as your income increases.”
@joshua_pharmd said:
“It’s not per transaction though. And yes, it’s for income.
“Now I wonder how they’ll know how much you earn if you’re not a worker under the government. Exception to the businesses that pay taxes because they declare how much each staff earns.”
In a now-viral tweet on X, the lady displayed the total bill for her recent purchase, showing that she was charged 7.5% VAT.
In the comment section, she added that the seller informed her that the VAT would not have been added to her bill if she had made the purchase on December 31, 2025.
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