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Nairaland Forum / Nairaland / General / Politics / FG To Increase VAT To 10% (24138 Views)
Adeosun: 55% Of Nigeria’s VAT Is From Lagos / IMF Loan Wahala Continues: VAT To Double To 10%!! / FG To Increase VAT From 5% To 10% (2) (3) (4)
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Re: FG To Increase VAT To 10% by Happiness87(f): 10:52pm On Aug 07, 2015 |
BlackBaron:you are a fool. a very big one at that , show me your your tax records, idiots you dont even know that companies add all taxes to cost of production, hence it falls on consumers. you are very silly, not to know that every item you purchase the VAT has already been added. Did UAE become rich over night?? what did they use to develop their cities?? How do countries without oil survive?? I'll pass, you are just try to expose your stupidity 1 Like 1 Share |
Re: FG To Increase VAT To 10% by Nobody: 10:54pm On Aug 07, 2015 |
Tinubu-nomics unfolding gradually |
Re: FG To Increase VAT To 10% by Brightology2(m): 10:55pm On Aug 07, 2015 |
Mitchew EgunMogaji: |
Re: FG To Increase VAT To 10% by londoner: 10:56pm On Aug 07, 2015 |
januzaj: Lol you mean like voting a Buhari more than once? 2 Likes |
Re: FG To Increase VAT To 10% by Nobody: 11:00pm On Aug 07, 2015 |
Happiness87: I am not the guy you responded to but... 1.UAE is rich because they diversifed their economy into financial services, and trade. 2.Of course....they earn a lot from oil. They produce 800000 more barrels per day than Nigeria. But as oil price is dropping...they are behaving like Nigeria....by drafting new tax laws....see here:http://english.alarabiya.net/en/business/economy/2015/07/02/UAE-to-finish-drafting-corporate-tax-VAT-laws-this-quarter.html 3.Countries without oil are roughly in two groups. A) Those who are dependent on another resource...eg copper, gold, platinum, etc. B) Countries that are industrialised , and have strong innovative economies. (Norway is an example of a country that is oil producing and industrial). Nigeria....must go for industries. Even at $140 per barrel.....our population is too high.(UAE has 8 million people. Nigeria has 170million). |
Re: FG To Increase VAT To 10% by BlackBaron: 11:03pm On Aug 07, 2015 |
Happiness87:You are beginning to give answers to your stupidity Now we hope that you'll continue to gain knowledge and would go on to acquire a decent education (your current education has been inadequate) of how nations work. Not just what the Kardashians did or what the latest bodycon trend is. |
Re: FG To Increase VAT To 10% by watchindelta(m): 11:03pm On Aug 07, 2015 |
All d tins we dey pay 4 in dis country I no dey see d head n tail. Even light 4 my end na me no see! n na raining season we dey so, dat means dry season name die oh |
Re: FG To Increase VAT To 10% by hedonistic: 11:04pm On Aug 07, 2015 |
This Daura D.ullard would soon begin to receive the wrath of Nigerians. Shebi Yar'Adua tried to increase VAT soon after he became president, only to rescind the decision after Nigerians showed him pepper. Buhari the Dullard promised heaven on earth during the campaigns... The so-called change. Shebi that was why he easily deceived his fellow abokkis in the North and their oily slaves in the South West. Let us see how much longer his goodwill will last if he implements these kinds of obnoxious policies that impoverish and immiserate the daft Nigerians that voted for him. 1 Like 1 Share |
Re: FG To Increase VAT To 10% by Nobody: 11:06pm On Aug 07, 2015 |
janus05: No.....just what happens in a resource dependent country when the prices of the resource drop. Taxes go up. We have been down this road before. So....unless you want us to go to the IMF to take a loan(been there, done that, hurts a lot).....better pay more taxes. 1 Like |
Re: FG To Increase VAT To 10% by Nobody: 11:09pm On Aug 07, 2015 |
hedonistic: So, you want us to pretend that oil is still above $100 per barrel.? Besides....if the economy had been transformed by PDP as you PDP followers claimed....we won't be in this mess...and Buhari wont be in charge. What is happening is what happens in a resource dependent society. When the price of your resource falls....you raise taxes....or go cap in hand to IMF to borrow money. Thanks to your PDP's fiscal indiscipline of the last 16 years....we are here today. Anyway....Buhari must get us off oil .......or he is a bad leader. 1 Like |
Re: FG To Increase VAT To 10% by Happiness87(f): 11:11pm On Aug 07, 2015 |
bushdoc9919:so Nigeria cant diversify the economy or we dont have solid minerals, Do a survey on our solid minerals and you will be surpised what Nigeria has in every state. note the cost of exploiting these minerals are far cheaper than Oil exploration. Chinese, Lebanese and Indians are exploiting the solid minerals free, and nobody is doing anything about it. Nothing stops Nigeria from becoming industrialize if the political will is there. PS: am not against taxes, but increasing VAT now is wrong, Increasing VAT does not guarantee that good roads will be built or facilities will improve. National Assembly Budget alone is more than many states. How many people consume that kind of money and leave millions of Nigerians hungry. VAT will continually be used to pay salaries and allowances of political office holders, it will not translate to meaningful development, while the masses will continue to suffer, thats my point. |
Re: FG To Increase VAT To 10% by Nobody: 11:12pm On Aug 07, 2015 |
BlackBaron: All ah see in ur post is daftness redefined. |
Re: FG To Increase VAT To 10% by JustKeen(m): 11:12pm On Aug 07, 2015 |
SenseiX:This is a knee-jerk policy IMO. Low oil prices wouldn't have posed much challenges if the Nigerian Government at all levels isn't utterly profligate. The country is riddled with numerous issues militating against industries and production, plus unemployment is on the high and you think its the right time to increase VAT. Let PMB patch up the numerous holes from which the national treasury trickles away for starters, not VAT Increment |
Re: FG To Increase VAT To 10% by Happiness87(f): 11:13pm On Aug 07, 2015 |
BlackBaron:you are stupid , very stupid. It is VAT that is sustaining them abi idiot, dont quote me again to spew gibberish |
Re: FG To Increase VAT To 10% by Nobody: 11:16pm On Aug 07, 2015 |
Happiness87: Yes...I know Nigeria got solid minerals. But...we should be using them for industrial development. Selling them is another form of resource dependency. Prices crash too. (Ask Zambia about its copper romance). Nothing stops Nigeria from becoming industrialize if the political will is there. You Nigerians would also have to accept there is no national cake and work for the kudi. PS: am not against taxes, but increasing VAT now is wrong, Increasing VAT does not guarantee that good roads will be built or facilities will improve. Unfortunately, Nigeria does not have enough money.(That is why corruption is so painful here...they are stealing from a treasury that does not have enough to begin with).And thanks to the drop in oil prices.....the tax increase is necessary. And we are after all dependent on oil. I expect diversification.....but I also have prepared my mind for austerity. After all.....we were down this road before. In 1982...oil prices crashed. By 1986....we were on the SAP drug. 1 Like 1 Share |
Re: FG To Increase VAT To 10% by Happiness87(f): 11:23pm On Aug 07, 2015 |
bushdoc9919:am not against taxes, but VAT now is no no !!! the president can use this period to fix some sectors , VAT can be increased in 5 years time not now. All the money we have is used to pay salaries and I promise you , that is where the VAT is going. Its will not translate to any meaningful development, only the masses will be suffering. Get ready for Labour Union strikes |
Re: FG To Increase VAT To 10% by Kingspin(m): 11:24pm On Aug 07, 2015 |
This is one of the few politics that takes effect within 24hrs of announcement but when it come to what will benefit Nigerian people it never done and even when they do Nigerians dnt benefit the elites does. As far am concern Nigeria is not changing for anything except we plan and restructure the country togather, as it stands now Nigeria have no common direction and future. |
Re: FG To Increase VAT To 10% by Nobody: 11:33pm On Aug 07, 2015 |
10% VAT? Hahahaaha Buhari want to kill us finally 1 Like |
Re: FG To Increase VAT To 10% by hedonistic: 11:36pm On Aug 07, 2015 |
bushdoc9919: Raising taxes across board is not a magical solution to the problem of dwindling government revenues, especially in an unproductive economy such as Nigeria with high poverty and unemployment rates and low purchasing power. For a government that knows what it is doing, there are more intelligent and creative ways to boost revenues rather than simply plucking the low hanging fruit by raising taxes - which any daft Dullard can do. How about slashing the overbloated recurrent expenditure? How about blocking the drain pipes and loop holes through which billions (if not trillions) are lost to inefficiencies and misappropriation annually? How about raising taxes on LUXURY goods and services so that the masses would not feel the effect? 1 Like 1 Share |
Re: FG To Increase VAT To 10% by Nobody: 11:40pm On Aug 07, 2015 |
JustKeen:My p®oblem is not really the increased vAT but the fact that revenues gÉnerated from the VAT will be used to "settle" the elite while the masses bear the heat. 1 Like |
Re: FG To Increase VAT To 10% by Happiness87(f): 11:44pm On Aug 07, 2015 |
barcanista:that's the point, the revenue will be used to pay allowances of political class, it will not translate into any meaningful development. VAT will not solve our financial crisis, there are better alternatives for the time being. |
Re: FG To Increase VAT To 10% by CR77(f): 11:45pm On Aug 07, 2015 |
E-ewa Brightology2: |
Re: FG To Increase VAT To 10% by Nobody: 11:50pm On Aug 07, 2015 |
Happiness87:My Dear, this Buhari man and his Tinubunomics. Him Buharinomics/Emefielenomics don fail am. On a serious note the FG has no plan to even be productive 2 Likes |
Re: FG To Increase VAT To 10% by Nobody: 11:57pm On Aug 07, 2015 |
barcanista:Was the FG productive a year ago? |
Re: FG To Increase VAT To 10% by TMILewin: 11:59pm On Aug 07, 2015 |
2rutalk1: A more preferable solution to this is to seal up all VAT leakages in the country that is capturing more firms in the informal sector and mandating them to pay taxes. With this the 5 percent rate would be more than enough to boost revenue. However the govt tried raising tax on may 24 2005 but it backfired and was reverted by june. History might as well repeaet it self |
Re: FG To Increase VAT To 10% by TMILewin: 12:07am On Aug 08, 2015 |
barcanista: Looking at other countries were the VAT system is praticed NGA remains the only country with the lowest rate of tax standing at 5 percent. However in other African countries were this is praticed att a rate well above 10 percent their economy seems to blossom. Therefore VAT increase is a nice idea but not the best idea. VAT leakages correction is the best move for the government at this point |
Re: FG To Increase VAT To 10% by Nobody: 12:23am On Aug 08, 2015 |
TMILewin:The problem is not about the VAT but rather where revenue generated from VAT will go to. We aren't a productive society and no sign of productivity yet. |
Re: FG To Increase VAT To 10% by Nobody: 12:34am On Aug 08, 2015 |
See what our stooooooopid bad and greedy blood-thirsty past leaders have all caused to this nation. GEJ tried to revive this country but the load was too much for him. I pray God's grace on PMB to scale thru. E no go better for those past wicked baggazz. |
Re: FG To Increase VAT To 10% by Cholison(m): 12:40am On Aug 08, 2015 |
This man is plotting to being down this government. We loudly say NO No No... |
Re: FG To Increase VAT To 10% by Nobody: 1:04am On Aug 08, 2015 |
Happiness87: During Obasanjo regime, he increased VAT I think to 7%, immediately call rate doubled, every little thing doubled. It was a nightmare. 10% VAT for 18500 minimum wage is a crime. 10% on VAT 10% on Tithe Plus the real tax. We have to be realistic, it's evil! Besides, I don't trust all these politicians, OBJ, GEJ and PMB are all the same. |
Re: FG To Increase VAT To 10% by Nobody: 1:10am On Aug 08, 2015 |
Freemanan:I don't have any love for GEJ, but we need to focus on who got the job now. Whatever GEJ did, either good or bad it doesn't matter. PMB told is he can fix it, so we put him in charge. He can resign if the workload is much. Selfish leaders! I must rule, I must rule! Now you're ruling |
Re: FG To Increase VAT To 10% by Nobody: 1:34am On Aug 08, 2015 |
Brightology2: Your response denotes your level of intelligence. |
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