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Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 8:43am On Sep 14, 2015 |
This topic is specifically for PassingShot. I hope he understands why there was a reported low revenue in the first quarter of the year. Companies Income Tax Lifts FIRS Collections to N1.19trn in Q2 |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 8:44am On Sep 14, 2015 |
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Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by Nobody: 8:46am On Sep 14, 2015 |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 8:51am On Sep 14, 2015 |
kaboninc: I had argued with PassingShot on this issue and am glad there's a news report validating my story...something which is known in the industry. I must say that it should not be in all discussions that there will be political paintings. 3 Likes |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by PassingShot(m): 9:47am On Sep 14, 2015 |
kaboninc: Business Day Report on increase in allocations to states: According to Business Day newspaper, “the unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing. The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May. http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari/#.Vck2F4Eo7qA And your response: kaboninc: While there is massive increase from target of N81bn to N502bn from company tax, we need to understand why such tax was not envisaged in the first place. After all, it couldn't have been a new development if it's the usual occurrence as you argued. We seriously have to wonder why the target was only N81bn if the said company income taxes have usually come in the 2nd quarter of the year. The gap between N81bn and N502bn is too huge not to wonder why. Or could anything near N502bn have been envisaged/expected and still put the target at N81bn? I am sure no one will answer "yes" to that question. The disparity is just too much! Why not take the analysts further submission which is also in line with the BusinessDay's report into consideration?: While corroborating the accountant-general’s position, the analysts stressed that political will, could have as strong a positive impact.and This, the analysts stated, would suggest that remittances would have been far greater under political pressure to deliver. 1 Like |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 10:16am On Sep 14, 2015 |
PassingShot: My aim for bringing up this topic is to make you understand that company income tax affects government revenues. In your BusinessDay article which - I still stand by my earlier position that it is the writer's opinion - it was said that the government recorded a low revenue and the spike in June, (the first month of President Buhari's presidency) his 'body language' was responsible. I countered that assumption when I said companies do not remit tax (especially companies whose year end is usually either in December or the first quarter) within the first quarter but will do so as from the second quarter. By that time, they would have audited their books. I went on to tell you that lower revenues are usually recorded in the beginning of the year. So President Buhari's 'body language' has nothing to do with it. Secondly, I saw the 81bn as their monthly target and I think it is clear and what is misrepresented was the figure of 502bn as Income Tax. These are my reasons: 1. Going by the report, collecting 757bn for the first quarter translates to approximately 252bn per month although we were not given the portion claimed by the Income Tax as there are other taxes and revenues accruing to the State. So 81bn of 252 is approximately 32 percent. So for the month of June, 32 percent of the average revenue for a month (539bn which was the distributed sum in June going by the link you posted) which is the income tax translates to 172bn - I think any figure within this range is the most realistic and not 502bn. 2. The amount stated as the Income tax received for June was 502bn. I believe that was wrong because going by the revenues generated in Nigeria for several years, the amount within the range of 502bn has been reported as the aggregate figure for all taxes, revenues and collections received within a particular month. They include VAT, Income Tax, PPT, Royalties, revenues generated by the Customs and Port Authority, the income generated by the subsidiary of NNPC and remitted to the Federation's account. So I contest that figure. Again, the purpose of this thread is to make you understand that company income taxes largely affects the revenue generated by the government which in turns affect the cash flow and other projects - capital and recurrent. 1 Like 1 Share |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by PassingShot(m): 10:30am On Sep 14, 2015 |
kaboninc:Just two questions to end this: 1. Are you seriously discarding the findings of BusinessDay's report that "investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing"? If you do, on what ground will you do that? 2. And do you really think I need to be told about the significant contribution of income tax to govt's revenue? You make me laugh bro. |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 11:31am On Sep 14, 2015 |
PassingShot: What findings? We should be talking about tangibles....things like policies, things like action plans, strategic actions already taken place that will see to a visible change and not 'body language'. Taking a cue from the last administration, McKinsey was contracted to assist the government in increasing revenue accruals. That's a tangible step. Electronic remittance was also introduced. That was another step and it improves transparency. These are tangible steps. Tell us one of President Buhari's aside 'body language'. Like I asked, are you saying that the President's body language is responsible for an increase of over 130bn added to the monthly revenue from 'corrupt individuals'? Or maybe you can tell us the various 'transparent reporting method' introduced by BusinessDay since you so hold on to that report. Please let's avoid political and sentimental reasoning when discussing issues like this. You appear as someone who sees every action of this government as correct and even credit this government for things they are not responsible and have even acknowledged not being responsible for it. These mindless discus distracts your President.
Yes sir, you don't. 3 Likes 2 Shares |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by okotv(m): 3:53pm On Sep 14, 2015 |
I also think the appointment of the new chairman of FIRS is a great move. He has done it before and he could do it again. For now though, we only expect an upward increase and nothing more. |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 4:33pm On Sep 14, 2015 |
okotv: Me too...but with time, we shall see how great was the move! |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by okotv(m): 4:38pm On Sep 14, 2015 |
kaboninc:yes o. Cause Buhari promised to improve the welfare of those in the defence section and you know now !!! |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by kaboninc(m): 4:42pm On Sep 14, 2015 |
okotv: I pray soo too brother... But with time, I also pray you ask him about life in the villa.... |
Re: Companies Income Tax Lifts FIRS Collections To N1.19trn In Q2 - Thisday by okotv(m): 4:44pm On Sep 14, 2015 |
kaboninc:Buhari won't run for second term. Life in the villa is always difficult. |
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