I support higher tax revenues but not higher tax rates.

Nigerias company tax rate is 32% if you include the education tax of 2%. In the OECD countries, the tax rates average around 25%.

India discovered a lower tax rates led to higher tax revenues. Tax compliance rates rose with lower taxes. I feel the government should reduce company tax to 12 5% inclusive of education tax of 2%.

This will note only boost the tax base, it would also encourage massive investments which would transform the economy.

Nonsense IMF

JuanDeDios:

High taxation is NOT a bad policy - I'm not sure why people think it is. The European countries our people run to have high taxes. The problem is that the vast majority of our people are poor and you can't tax the poor . So we have to find another route to economic growth and development so that our people can be empowered. Oil is our natural route but that has failed, partly due to massive corruption .

That means we must increase productivity by removing the bottlenecks that hamper industry. Yes, we must look inwards. But if someone is trying to keep us poor, this advice doesn't necessarily amount to that .

Fine points.

The fate of the weak is always to be plundered.

It'll be difficult as there's no goal or ideology to get better to work with. And the pretenders in charge of affairs in the continent are simply managers of their bosses business.

abhosts:
As if higher cost of living is not bad enough. Now I understand why a bible says: "Just as the rich rule the poor, so the borrower is servant to the lender". IMF is dictating cruel policies to nations that go to them for help.

What's your solution?

JuanDeDios:

They're not "cruel". These policies have actually worked in Asian countries. Africa is a different matter because of low productivity.

And that is where the cruelty comes from , they are well aware of the low productivity in African countries yet want they want their governments to impose higher taxes on their citizens

soccerlite:



Some of you just hear one political gribbish someone and resound it

Which tax gangan are a lot people not paying

Many people collect rent and don't pay a dime on it. I have 3 properties and I don't pay shi shi

ogododo:


https://dailypost.ng/2023/10/14/imf-proposes-higher-taxes-as-solution-to-nigerias-fiscal-challenge/

That is to set the country on fire.
Higher taxation on top of inflation induced by poor governance in response to structural changes?
And then you begin to hear of billions stolen by government officials...?

Any taxation government proposes to harvest must be on the back of what the government has been able to seed in the form of job creation, business expansion and economic liberalization.

Reverse the trend of job losses, reverse the trend of business bankruptcies and you have increased revenue automatically.
Then there are large swathes of potentials trapped in the structure of state where the Federal government and its agencies hold monopolies. The so called 'exclusive list' is more like a jury presentation of 'death to the economy'.

When economies are in a crises resources flow to the sectors of higher efficiency. Governments are deliberately made smaller, not larger by increased funding. The private sector is always the engine of economic recovery anywhere and should be aided at times like this, not bled to death.

Make Una Kuku carry us go sell for international markets

nairalanda1:


1Sri Lanka did not take IMF advice, that's why they are a mess

2.Singapore has a high enough GDP that they can tax it minimally..and earn a lot of money (and they are a very tiny country). Then Singapore is rich because they are the gateway to SE ASIA. Massive tax revenues from all the shipping and trade passing through.

3.South Korea is an industrial exporter. Industrial exporters most of the time never fall into IMF's trap because they can earn far more money than resource dependent countries. Same for China.

4.Most African countries fall into IMF's trap because the price of the raw materials they sell is never where they want it to be, so when prices fall, revenue fall...and loans have to be taken.

Firstly, IMF advised Sri Lanka to tax fossil fuels to boost green energy, increase taxes on virtually everything, privatise government owned revenue generating enterprises which they did albeit with some minor discrepancies. Despite this, the IMF kept demanding more reforms before releasing the major reminder of the agreed loan . The government couldn't cope as the first set of reforms already caused jeopardy to both government and the people. This led to even the president absconding when things got heated. South Korea, Singapore, and Taiwan have a long history of shunning external (western) financing during their development years as it tends to slow down the pace at which they want to move due to its weird requirements. China follows suit later in the future

Abi won s'epe fun awon guys IMF and Worldbank yi ni

What's your own about Nigeria gan sef??!

Anyone needs a soothsayer to know all these textbooks economic and financial principles and laws don't work for Nigeria

We need generic home grown solutions to our problems...not all those laws of demand, supply, price elasticity, equilibrium, scarcity, wants and those know laws wey dey work for other countries.

Nigeria is Unique...our market behaves as if e get legions of evil spirits controling am..so, those laws no dey work here..abeg!

Vision101:
When experts talk the ordinary people should listen. Our revenue to GDP ratio is very low. Our income tax to GDP ratio is very low. Why have we been having budget deficits. The answer is funding gap.

The gap can only be filled with either loan, ways and means or taxation. We don't want further loan and ways and means therefore more taxes and alternative sources of revenue must be found.

The lowest fruit is tax. A lot of people in the informal sector don't pay direct tax. A lot of rich Nigerians don't pay their true tax. How many Nigerians pay capital gains tax and capital transfer tax for all the properties that we sell?

The era of petrodollar has gone that's why subsidy has to be removed. Our naira has been artificially overvalued because of petrodollar. Our productivity doesn't match our lifestyle.

Recently the UK was looking for how to find money for some social needs. They decided to find it through increasing charges on immigrants. That's how governments are ran. Government must find money somewhere to fund provision of social needs.

What we should be asking for should be reduction in cost of governance, corruption and optimal usage of resources. None of these will take the place of the above.

Tough and unpopular decisions are required to win back our economy. People are busy wasting time on ordinary paper called certificate.

I don't envy president BAT.

Why doesn't government start by a more efficient budget.
Why doesn't it start by trimming its fats as an act of good faith.
We have been talking about the cost of governance for decades.
A nation this poor does not need a government this large.
And I will continue to say this.
The first casualties of a man that loses his job are his personal aides.
He drives himself and cooks his food. He doesn't employ more helps.

This government to the best of my knowledge has totally avoided the economic issue of the soaring cost of governance and if the citizens are saying there is a disproportionately high volume of resources going to government ( a government which bloats by the day) then there will be a serious flash point ahead.

ogododo:


https://dailypost.ng/2023/10/14/imf-proposes-higher-taxes-as-solution-to-nigerias-fiscal-challenge/

That man is not being honest he should’ve ask what is the salary structure of the average Nigerians that’s not up to $35 dollars monthly in minimum wage, when they hear Nigeria is 200m+ they think things are really working in Nigeria just kuku kill our people because you wan stabilize Naira, the same IMF couldn’t check the records of the past PDP govt for 16yrs how they managed to stabilize the country economically to make sure nothing affects the common man, the current devaluation of Naira is due to government useless economy policies mismanagement of funds and corruption

The only idea that is inside an average yoruba person skull is how to tax people (owomida) see as him head be like pressing iron..cursed tribe

nairalanda1:





Let me start by telling you about a doctor I know who is very intelligent and won't jakpa to the UK because, as he put it, in the UK, the tax rate is such that they will take half his salary in tax before he even thinks about take home

US, UK Europe, all of them...PAY HIGH TAXES. Infact in the USA, there are many people of all races and colors and walks of life who are either in jail or being prosecuted by the government for not paying their taxes. I have mentioned UK. Then there is Germany. The higher your income band, the higher your tax rate..as much as 46%. Denmark is just as bad as UK...they get free education and health there, but in return, half your income goes as tax to government

All of those UK , US, Europe,....all of them PAY HIGH TAXES. In USA...if you own a house, they would collect tax from you. (Like one woman who owned one bedroom flat. Na 1200 Dollars dem dey collects from am each month...and the woman's income could not cope.

They have all taken IMF's advice...and that's why most of them have not been IMF customers in years. Last time UK collected IMF loan was in 1979, and they paid it back quick quick. Since then, they have been free of IMF, meanwhile every UK citizen pays income tax, council tax, even tax on television (yes, TV licence...you own a tv, YOU pay it...and that includes even foreigners).


Honestly if your leaders decided to charge you tax the way they do in Europe, you go think say Satan has landed in Nigeria with 200 billion demons to commence torture.

if we get in return what the citizens of other civilised countries who pays gets ,we would be glad to pay because our quality of lives will improve significantly

COMPAQ:


Many people collect rent and don't pay a dime on it. I have 3 properties and I don't pay shi shi

Lolzzzzz

Half education is worst than no education

You better go and dash govt the properties

Wait

With this your fish brain you really acquired 3 properties

Unbelievable

nairalanda1:





Let me start by telling you about a doctor I know who is very intelligent and won't jakpa to the UK because, as he put it, in the UK, the tax rate is such that they will take half his salary in tax before he even thinks about take home

US, UK Europe, all of them...PAY HIGH TAXES. Infact in the USA, there are many people of all races and colors and walks of life who are either in jail or being prosecuted by the government for not paying their taxes. I have mentioned UK. Then there is Germany. The higher your income band, the higher your tax rate..as much as 46%. Denmark is just as bad as UK...they get free education and health there, but in return, half your income goes as tax to government

All of those UK , US, Europe,....all of them PAY HIGH TAXES. In USA...if you own a house, they would collect tax from you. (Like one woman who owned one bedroom flat. Na 1200 Dollars dem dey collects from am each month...and the woman's income could not cope.

They have all taken IMF's advice...and that's why most of them have not been IMF customers in years. Last time UK collected IMF loan was in 1979, and they paid it back quick quick. Since then, they have been free of IMF, meanwhile every UK citizen pays income tax, council tax, even tax on television (yes, TV licence...you own a tv, YOU pay it...and that includes even foreigners).


Honestly if your leaders decided to charge you tax the way they do in Europe, you go think say Satan has landed in Nigeria with 200 billion demons to commence torture.

Nonsense

I don't argue with fish 🎏 brain

ogododo:


https://dailypost.ng/2023/10/14/imf-proposes-higher-taxes-as-solution-to-nigerias-fiscal-challenge/

These guys are funny, they have successfully gotten Pres. Tinubu do their bidding by removing fuel subsidy and floating the naira against dollar, now they want him to increase taxes, straight to hell for Nigerians.

These policies are first world country kind of policy, not even suitable for emerging economies.

Rogue politicians will steal and the poor masses will be taxed to repay the debts. God forbid this nation.

Our leaders have sold us into the hands of these globalist devil's. They will never allow Africa to be truly independent. China has broken off from their stranglehold look where they are today but see African leaders foolishly mortgaging the future of the countries. The Structural adjustment rubbish is what killed us but our foolish leaders never learn.

All IMF policies are meant for more hardship in 3rd world countries.

Stupid man.All this foreign bodies are happy with the hardship Nigerians are facing.
They are misleading our leaders to make policies that will cause suffering on purpose

How can people whose economies are tanking advise us on how to save our own? Bleep the IMF!

YES,HIGHER TAXES FOR THE MONEYBAGS THAT COULD AFFORD THE USE OF PRIVATE PLANES!NOT THE POOR MASSES!!

Useless IMF...as if the suffering we are undergoing is not bad enough

😆😀😀higher taxes abi but who will collect the taxes we don't trust our govt officials ooo.

Increase manufacturing capacities, promote and sustain security of lives and properties, encourage subsistence farming and empower farmers, create massive government plantations across all six regions and ensure borders are open but carefully controlled with good excise duties....and trust me, the economy will gradually rebound favourable

soccerlite:



Nonsense

I don't argue with fish 🎏 brain

Thanks, and good evening.

Have a pleasant rest of the year.

surgical:
if we get in return what the citizens of other civilised countries who pays gets ,we would be glad to pay because our quality of lives will improve significantly

The problem is, our tax revenue is too low to even build one eight of what citizens in 'civilised countries' enjoy. The oil revenue which forms 80% of our total revenue is enough if we just had 2 million people, not the 200 million plus we have. (and even if you dispute it, we have at least 100million people in this country)

We need money now. 70% OF Nigerians do not pay tax to federal and state coffers. If not tax, then all we have left is to take another loan...which means we get into IMF's traps even more

The demon called IMF is generously offering us a way out of its captivity. We better take it.

victory36:
Firstly, IMF advised Sri Lanka to tax fossil fuels to boost green energy, increase taxes on virtually everything, privatise government owned revenue generating enterprises which they did albeit with some minor discrepancies. Despite this, the IMF kept demanding more reforms before releasing the major reminder of the agreed loan . The government couldn't cope as the first set of reforms already caused jeopardy to both government and the people. This led to even the president absconding when things got heated. South Korea, Singapore, and Taiwan have a long history of shunning external (western) financing during their development years as it tends to slow down the pace at which they want to move due to its weird requirements. China follows suit later in the future

And Sri Lanka ended up in loans because 1) it was a resource dependent country that 2) had low tax income.

If you want to be free of IMF loans...1) be an exporting industrial country 2) get most of the taxable people to PAY TAX.

jacobs2015:
It's obvious the major sinister motive of all these western agencies is to impoverish, dehumaize and render Africans redundant, hopeless and helpless.

America's World Bank advised our govt to remove subsidy and like a magic, the economy would bounce back, knowing fully well that lack of funds was never due to subsidy payment, but just to make life harder for us.

Now the twin sister of World Bank is telling the FG again to increase taxation as if the consequence of subsidy removal was not enough, now encouraging the govt again to implement another hardship advice.

No international agency has the genuine progress of Africa at heart. All is smokescreen with stupid analysis to bamboozle us.

Actually, the IMF wants us to develop well well.

But the problem is, we run economies that are dependent on poor sources of income. We sell raw material X whose price is not set by us, and which 100 other countries are also selling, meaning prices crash.

And when the price crash, we have no option but to take loans.

The honest truth is that IMF wants us developed, because a poor impoverished Africa means more black immigrants coming to the West, and eventually costing the West too too much money, and also fuelling the rise of far right parties...which the elite do not want.

It is in their interest for us to be profitable.

The IMF is telling us this because 70% of taxable Nigerians DO NOT PAY TAX to the government, and because 80% of our income comes from oil, whose price can be over 100 dollars per barrel today, and below 20 dollars per barrel tomroow..meaning we have to borrow to pay for revenue shortfalls...which is how we end up in the hands of IMF in the first place.


Let's face some hard truths. Either we pay more taxes, all of us, or we keep on having to take loans from IMF because oyel prices are not high enough for us.

Reference

Why doesn't government start by a more efficient budget.
Why doesn't it start by trimming its fats as an act of good faith.
We have been talking about the cost of governance for decades.
A nation this poor does not need a government this large.
And I will continue to say this.
The first casualties of a man that loses his job are his personal aides.
He drives himself and cooks his food. He doesn't employ more helps.

This government to the best of my knowledge has totally avoided the economic issue of the soaring cost of governance and if the citizens are saying there is a disproportionately high volume of resources going to government ( a government which bloats by the day) then there will be a serious flash point ahead.



@me
I support your assertion.

JuanDeDios:

They're not "cruel". These policies have actually worked in Asian countries. Africa is a different matter because of low productivity.

point out those asian countries.