So it was a rude shock recently when we were informed in the office that the new Personal Income Tax Act has been signed into Law and that we would have to pay more tax. I must readily add that I am no tax expert but what I know is that my income has been seriously affected by this new tax regime. Folks at work are not finding it funny at all.

So I would like to know if anyone out there is similarly affected. If it is possible, any poster with good tax knowledge on here could help us break down this new Personal Income Tax (Amendment) Act 2011 so we can all get the gist.

Thanks.

hello there.................................
well am no tax expert either but one thing is certain the govrt will continue to increase tax; you know why cos thats what they do.
the goverment does four thing
1..spend money
2..increase tax
3..lower or increase interest to expand or contract the economy
4...and spend more money.

personal income tax is the highest tax and there is nothing you can do about it,but you can hedge by incoporating a business then you begin to enjoy certain tax benefit..............

let me show you your cashflow if you're an employeee
say you earn 10naira these how your money flow
1...some % to the government in form of tax
2...some % to the banker in form of pension
3...then the remaining to you.

but if you own your company
say you made 10naira
1...pay your company(asset) first by reinvesting
2...pay yourself(salary,house allowance,fuel allowance,children school fees,light bill,vacations,etc)
3>>pay your staff
4...pay the govern and mr banker....
these a rough overview of how it works.....

will you like to hedge,will you like to ride the tides of a cooperation tax advantage to wealth?the choice is yours