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edatika (m)
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The last time, amongst the parting gifts of the former President left for this present dispensation was the increment of VAT from 5% to 10%. Every thing sky-rocketed. It was later reversed, but unfortunately neither transport fare nor price of food stuff etc has come back down. Now the Federal Govt is already telling us, they will increase same come 2009 January. Meanwhile inflation rate is going up already so by end of next year things will have gone up seriously. And by 2009, God help us. http://www.thisdayonline.com/nview.php?id=91867 |
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Seun (m)
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Can't we do anything to prevent this from happening?
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Christino (m)
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I'm afraid we can't do anything this time around, we are at the mercy of the government (as usual).
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lafile (m)
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We can all emigrate to Togo.
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edatika (m)
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this is really unfortunate
Togo ke!!!
as i even heard that VAT in the UK
is less than 5%
we are seriously in trouble in this country
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amaikama (m)
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What left now is for all to carry "G, N"  do u also know madam speaker said she is not resigning from the house? more grease to her elbow and her supporters.  |
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edatika (m)
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What left now is for all to carry "G, N" do u also know madam speaker said she is not resigning from the house? more grease to her elbow and her supporters. this elites don't send us see another link which is even saying VAT is being suggested for 16% and not even 15% they are saying its tax incentive, they will reduce what companies are paying and increase what the consumers are paying because they know they will amke more money, can u imagine http://punchng.com/Articl.aspx?theartic=Art200710102205317 |
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Seun (m)
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There are only two tax incentives that count: 1) No tax. 2) Small tax. Every other "tax incentive" is just an illusion.  |
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IfeanyiO (m)
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There they go again. 5-2-10 now 15% we will survive.But then ,
the major economic indicators is not favourable to the ordinary man on the street. Then why this.
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mekoyo (m)
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What can we do to stop this. Do we just fold and hands and watch?
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amaikama (m)
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mekoyo! what do u suggest? every body is afraid to die. while they are all dieing silently and psychologically too. what a shame I tell you had it been our fore-fathers who first put this country in one piece where alive to see what is happening, they would committed suicide. This was never what they all labored for? . it a shame i tell you. |
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rexfx2
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IT IS OFTEN SAID THAT WHEN THE POURPOSE OF A THING IS NOT KNOW, MISTAKES ARE INEVITABLE.
WE HAVE LEADES THAT LACK THE KNOWLEDGE OF THEIR PORPOSE NOT ONLY ON EARTH BUT ALSO IN POWER AS A PRESIDEN AND HENCE OUR PREDICAMENT.
2 ME D ONLY THINK WE CAN DO IS MAKE D BEST OF WHAT WE HAVE AND WHERE WE ARE NOW IN TERMS OF SINCERITY, CONSTANT DEVELOPMENT OF OURSELF AND A RESOLVE TO UPHOLD OUR INTERRITY AT ALL TIMES.
IT IS ONLY WHEN WE MAKE THIS A HABBIT AND GENERAL ATTITUDE IN LIFE THAT WE WOULD BE ABLE MAXIMISE WHATEVER POSITION/CIRCUMSTANCE WE FIND OURSELF IN IN THE FUTURE.
WOLE SOYINKA SAID HIS GENERATION FAILED NIGERIA, OURS IS A DIFFRENT GENERATION AND WE CAN DO THE BEST AND BRING THE BEST OUT OF NIGERIA IF ONLY WE ALL RESOLVE NOT 2 WEAR THE SHOES OF OUR "FATHERS".
NIGERIA HAS A GREAT FUTURE!!!
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amaikama (m)
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rexfx2! the only way out of this predicament is violence not to does who are hungered and thirst but to does who said Nigerian should not inherit what the land brought forth. to does who think their family alone make up Nigeria. That the only way we can survive as it is now and if you are thinking of change without violence, forget it nothing will ever work. you can see for your self what is happening in the national assembly. madam speaker said she is not resigning. bluntly said that with good confidence.  If it was an advance country such thing is happening or even some African country, you would have seeing the repercussion of her statement. she would have been forgotten by now. |
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Princesege (m)
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There are two ways of registering our displeasure over VAT increase.
1. We need to mobilise ourselves in different local govts and states and set up an on line petition just like Seun has started doing. This may at the long run work because the polls results will be visible all over the world and our leaders may for that reason respond.
2. Protests at Aso Rock. All we need is to mobilise just 500,000 people with local and international media stating our points in placards and posters. They may listen
The point is that VAT increase will not solve Nigerian problems but will only enrich the few individuals who are bent on crashing Nigeria.
The UK government is very transparent to a larger extent. Before the rise, there must have being a consultation via opinion polls. And everybody can see where the additional revenue is spent. But over the years, that has not been the case in Nigeria. Any increase in whatever form has not benefited anyone but rather impoverish average Nigerian.
I like Nigeria and I will like to see sanity restored in the entire system where no one would just wake up and increase VAT by 200%(Insane), where no one would close down business without any cogent reason or evidence , where businesses will be allowed to flourish by giving tax incentives rather than VAT burden.
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manutayo (m)
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i am against the VAT increase because it make life difficult for the masses
let us stand up and fight for our right
please
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Kobojunkie
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Please if there is a way to protest this. I mean for Nigerians at home and abroad, please let us know. This is outrageous in my view. We have yet to manage the funds we get from oil alone and now we want to add 15% VAT to the loot?? What does the average man do?? and how will investors deal with this hike, assuming they will also be affected.
15% is outrageous.
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desgiezd (m)
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Instead of systematically killing the people, I think the government should just decree the masses out of existence since it appears they detest the idea of the masses plying the same roads with them, going to the same market with them, sharing the same sunshine and breathing the same air with them and even bearing the same identity as Nigerians with them.
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Kobojunkie
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I am seriously rooting for this yaradua dude, this dude better not cave to stupid politics that has plagued the region for decades. Please someone get to him before it is too late.
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walcolm (m)
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Guys, let us look at this issue from both sides. Tax increase is bad for everybody so the 200% increase is not cool, but there will be a simulataneous drop in income tax  . what this means is that you have more of your income to take home  (especially for people who fall into the high income tax bracket) and you can decide whether you will purchase the goods (luxury goods) that incur VAT or not. the downside is that goods that are not supposed to be incur VAT might be taxed and artisans and people (commuter buses, meat sellers etc) who are not supposed to be charging VAT will increase prices since the govt will not manage the process well between: VAT in the US is as high as 8.25% in some states and it is about 19% in the Eurozone but that is not an excuse for us to peg our VAT at the 15% |
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Kobojunkie
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Guys, let us look at this issue from both sides. Tax increase is bad for everybody so the 200% increase is not cool, but there will be a simulataneous drop in income tax . what this means is that you have more of your income to take home (especially for people who fall into the high income tax bracket) and you can decide whether you will purchase the goods (luxury goods) that incur VAT or not. the downside is that goods that are not supposed to be incur VAT might be taxed and artisans and people (commuter buses, meat sellers etc) who are not supposed to be charging VAT will increase prices since the govt will not manage the process well between: VAT in the US is as high as 8.25% in some states and it is about 19% in the Eurozone but that is not an excuse for us to peg our VAT at the 15% We are not yet where we can compare ourselves and how much we charge in taxes to the USA and Europe. Increase in tax, reduction in income tax as you say can that counter increase in cost of goods and services that will follow the 200% hike in VAT? Even if you have more money to take home, will that counter the higher cost of goods and services?? |
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appetitto (m)
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Vat is going up but company and personal income taxes are also going to come down.
It is actually a smart idea. less tax for companies means more incentives to invest.
Less tax for individuals means more disposable income ie more spending.
More spending grows demand ,which drives the economy.
Millions of Nigerians don't pay tax,but VAT is a tax that you can not dodge completely, so it makes some sense
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Seun (m)
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Are they reducing the personal income tax by 200%? No.
So the strategy is "take 1 million and give back 5 naira" Don't be gullible.
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Etin (f)
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@ edakita this is really unfortunate
Togo ke!!!
as i even heard that VAT in the UK
is less than 5% Not true VAT in Uk is 17.5% and almost everything is included!! |
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otokx (m)
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This country na wa; Ya yA Ya yA Ya
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Iyke-D (m)
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Hey, where are the people blaming OBJ for hating the masses? Is OBJ responsible
for this too or is it some type of hard pill that the government realizes that must be
swallowed in order to get the economy where it need to be - where ever that is?
Folks, get ready as I am sure another round of fuel hike is on its way sometime next
year. No doubt, it will cause untold hardship on the poor, but I doubt much if there
is any going back on that.
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spaceworld
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Infact the leader have no bearing or focus where the country is going to, Nigeria a good contry on her own but the leader are sailing the contry blindly, i know soon God will send us a good sailor to sail the contry to the dream land
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champredd (m)
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If the VAT rate is increased eventually, it means, that all the recent policy reversals are just a farce. They going to be brought back gradually.
The true Yar'Adua may be coming out of the closet.
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hbrednic
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who is afraid of VAT increase? let them bring it on.
we survived austerity,sap,fuel price hikes e.t.c
we outstayed the most wicked leaders and we will cruise through the present one.
so let them bring on whatever they have.we no dey shake.
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Seun (m)
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Well this one will not just cause "hardship". Hardship is a small thing. It will actually slow down the economy.
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I-man (m)
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I guess the Govt is trying to diversify the income stream away from a dependence on oil revenues.This is draconian way of doing it.What we need is a gradual development of other parts of the economy,not simply tripling consumption tax.
Most of the recent economic growth has been due to non-oil growth.A VAT increase slows down the economy and ultimately undermines the Govt's diversification objective.
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