hope it will not affect my biz.. blogging pays big time

Ever heard of evasion??

Lets see how these pans out withiut it affecting d common man's pocket as the so called rich later put d burdens on d masses who are both consumers nd employees by increasing cost rate nd slashing workers bonuses.....

Make we dey watch out for the implementation.

icelord:
Hit like if u think the federal government is clueless

grow up the yr is coming to an end... its 2015 already

APC will resist this measures because of their elitist agenda and the luxurious holdings of Tinubu

Hmm... That means I'll touch down with my private jet in Accra then use my chopper to Abuja (any tax on choppers?).


Nice innovation though. Hope everything goes as planned.

One step forward two steps backward when ever they'll start the implementation now!!!

lakad4u:
first to comment
I thank my S4 for giving me the incredible speed,I thank mtn cheat and I appreciate my power bank also..thanks so much and I appreciate you all..we will always be the first to comment always. ..


and for the charges,I support the motion

hian!

Insincere and incompetent govt.
They never live true to what they say-
This rhetoric should be followed up by a monitory committee who ensures that that the tax levies are thoroughly enforced and the average man's foods are not unduly affected.

If not, before the end of January; one will find the bus fares increasing and price of market foods jumping and Jonathan blaming boko haram and Okonjo traveling abroad to tend to her children schooling abroad.

If you disturb the rich people too much, they'll just pack their money and go to London or Switzerland where they already have houses. Plus the risk of capital flight when we're already suffering devaluation. Its threading a thin line.

If all the policies were working, this contry would have been better by now.talk is cheap,implementation is expensive.let's wait and see the implementation without biase,only then we will celebrate!

Make unna dey LIE











Lienus Government of the clueless President Jonathan

oh my God. what is happening

And what will be done about the salaries of her colleagues? And the insane amount of benefits they get for doing nothing? Should there not be cuts there first?

Ok

liberty300:
You and I know this is an awesome development but the apc will never support it because it's from GEJ ...

U shouldnt attack APC cluelessly. Wait and see the result. No be Naija we day? It was Yaradua that first had that plan before he kicked the bucket(RIP). The riches are the cabals.

This is what other countries without oil do go sustain there economy,the truth is NGOZI IWEALA DOESN'T HAVE THE EXPERIENCE/EXPERTISE REQUIRED TO RUN AN ECONOMY LIKE OURS. More over,increasing VAT will affect everybody,this Government has been ant-people since inception. So the masses are in for a TOUGH TIME. The rich will be less affected by this measures due to our kind of soceity. The FG government has enough money but the problem is Stealing,corruption,and satanic salaries of the elected members of the country. Meanwhile,the mounting rate of job losses doesn't augur well for industries and the unemployed.

The deed has been done.

They have eventually squandered all Nigerians resources and since the oil prices have gone down?they have started having problems and the guardians of the oil(militants)are still rejoicing and happy.

Guess they did not know when they demolished all other sources to depend solely on oil.


God help us.

No one can completely satisfy Nigerians. Tax the rich or ignore them; some people would remain poor.

Until GEJ spoon feed some Nigerians with rice, beans and fish, they will never be satisfied.

Some people spent this tenure making serious money, lots of businesses have grown exponentially, while others just sit back criticizing and expecting a turn-around miracle from the same terrorist that once ruled the nation.

Fish Brains

The Nigerian masses have no Billions of Naira
to donate to Buhari/ Osinbajo but they will
donate their VOTES
Since the PDP Governors, senators, oil
companies,
Captains of industries, the Tunde Ayeni's, the
Governors
and the rest of them have donated N21
billion to GEJ for his 2015 Presidential
Campaign, we the masses and common
Nigerians can't compete financially with them
and we have no millions to give BUHARI for
his campaigns. Therefore, We have resolved
to donate our PVC cards to BUHARI/
OSINBAJO by voting massively for them and to
change Nigeria and break the stronghold of
those cabals ruling this country.
The masses have resolved... My people! VoteWisely!!!!!!!!

Nothing qas said about politicians' high salary,. They just want to drain us the little resources we are suffering to live on. we masses are helpless. well,2015 is around the corner.

this is interesting

Overdependence on oil wealth.


When we are ready to empower our States LGAs and Private sector to be the vanguard of economic growth/ development, we will see worst than this

Rationalization of govt agencies will mean loss of jobs

If there are no price control in check all this would systematically turn against the poor masses. They will pay through their nose to get anything they want.

Purchase income would sky rocket too. A clear example is the Tax placed on Dangote Group, he could increase price of products to cover tax revenues and profits.

Na today, another clear example was the then Police salary increment. Market sellers increased the prices of their commodities. Some clearly said since the FG increased police salaries they had to do theirs too.

Plus one minus one!

Why are the politicians not talking abt their own salaries and allowances? I remember sanusi once said 25% of Nigerian revenue goes to the politicians in offices. And the idea of a public holder having 6 PAs who hv 2,2 adviser and bodey guards. From there we move to funding of militants in the name amnesty. And let the gov concentrate on infrastructures mostly electricity,refineries etc thanks

diksucker:
At last, the Federal Government (FG) has signaled the implementation of the austerity measures it announced in the wake of the fall in price of crude oil in the international market.
While announcing the drop in oil price then, Minister of Finance and Co-ordinating Minister of the Economy, Mrs. Ngozi Okonjo-Iweala hinted that the FG will adopt austerity measures that will cushion the effect of the slump in oil price on the economy, especially to ensure that it does not hit ordinary Nigerians hard.

In keeping that promise, during the presentation of the 2015 national budget to the National Assembly (NASS), the minister gave a breakdown on aspects of the luxurious lifestyles of Nigerians that government would slam tax on to support dwindling revenue. She listed that government intends to realize N3.7billion from 10% import surcharge on all new private jets entering the country; N1.6 billion from the imposition of 39% import surcharge on luxury yachts as well as another N2.6 billion to be realized from import surcharge on what government terms “luxury cars”.

Okonjo-Iweala explained, somewhat ambiguously, that wealthy Nigerians would pay more for air travel, as those who fly on business and first class tickets would be charged additional monies, but did not immediately state how much exactly. But she was categorical that passengers on economy class, mostly the middle class and poor Nigerians would have no such charges imposed, assuring that salaries of workers will also not be slashed.
Again, the FG said Nigerians who consume expensive champagnes, wines and spirits would have to cough out more to continue enjoying such luxuries in 2015, targeting N2.3billion to be realized from it based on a 30% surcharge on such products.

But what appeared like a bombshell – criticized by some Nigerians – is the imposition of one percent tax on residential mansions in the Federal Capital territory (FCT) on properties valued from N300 million and above. Okonjo-Iweala is targeting N360 million from such taxations annually.

Beyond luxury items, the FG said another N614bn would be fetched from a proposed increment of 5% on Value Added Tax (VAT), which all Nigerians pay, irrespective of social class or income. Other perks of office such as international travels and trainings would also be minimized to essential assignments alone and the FG hopes to realize N82.5billion from that. Also, N6.5billion would be saved from the proposed rationalization of government agencies as contained in the Oronsaya Report while N36 billion would be realized from the review of status exemptions granted some oil companies in the country. And another N44billion will be saved from curtailed expenses on procurement and upgrade of buildings among others, as relevant laws would be enacted in 2015 to give legal backing to areas not covered.
But in spite of the emphasis government placed on what is fast-becoming known as ‘Luxury Tax’, only N10.56 billion is to be realized annually, an amount many describe as a small drop in an ocean of needs. Dahiru Balami, a professor of Economics at the University of Maiduguri told Weekly Trust that taxing luxurious goods by the FG is in line with global practices for economies experiencing drop in national revenues. He said the case of Nigeria is peculiar because over the years, government at all levels hardly factor Internally Generated Revenue (IGR).

“Government would need to strengthen the Federal Inland Revenue Service (FIRS) to properly execute this new assignment or nothing will change. The persons involved are the wealthy, some of whom are decision-makers in the country. The collection mechanism must be strengthened for effectiveness,” he said.

A serving Senator told Weekly Trust that the National Assembly has always been wary of the consequences of the actions of the Executive, saying the government acts without thinking and proper planning. He said: “You would be surprised that Nigerians are not as poor as we are made to believe. Whatever measures being taken by the government is not targeted at the rich but will in one way or the other affects every facet of Nigeria.”

Johnson Odumah, a trader at Nyanya Market, said introducing additional tax on wealthy Nigerians is a welcome idea but he queried how much government thinks can be realized from the endeavour, saying most rich people would not pay the tax and government lacks the muscle to penalize them. “Except the government wears a new face,” he added.

Stephen Shaku, a civil servant, was pessimistic. He said no single government policy in the country has ever worked perfectly in the last couple of years, adding that when the night comes and the economic crunch bites harder, it is the poor Nigerian on the street that would suffer more.
But the Centre for Social Justice (CSJ) accused the FG of violating the Constitution and the Fiscal Responsibility Act in the presentation of the 2015 Budget to the NASS. It also said the recent austerity measures proposed by the government may not yield desired results. Lead Director of the CSJ, Eze Onyekpere, told Weekly Trust that the measures are not deep enough for the kind of fiscal challenge facing Nigeria. He said a “Luxury Tax” will not fetch much and can easily be avoided by the rich. “What is needed is deep and structured cuts to frivolous and wasteful expenditure like the N150billion vote of the NASS, which can be reduced to no more than N50 billion and the votes of the presidency - from the numerous jets to special advisers and assistants who add nothing to governance; funding of pilgrims and pilgrimages, et cetera,” he said.

Hon. Solomon Edojah, a Peoples Democratic Party (PDP) chieftain from Delta sSate told Weekly Trust that tax on luxury goods is a good initiative, but not realizable within the context of Nigeria. He also said Okonjo-Iweala’s response is rather spur-of-the-moment, when she should be a forecaster. He added that she said weeks back that the economy is stable and vibrant, but she is on reverse gear now. “There are no structures for this to happen in Nigeria. Apart from PAYE deducted at source, no other tax is effective and they know the problems, but no one has addressed them. What of people who bought big brand hotels, how much tax do they pay? Good governance must start in earnest, no matter who provides it,” Edojah said.

But General Secretary of the Nigeria Labour Congress (NLC) Comrade Peter Ozo-Eson, also a professor of Economics, expressed support for taxation of luxury goods, saying tax on some of the items should even go higher than government is prescribing.

“Tax on consumption of the super-rich is something that we support. In the light of the lopsidedness in income distribution where 10% control over 60% of the nation’s wealth, the only way to ensure they contribute fairly to nation-building is to tax the items that they consume. In some cases, one bottle of wine they consume is more than the annual salary of an average worker, so they be taxed heavily, not the 3% they are starting with,” he advised.


http://www.dailytrust.com.ng/weekly/index.php/top-stories/18515-2015-budget-rich-nigerians-to-pay-more-for-luxurious-lifestyle

nd am supozd 2 read all dis?