SalamRushdie:


Sorry about that ..I have fixed my post ..I should learn not insult

aribisala0:
Stop confusing yourself. VAT is NOT import duty. VAT is sales tax in addition to other specified VAT able products. if you don't know find out and stop misyarning
The key point is this
The TAX BURDEN IS BORNE BY THE FINAL CONSUMER

that is the koko

FINAL CONSUMER and that is what makes it very easy to measure where it comes from.

SalamRushdie:


I have remitted more VAT than you have earned in Ur entire life so I know what VAT is , I used imported products as a guide so a dude like you could get a quick grasp . Are you aware Traders from all over Nigeria come to buy most of their Goods from Lagos and it's at that point that the VAT is initiated and passed on and on till the last leg consumer terminates it's...I recently supplied a diesel Generator to a private hospital in Nassarawa state, I got the generator from Bhojonson here in Lagos and initiated the VAT which I have remitted here in Lagos but passed that same VAT to the good Doctor that owned the hospital in Nassarawa state , a shallow chap like you will now say that VAT was generated by Lagos state while in truth it was actually borne by Nassarawa state ..Please I hate discussing with shallow minded people because they never understand how things work but keep arguing

erico2k2:

Why are you deliberately being daft, I said I carry my 40ft container straight to PHC which is the case most times, I never said I opened the container in Lagos, I said carried whole container to a warehouse in PHC and from there sell content at wholesale .It is a simple question.

TimeMod3:
How dumb.
If you decided to ferry just one container out of lagos, over 10,000 of it stays in lagos

erico2k2:

YOu have a serious problem of comprehension, you location says Birmingham and you dont know the difference between VAT and Sales tax, seriously? a simple google search could have helped and save you from this Embarrassment.

let me help you here.
VAT is collected at every point of sales of products and services while Sales tax is collected only at point of final sales. Econmics 101
Using my Illustration I gave on my last post, I pay Vat when I pay my duty at the port, I pay Vat when I pay my rent at my warhouse,Buyers of retailed item will then pay Sales tax.
here is a more informed clarification!

Sales Tax vs VAT overview
Sales tax is collected by the retailer when the final sale in the supply chain is reached via a sale to the end consumer. End consumers pay the sales tax on their purchases. Businesses issue resale certificates to their sellers when buying business supplies/inputs that will be resold since sales tax is not due. Tax jurisdictions do not receive the tax revenue until the sale is made to the final consumer.

VAT (Value-Added Tax) is collected by all sellers in each stage of the supply chain. Suppliers, manufacturers, distributors and retailers all collect the value added tax on taxable sales. Suppliers, manufacturers, distributors, retailers and end consumers all pay the VAT on their purchases. Businesses must track and document the VAT they pay on purchases that will be resold in order to receive a credit for the VAT paid on their tax return. Tax jurisdictions receive the tax revenue throughout the entire supply chain as opposed to at the sale to the final consumer chain.

What triggers the tax administration requirement?

Sales tax:
Nexus – Taxpayers with sufficient presence in a tax jurisdiction.
VAT:
Permanent Establishment – Existence of a facility, bookkeeping facilities or ability to enter contracts.
Registration Threshold – Taxpayers with business activities that exceed the monetary threshold in a tax jurisdiction.


Who collects and remits the tax?

For both sales tax and VAT, the seller is responsible for collecting the tax and remitting to the appropriate tax authority.

Invoicing

Sales tax: The seller should separately state sales tax.
VAT: The seller should separately state VAT and include registration number for a VAT invoice, however, in most VAT jurisdictions prices are tax inclusive.


Who pays the tax?

Sales tax: The final consumer.
VAT: All purchasers.

Readmore @ https://tax.thomsonreuters.com/blog/onesource/sales-and-use-tax/difference-sales-tax-vat-2/

zionmade1:
Why would he say such a thing
As one Nigerians everything must be shared equally.
We say no to restructuring.
Any talk about restructuring is a hate speech and buhari must send chimpanzees to dance. In short its an act of terrorism to talk about wat is not in the constitution


Dnt kill me oo, i am learning how to take over from sarrki as the chief resident zombie

zionmade1:
Why would he say such a thing
As one Nigerians everything must be shared equally.
We say no to restructuring.
Any talk about restructuring is a hate speech and buhari must send chimpanzees to dance. In short its an act of terrorism to talk about wat is not in the constitution


Dnt kill me oo, i am learning how to take over from sarrki as the chief resident zombie

DeLaRue:
If Lagos already receives 50% of the VAT amount, I think that's reasonable.

True Federalism should not mean you selfishly hold on to 100% of the revenue generated in your state when there are other States that need help.

Also if Niger Delta had been keeping 100% of oil revenues all these years, where would Lagos & the rest of us be today?

Ambode should reflect on that.

Lagos has done very well from Nigeria. Demanding for more & more looks selfish.

aribisala0:


When Moses came down from Mount Sinai

Sales Tax was not inscribed on his tablets of stone .

What is important to different countries is WTO rules in establishing whether a tax is a VAT or not and that is how they reolve disputes over "unfair" advantages

That means terminology varies betwen nations. There is no decree from God about what is "sales tax"

In the USA there is no federal VAT rather states levy what is called Sales tax. I believe I said that?

Effectively VAT is Sales tax + X . where X X could vary from place to place. Essentially Sales tax is VAT but not all VAT is sales Tax.
Comprehension problem? I am located in Birmingham meaning I must be more knowledgable than a person in Okokomaika? You are petty and really have little grasp of the issues here and seek to cover that with breezy bluff and bombast

erico2k2:

[s]For you brain rewire plz read this
https://tax.thomsonreuters.com/blog/onesource/sales-and-use-tax/difference-sales-tax-vat-2/



Sales Tax vs VAT overview
Sales tax is collected by the retailer when the final sale in the supply chain is reached via a sale to the end consumer. End consumers pay the sales tax on their purchases. Businesses issue resale certificates to their sellers when buying business supplies/inputs that will be resold since sales tax is not due. Tax jurisdictions do not receive the tax revenue until the sale is made to the final consumer.

VAT (Value-Added Tax) is collected by all sellers in each stage of the supply chain. Suppliers, manufacturers, distributors and retailers all collect the value added tax on taxable sales. Suppliers, manufacturers, distributors, retailers and end consumers all pay the VAT on their purchases. Businesses must track and document the VAT they pay on purchases that will be resold in order to receive a credit for the VAT paid on their tax return. Tax jurisdictions receive the tax revenue throughout the entire supply chain as opposed to at the sale to the final consumer chain.

What triggers the tax administration requirement?

Sales tax:
Nexus – Taxpayers with sufficient presence in a tax jurisdiction.
VAT:
Permanent Establishment – Existence of a facility, bookkeeping facilities or ability to enter contracts.
Registration Threshold – Taxpayers with business activities that exceed the monetary threshold in a tax jurisdiction.


Who collects and remits the tax?

For both sales tax and VAT, the seller is responsible for collecting the tax and remitting to the appropriate tax authority.

Invoicing

Sales tax: The seller should separately state sales tax.
VAT: The seller should separately state VAT and include registration number for a VAT invoice, however, in most VAT jurisdictions prices are tax inclusive.


Who pays the tax?

Sales tax: The final consumer.
VAT: All purchasers [/s]

TimeMod3:
Lagos VAT contributes 55% of Federal revenue, a much larger contribution than oil. Moreover, the recklessness of the SS governors makes people call for caution, although it could be argued that SS deserves much better share.

TimeMod3:
GTF outta here.
[s]Our argument was not the difference between a VAT & Sales tax, rather it was about lagos generating the highest share[/s].

erico2k2:

Why are you deliberately being daft, I said I carry my 40ft container straight to PHC which is the case most times, I never said I opened the container in Lagos, I said carried whole container to a warehouse in PHC and from there sell content at wholesale .It is a simple question.

SweetJoystick:
If Tinubu no talk, you for get voice?

UfuomaUN:


source

erico2k2:

Ahahahaha Bross just admit say U f***ck up end of story,THE PRINCIPLE OF TAXATION AND VAT IS SAME WORLDWIDE The definition is constant the only Variable in this is the %paid simple, If U nor know hands up say you nor know so that those who know will let you know and you can add that to your bank of waht you know

TimeMod3:
www.nairaland.com/3960222/adeosun-55-nigerias-Vat-lagos/

erico2k2:

If you bothered to read and comprehend the difference you would realize from the definition your Governor is talking BS

aribisala0:
VAT is not about containers. If it was
why does VAT break down like this

Lagos 55%
Abuja 20%
Kano 6%
Rivers 1%


Do you know that transport costs for your container to whatever destination are VAT able?

I believe that the handling costs i.e loading and unloading are VATable in Lagos because those activities are clear value addition activities just like warehousing but import duties are NOT VAT.
The simple truth is it comes down to COLLECTION EFFICIENCY, e.g loading a truck with Yams in Benue should attract VAT as should slaughtering a cow in the abattoir and butchering it etc.
VAT started in Lagos and collection is more efficient coupled with the economy size.
One must remember that most of the highly formal sector that is highly audited and scrutinized financially is in Lagos even at that there are still many obvious leakages

TimeMod3:
Talking BS for saying Lagos deserves its fair share for generating the largest percentage of VAT to the federal revenue?

Don't tell me, I know who you are... na dem. lol

UfuomaUN:


The source says 55% of Nigeria's VAT not 55% of national income

aribisala0:
So is there VAT in the USA .?? A simple yes or no please?
he same thing

Whether you call it sales tax or or Consumption tax it is a VAT . I am very clear that sales tax is part of VAT .

At any rate this is just a case of majoring in minors. That is not the issue here. But since you want to labour the point I will be clear as mud..............Sales or consumption tax is one of the different components of VAT ,it is the most visible and that most understood.

What I will challenge you to do is cite a jurisdiction where people pay Sales tax and VAT in the same transaction

erico2k2:

See what happens when people get civil in their arguments,Im sure you now see where Im coming from
Now lets have a go,VAT can only be collected by an organization that is VAT registered,if U chk in Nigeria you interest you get on your savings has VAT paid out to your Bank,and the Duty at Port also has VAT paid out, I got few receipt somewhere I can upload if u want.Since we now Know what VAT is do you now see that the %50 stated as being generated up there is totally rubbish?

erico2k2:

Well since you are now civil let me xplain.the USA does not have VAT rather they have sales tax at state Level reason is cos they practice true federalism ie each state controls its own resources.Nigeria on the other hand do not practice such so there is a huge difference.
VAT is paid at every step from manufacturers to importers and consumer But Sales tax is paid only by final consumer.

aribisala0:

VAT can only be collected by an organization that is VAT registered. I agree
what is the relevance of that ?

You do not pay VAT on Duty. That is wrong. There is no Value Addition activity, nothing sold or bought so no VAT

You pay VAT on Handling charges by NPA. Service rendered so VATable

erico2k2:

I jst checked its handling fees not Duty VAT was paid for,my Apologies.
Now the reason VAT should be collected only by VAT registered organization is to ensure transparency, dont forget you can reclaim back on VAT