FarahAideed:


Do you understand the executive order at all ? Buhari is is saying he wants to a one off tax of 35 percent of the value of the Asset owned offshore and not the revenue generated in it ?

My questions ?

Is the govt targeting Asset acquired with income earned from Nigeria ?

Is it targeting Assets acquired from income made offshore ?

The whole executive order reeks of verbosity and it's clearly a witch hunt in the offing

Good question. Wait for the actual text and we will peruse it together. Don't you think such curiosity is better than tangential distractions about witchhunts?

So, I suspect this will be tax on 'gain' not actual asset value. And only when such gain realized.
Simplistic example: you buy property at $100k (with proof). If you sell it for $200k (again with proof), so you are liable to pay capital gain tax on the $100k difference at the point of sale. However, if the jurisdiction where the property is based has already collected capital gains tax or equivalent, you are liable to offset it.

Your other questions are irrelevant if you are a declared Nigerian taxpayer IMO. Again, let's see the text.

Thanks.

FarahAideed:
35% of the offshore assets in tax .... What a shallow misguided character...This is electoral malpractice in the offing

The question is "why can't these Nigerian investors invest in Nigeria instead"? If you're not part of the investors, I see no reason why you shouldn't support this move by PMB.
Afterall, there are millions of graduates searching for jobs here in Nigeria. Why do they have to go and create more jobs for others when yours are here suffering?
I also believe that other nations do same. Don't you think companies like Chevron, Mobil, TOTAL, etc pay taxes to there home countries?
I THINK THIS IS ONE THE BEST MOVES BY PMB TO SAVE THE LOWER AND MIDDLE CLASSES FROM THE JAWS AND CLAWS OF THE SO CALLED ELITES THAT CONTINUE TO LOOT US DRY AND INVEST ABROAD

sokera:
but yet we still have foreign investors here in Nigeria, If foreigners can come to invest in Nigeria despite Lack of basic amenities why would not Nigerians not invest here ... the truth is that this policy will help the poor ...

How many foreign investors are here in Nigeria ? The ones here are complaining about how difficult it is to run a business in Nigeria . I feel the govt should focus more on transparency with the Tax collected within Nigeria ; before they start chasing Nigerians who have assets abroad . The USA provides food aid, medical aid , housing aid & social security benefit for all their citizens. Nigeria doesn’t have any social & welfare benefit for its own citizens and yet you want your citizens who work hard outside the country to give you return back ?? I feel the govt just need to do more in Nigeria first

Akious2k2:

The question is "why can't this Nigerian investors invest in Nigeria instead"? If you're not part of the investors, I see no reason why you shouldn't support this move by PMB.
Afterall, there are millions of graduates searching for jobs here in Nigeria. Why do they have to go and create more jobs for others when yours are here suffering?
I also believe that other nations do same. Don't you think companies like Chevron, Mobil, TOTAL, etc pay taxes to there home countries?
I THINK THIS IS ONE THE BEST MOVES BY PMB TO SAVE THE LOWER AND MIDDLE CLASSES FROM THE JAWS AND CLAWS OF THE SO CALLED ELITES THAT CONTINUE TO LOOT US DRY AND INVEST ABROAD

Investors don’t only look at people who are suffering they look at a country with a suitable environment for their business . Any investors today will choose either Ghana, Kenya or South Africa over Nigeria ; because those countries have been able to put most of their infrastructures in place. Other Nations like USA, Britain & Canada provide both social welfare and financial support for their own citizens that invest in their country or abroad . So Nigeria shouldn’t copy those country yet, rather make use of the tax collected within Nigeria well then you can ask for more. That’s what Govt Fashola did when he was the governor of Lagos state & lagosians were more willing to pay their Taxes

Jaideyone:


ori e lol gbale

were
https://www.goldinglawyers.com/foreign-real-estate-rental-income-2017-summary-review-guide/

Tooor, máà bínú

Timi1990:


How many foreign investors are here in Nigeria ? The ones here are complaining about how difficult it is to run a business in Nigeria . I feel the govt should focus more on transparency with the Tax collected within Nigeria ; before they start chasing Nigerians who have assets abroad . The USA provides food aid, medical aid , housing aid & social security benefit for all their citizens. Nigeria doesn’t have any social & welfare benefit for its own citizens and yet you want your citizens who work hard outside the country to give you return back ?? I feel the govt just need to do more in Nigeria first

you are right but we still have to consider the positive side of the policy , This particular policy is aim at the corrupt politicians not the common man , with the level of unemployment in Nigeria the poor masses are suppose to support these kind of policies , because these are the kind of policies that will reduce money laundering and decrease the rate of unemployment at the long run ... everything should not be political ... just my take ooo

Akious2k2:

The question is "why can't this Nigerian investors invest in Nigeria instead"? If you're not part of the investors, I see no reason why you shouldn't support this move by PMB.
Afterall, there are millions of graduates searching for jobs here in Nigeria. Why do they have to go and create more jobs for others when yours are here suffering?
I also believe that other nations do same. Don't you think companies like Chevron, Mobil, TOTAL, etc pay taxes to there home countries?
I THINK THIS IS ONE THE BEST MOVES BY PMB TO SAVE THE LOWER AND MIDDLE CLASSES FROM THE JAWS AND CLAWS OF THE SO CALLED ELITES THAT CONTINUE TO LOOT US DRY AND INVEST ABROAD

you are very sound and intelligent, the truth is that the hate some people have for Buhari as blind them to see anything positive about him ...

Rafaell:

my frehn, shattappp !!!
U yourself that have googled, tell us what U read. Yeye !

LOL. Pele o.

Rafaell:

dun mind that Ozùwò called Jaideyone... he is the biggest ILLITERATE av seen on Nairaland !!

keep making a fool of yourself

you and the nonentity you quoted are the illiterate.

this is the introduction in one of the links I have

Tax on overseas property
If you live and pay tax in the UK, you must tell HMRC about any rental income you receive from your overseas properties. This guide explains what you need to do.

https://www.which.co.uk/money/tax/income-tax/tax-on-property-and-rental-income/tax-on-overseas-property-acq0f5m4vw5v

yet he still claims no talk about properties outside the UK in the publications.

it's obvious you are both the biggest illiterates on nairaland

Timi1990:


Investors don’t only look at people who are suffering they look at a country with a suitable environment for their business . Any investors today will choose either Ghana, Kenya or South Africa over Nigeria ; because those countries have been able to put most of their infrastructures in place. Other Nations like USA, Britain & Canada provide both social welfare and financial support for their own citizens that invest in their country or abroad . So Nigeria shouldn’t copy those country yet, rather make use of the tax collected within Nigeria well then you can ask for more. That’s what Govt Fashola did when he was the governor of Lagos state & lagosians were more willing to pay their Taxes

I like your point but I want you to look at it from a different perspective... Just consider a situation where looters and saboteurs embezzle money and build refineries abroad just because they know that if the refineries were built here, FG May probe them one day. Don't you think such people will continue to sabotage our local refineries? An ex-militant also allegedly owns a school in a neighbouring country. Why couldn't he situate it in his region to provide jobs for "his" people in order to alleviate the poverty in his region. In case you don't know, I see this move as a way to discourage these looters from taking our monies abroad

Akious2k2:

I like your point but I want you to look at it from a different perspective... Just consider a situation where looters and saboteurs embezzle money and build refineries abroad just because they know that if the refineries were built here, FG May probe them one day. Don't you think such people will continue to sabotage our local refineries? An ex-militant also allegedly owns a school in a neighbouring country. Why couldn't he situate it in his region to provide jobs for "his" people in order to alleviate the poverty in his region. In case you don't know, I see this move as a way to discourage these looters from taking our monies abroad

You can’t force people to keep their money or assets in the country; either looters, politicians or average Nigerians;thelaw is for all Nigerians . Take a look at our Igbo brother who do business in Togo, Ghana, Ivory Coast and South Africa they all pay Tax to the govt in those countries and the Nigerian govt have not been able to protect its citizens interest abroad. The USA,Canada & China protect the interest of its own citizen anywhere in the world so their citizens can compete in business all over the world. An average Nigerian who’s making money in China won’t see any sense to pay the Nigerian govt 30% of your income when your govt can’t even protect your interest in diaspora. This policy isn’t meant for Nigeria now, maybe in the Next 50 years then we can have such policy .

FarahAideed:
Buhari has gone mad ...The executive order is not even clear at all? Is it targeted at assets made from earnings in Nigeria ( earnings already taxed in Nigeria) or Asset owned offshore as result of income earned offshore ? Buhari is not sensible at all!!!

This is Clearly a ploy to arrest and lock up Atiku for Tax evasion ........I can read the dullard like a book

You say Buhari is not sensible but you still say it is an attempt to arrest Atiku.
Are you sensible?
Atiku has minimal or no income earning asset abroad. I don't like the guy at all but I respect him for that.
The EO is aimed at boosting revenues for FG and stopping capital flight. Who will be most affected?. Guess. The name starts with a D.

Foolish comments everywhere, so, it's okay to acquire properties offshore with money taken from Nigeria, pay taxes there while Nigeria loses!

sokera:
I should have argue with you but it’s difficult to argue with frustrated people, and again I don’t argue with illiterates

and i wouldn't av expected u to detest ur modaz soup outside neither would u av accented to the fact that u are dafty..