The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.

The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent.



It also seeks an increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.

The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.

They said the increment in taxes would further compound the sufferings and pains of Nigerians.

Details later…

https://punchng.com/breaking-senate-okays-7-5-hike-in-vat-6-other-taxes/

Johnmartus


Hike in taxes

CBN stamp duty

Increase in power tariffs

Restoration of land borders funded by hike in tax rates

These people are tightening the noose on business owners. Hmmm!

Nothing that benefits the common man....only how to increase the suffering of the masses

LabDNA:
These people are tightening the noose on business owners. Hmmm!

They are tightening on everyone, people too, with vat.

Please everyone, be warned. This is 4+4. Next Level is the removal of fuel subsidy. You will not like it because of the increase in cost but its removal is to free up the market. The hope is more profit seekers will enter the market when price increases, including refiners, and competition will drop price. Besides, Dangote's needs prices to rise so his refinery can cover cost and make profit. And Nigeria certainly needs more energy and we must know by now that no government will give it us free!

While many would think going on the streets to protest might be the right reaction, I'm hoping we are smarter. This same Senate passed the 30k minimum wage. If they can impose fuel subsidy removal, we should make them impose our 30k. And it's little! Less than $200 a month that japad will earn in a week if not a day or two in US! We are worth more, especially if government intends to claw back 7.5% of it! And demand is simple since we can just go silently sit outside the Senate with placards demanding it. Very unNigerian, I know, as we tend to prefer to be hooligans and aluta. But I'm suggesting we be smarter and use the existing institutions to our advantage.

If you think Nigeria was a tough place to make a living, the peeps are about to squeak. The removal of fuel subsidy will negatively impact many. Travel cost will rise along with food prices and government reduced your Naira by 7.5% vat while rampant inflation steals another 15. Effectively, every naira you spend is only worth 80kobo or so, but the seller is not stupid and would charge more so they don't lose out. Expect your ₦100 bread and everything else to double in price and half in size courtesy of my bubu!

Can someone find me how much fuel a Nigerian is said to use a day compared with other people in other nations? I'd also love to know how we compare on electricity. I just have the feeling that I might not go very far on fumes.