Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,073 members, 7,957,000 topics. Date: Tuesday, 24 September 2024 at 02:23 AM |
Nairaland Forum / Nairaland / General / Politics / Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% (31680 Views)
Public Finance Bill: 10 Things You Should Know About It / Senate Okays 7.5% VAT And 6 Other Tax Hikes / Buhari Signs Law Stopping VPs Who Complete President’s Tenure (2) (3) (4)
(1) (2) (3) (4) (5) (6) (Reply) (Go Down)
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by urahara(m): 2:06pm On Jan 13, 2020 |
V.a.t in poverty stricken Rwanda is 18 percent. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by AerialMapper: 2:06pm On Jan 13, 2020 |
Some brilliant adviser must have told the president that increasing VAT by 2.5% will increase revenue generation by xx trillion What this brilliant adviser did not say is increase in the price of goods and services may reduce the demand and nullify any gains To increase revenue especially VAT, consumers must have confidence that they can spend. They must be sure that the economy is healthy and that their jobs are secure. This consumer confidence spurs them to spend more which generates more revenue It is not always about increasing taxes 2 Likes 1 Share |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by MondayOsunbor(m): 2:07pm On Jan 13, 2020 |
youngsahito: IT IS DONE WE ARE FINISHED .WE STILL GET CASE IN THE UK NOT RESOLVED.BY THE TIME IT IS CLEAR FOR BUHARI EYE THAT YOU CAN NOT DO POLITIC WITH INTERNATIONAL CONTRACTS .FG WILL ADD MORE TAX ON TOP OF 7.5 MAKING IT 1[b]0.5 [/b]TO PAY OFF THE DEBT THAT THEM ALONE BRING ON US THROUGH THEIR OWN STUPIDITY 2 Likes |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by APCNig: 2:09pm On Jan 13, 2020 |
Staro: You forgot to include that the Lagos-Abeokuta-Ibadan Railway and the Apapa-Oshodi-Oworonshoki expressway were constructed and commissioned by Goatluck Jonathan in the year 1800. 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by chozzy: 2:09pm On Jan 13, 2020 |
Staro: Gbam 3 Likes 1 Share |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Blackfriday: 2:10pm On Jan 13, 2020 |
OlujobaSamuel:Oga are u kidding me.... Food and health care are not exempted from the reduced tax. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Cotton(m): 2:10pm On Jan 13, 2020 |
How? |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by urahara(m): 2:12pm On Jan 13, 2020 |
patani: Before they start saying that standard of living is good in this countries thats why they can pay large v.a.t. , Rwanda , Togo, Benin , Niger have vat rates of 18 percent. Ghana is 12.5 percent. 3 Likes |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Cotton(m): 2:14pm On Jan 13, 2020 |
Blackfriday: Oga yes they are!! Why do you like supporting falsehoods? There are some goods in Nigeria, which are specifically exempted from paying VAT as contained in the first schedule of the VAT Act, and such include medical and pharmaceutical products; basic food items; books and educational material; newspapers and magazines; baby products; commercial vehicles and their spare parts; agricultural equipment and products; and veterinary medicine. 3 Likes |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Shikini: 2:14pm On Jan 13, 2020 |
Staro: The Zombies don't know this 2 Likes 2 Shares |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by OlujobaSamuel: 2:16pm On Jan 13, 2020 |
Blackfriday:This report is not comprehensive. A detailed one was reported sometimes in Dec. Agricultural products, Health care and Education are exempted. They were before at 5% vat and they still are now, the only significant changes aside the rate (7.5%) is the the exemption given to SME 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Numerouno94(m): 2:19pm On Jan 13, 2020 |
urahara:Can u compare Ghanas economy to dat of Nigeria? Comparing Nigeria to a country dat her citizens re enjoying all d basic necessities. All d workers re paid their salaries as at wen due. Unlike Nigeria where most state Governors dnt pay salaries. Abeg i no fit shout. 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by HolyBILLIONAIRE(m): 2:23pm On Jan 13, 2020 |
AGREE STRONGLY Staro: 2 Likes 2 Shares |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Splashme: 2:25pm On Jan 13, 2020 |
Staro: Very sad my brother Nigeria has got to a point that without loans no project ever gets done 1 Like 1 Share |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Emmanuelhector(m): 2:30pm On Jan 13, 2020 |
APC really scam us... 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by akinadesun: 2:31pm On Jan 13, 2020 |
[b][/b][color=#006600][/color] Can someone please list out the fast consumer moving goods which the signed finance bill will tend to increase their prices so I can go to market to stockpile them so i will not pay increased price in the interim? |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Staro: 2:34pm On Jan 13, 2020 |
APCNig: Oga, the Chinese govt and Dangote Plc respectively are funding those two projects in the form of loans (not Buhari). In fact, the future govt that will eventually pay up these loans is not yet known. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by PHIPEX(m): 2:36pm On Jan 13, 2020 |
Abujaexpress:Producers of goods and services will pay higher taxes. This translates to higher prices for goods and services in the market. Some companies might also lose their profits which could cause job loses. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by franchasng: 2:37pm On Jan 13, 2020 |
Babaheekmat:VAT is Value Added Tax, which is tax on goods and services rendered in Nigeria. Every Nigerian that buy or consume anything indirectly pay for VAT, which is consumer tax. The good thing is, it will generate more revenue for Nigerian government, mostly the state, LGA and then federal government because majority of the VAT paid per goods and services consumed in every state goes to the state coffers, so states will get more money to execute their budgets. The downside of it is that price of goods and services will go up as service providers will increase price to catch up with VAT they paid to purchase the goods and services they are selling or rendering to Nigerians. At the end, it is the end users that will bear the brunt because VAT is paid by consumers. Nigerian leaders lack wisdom, they are quick to adopt international standard of taxation but are not good in adopting international standard of governance that ensures government fund is well managed and citizens are provided with almost all basic amenities of life. Buhari and Osinbajo are fast in learning to tax Nigerians the way UK taxes her citizens but they forgot that UK provide virtually everything free for her citizens; free quality healthcare, free quality education and welfare packages for the poor and even for parents to cater for kids. US return back tax to citizens who didn't earn enough money per year in what they call tax return. Can't Buhari adopt that Nigerians working and earning less than 100k naira are taxed and at the end of the year no tax is returned back to them and they cannot point to what government did with the taxes and revenues generated for the year. Yet Nigerians say this man is not corrupt. Why can't he learn good things from western nations that will inspire an SMEs and industry revolution in Nigeria If the Nigerian leaders are sincere and have good will for all Nigerians, Nigeria ought to be a tax free nation because all the monies generated are looted by few people so why taxing people more again for some people to loot and grow fat Buhari is a mistake 6 Likes 2 Shares |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by LabDNA: 2:38pm On Jan 13, 2020 |
patani: Does SA and Namibia make the staggering billions you make in oil? Does US and Canada, have looters who are bent on looting the country to death? 3 Likes |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Blackfriday: 2:38pm On Jan 13, 2020 |
Cotton:whose annual turnover is less than 25m abi? Cos am sure if walk into a qsr with over 25m annual income, your meal receipt will come at 7.5 VAT |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by IMASTEX: 2:40pm On Jan 13, 2020 |
GamalNasser:He is certainly working very hard to be the most corrupt & ineffective President Nigeria will ever have. At least, he should be in history for thing (worse of best). 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by FRANKOSKI(m): 2:41pm On Jan 13, 2020 |
NO BE SMALL THING O ! |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Consistent1: 2:42pm On Jan 13, 2020 |
I foresee a strain on our already little GDP, lower purchasing power for the naira and of course inflation. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by franchasng: 2:47pm On Jan 13, 2020 |
LabDNA:ask the gullible fools, willing tools of useless politicians. Ask him the social welfare package Nigerian government pay to poor Nigerian youths to help their dire situation to warrant them collecting 7.5% VAT after looting billions made from crude oil Occupying same nation with some people is really a heartbreaking experience 3 Likes |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by SpeakOut007: 2:53pm On Jan 13, 2020 |
It is Well |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Otunba2004(m): 2:54pm On Jan 13, 2020 |
HegenIkomkeh:yes completely agreed with you,,but this Man have people working with him now are they dunce together |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nobody: 2:55pm On Jan 13, 2020 |
the illiterate will sign anything , even his own death warrant, he should be well monitored 1 Like |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nobody: 3:08pm On Jan 13, 2020 |
Electricity tariff will soon be increased also. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Sprumbaba: 3:10pm On Jan 13, 2020 |
patani: No VAT in the US. Stop lying. |
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by segzysexy(m): 3:17pm On Jan 13, 2020 |
The minimum wages of the mentioned countries is more than thrice higher than ours besides they set enabling working environment for businesses. So I see no reason why Nigerians envy them. Our government needs to put things in place well before imposing high tax on citizens. Cost of products are getting higher while unemployment and poverty rate is also getting higher. Where and how do you want Nigerians to cope? FYI don't compare those mentioned countries economically to our country. patani: |
(1) (2) (3) (4) (5) (6) (Reply)
Amaechi: 'I Am Not Aware That I Suspended Hadiza Bala Usman' / Northern Governors Wives Visit Aisha Buhari (Photos) / Orji Uzor Kalu Visits Femi Fani-Kayode And Wife Over Triplets (Photo)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 57 |