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Nairaland Forum / Nairaland / General / Politics / Public Finance Bill: 10 Things You Should Know About It (44256 Views)
Lagos Commissioner, Olowo Emerges 2022 'public Finance Administrator Of The Year / No Tax Identification Number (TIN), No Bank Account - Finance Bill / Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% (2) (3) (4)
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Re: Public Finance Bill: 10 Things You Should Know About It by stuff46(m): 12:36pm On Jan 14, 2020 |
post=85785992: Be objective with your argument please. Who are the rapist? Caution your words |
Re: Public Finance Bill: 10 Things You Should Know About It by Destined2win: 12:37pm On Jan 14, 2020 |
Dpharisee:Good advise |
Re: Public Finance Bill: 10 Things You Should Know About It by Destined2win: 12:39pm On Jan 14, 2020 |
post=85785992:Be reasonable please |
Re: Public Finance Bill: 10 Things You Should Know About It by Daniel058(m): 12:41pm On Jan 14, 2020 |
post=85785992:
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Re: Public Finance Bill: 10 Things You Should Know About It by chigoizie7(m): 12:42pm On Jan 14, 2020 |
You see that number 7? G boys are smiling now. |
Re: Public Finance Bill: 10 Things You Should Know About It by Offpoint: 12:44pm On Jan 14, 2020 |
Fuckthamods:I'll gladly and effortlessly contribute to the 1 million.... if you ever find out his location, please don't forget to mention me. 4 Likes |
Re: Public Finance Bill: 10 Things You Should Know About It by OmoOshodi(m): 12:44pm On Jan 14, 2020 |
Fuckthamods:he's just a hungry paid e-dog that needs to feed his family Or a well paid SSS agent..... So don't waste ur time looking for a self destructive man up and down......Karma has all of us location ...it will visit us one day soon
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Re: Public Finance Bill: 10 Things You Should Know About It by djoe21(m): 12:45pm On Jan 14, 2020 |
Na that number 10 them go use chop the common man. An average Nigerian uses savings account and you cannot even have more than one in the same bank except the other is a joint account. So what rubbish exemption are they exempting? I like number 5 and 6 though. Waiting for the next FIRS officials that will come to my office. |
Re: Public Finance Bill: 10 Things You Should Know About It by Sirseedorf(m): 12:45pm On Jan 14, 2020 |
How/where can one get the TIN now. Don't even know whether to be happy or sad about this news. Aswear naija don tire pesin. 1 Like 1 Share |
Re: Public Finance Bill: 10 Things You Should Know About It by Codes151(m): 12:47pm On Jan 14, 2020 |
Fuckthamods:lol. Lmao!! You want give an kerosine to drink? |
Re: Public Finance Bill: 10 Things You Should Know About It by 24enjay(m): 12:54pm On Jan 14, 2020 |
Good move |
Re: Public Finance Bill: 10 Things You Should Know About It by Sirseedorf(m): 12:56pm On Jan 14, 2020 |
More fuel to Hanan presidential jet, now the journey begins. Na to go save inside soak away o Ehn eleyi su mi o..
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Re: Public Finance Bill: 10 Things You Should Know About It by crafteck(m): 12:57pm On Jan 14, 2020 |
How will prostitutes operate accounts.. No tax ids.. Wat of churches |
Re: Public Finance Bill: 10 Things You Should Know About It by urahara(m): 12:59pm On Jan 14, 2020 |
Omo buhari dey para for tax o . With the way things are going our tax to gdp ratio may even reach 9 or 10 percent. Nice one from Buhari. |
Re: Public Finance Bill: 10 Things You Should Know About It by AmTruth: 1:01pm On Jan 14, 2020 |
You just said it all. Nigeria shall be Great again.its a matter of time. Let the Pessimist be what they have willingly become. As for we the Optimist we will continue to pray for a greater Nigeria. post=85786161: 1 Like 1 Share |
Re: Public Finance Bill: 10 Things You Should Know About It by Adakintroy2: 1:03pm On Jan 14, 2020 |
post=85786161: Oga why can't you explain in details this your mysterious knowing instead of insulting people. Even Christ explains his riddles with simplistic words afterwards. Contend with others rationally rather than assume others are incapable of basic comprehension. |
Re: Public Finance Bill: 10 Things You Should Know About It by Thatdopekelly(m): 1:08pm On Jan 14, 2020 |
post=85786161: All this sh!ts you just wrote, are actual depiction of you and your foolishness... You are obviously seeking attention and I feel really sorry to be giving you one, things i do for my country though. |
Re: Public Finance Bill: 10 Things You Should Know About It by isnovic(m): 1:11pm On Jan 14, 2020 |
1. Banks will request Tax Identification Number (TIN) before individuals are allowed to open bank accounts. Existing account holders must provide their TIN to be able to operate their accounts. #PublicFinanceBill TIN registration should then simply be centralized and easily done from the system. Tax regime calculation should not be opaque, easy to understand and calculate for reconciliation purpose. Issues from tax and others should have a clear procedure to resolve them without the usual government bureaucracy. upvote 2. Non-residents who provide imported technical and management services in Nigeria will be taxable at a final Witholding Tax rate of 10%. #PublicFinanceBill Non-residents should be defined. Are we saying Non-Resident Nigerians, NRN or Non-Resident Experts. If NRN, it makes no sense, as taxation is a disincentive to repatriate funds home, we will be discouraging FDIs and Diaspora who repatriate funds back home. This is also in addition to the tax paid by NRN in the countries where they earn, plus charges from both banks (foreign and Nigeria alike when sending funds home) In fact, they should be incentivized to bring home the money they have been able to earn. However, the master stroke here will be if NRE are made to payback part of the funds earned whilst working here: I know people will say it will discourage experts, but of course they earn the money in Nigeria, it is only fair they pay their taxes before repatriating the funds. Plus it will discourage outsourcing our jobs to expert which can be done by Nigerians Upvote for NRE downvote for NRN 3. Dividends distributed from petroleum profits will attract 10% withholding tax. This will affect those with investments in oil and gas investments. #PublicFinanceBill Enough said. Upvote here. You earned it then pay for it. 4. A minimum tax (mainly applies to those without profit & unable to pay CIT) provisions of 0.5% of turnover will apply to all companies and exemption will only apply to small companies (less than 25m turnover). Non-resident companies will now pay minimum tax. #PublicFinanceBill #upvote 5. Small businesses with turnover less than N25m to be FULLY exempted from Companies Income Tax (CIT) & entities with less than N25m in turnover are exempted from VAT registration. #PublicFinanceBill Good decision as this will encourage SMEs. But this rule should be domesticated nationally to avoid the case of dubious state tax laws. 6. A CIT rate of 20% applies medium-sized companies with turnover between N25m and N100m. It's a boost for SMEs. #PublicFinanceBill #upvote but my fear is providing a responsible government to companies giving you one fifth of what they make, and 20kobo for a Naira earned. No excuse should be given by government why they should not provide responsible infrastructure for people paying you so much. 7. The law will now allow use of EMAILS as a communication medium with tax institutions - FIRS & State Revenue Agencies. #PublicFinanceBill Good, it makes things a lot easier. #upvote 8. Early payment of Company Income Tax is incentivised with deduction of 2% of tax payable (medium-sized companies) and 1% for large companies. #PublicFinanceBill Good start, but should see a ceiling of 5% to provide good motivation 10. Stamp duty on bank transfers will apply to amounts of N10,000 and above. Transfers between the same owner's accounts in the same bank will be exempted. Electronic bank transfers included. #PublicFinanceBill Downvote here As a total review of the charges should be looked into. A value for exemption should be tied to the minimum salary. This way the common man, may benefit from this as 100k maybe transferred in 3 tranches, that is the Nigerian in me thinking now #downvote 4 Likes 1 Share |
Re: Public Finance Bill: 10 Things You Should Know About It by Timekeeper: 1:12pm On Jan 14, 2020 |
OmoOshodi: What kind of karma.. Rubbish karma.. That somone support buhari, it's not anybody problem... Its a choice okay... U people just wanna kill ursef ontop say person like buhari,u can like whoever u wana like okay... Fake karma 1 Like 1 Share |
Re: Public Finance Bill: 10 Things You Should Know About It by Nobody: 1:17pm On Jan 14, 2020 |
Blitz888:There is no armed robber and criminal that is worse than the Nigerian govt. Kai time to start hustling to rewrite waec I need to leave this shithole sharp sharp. |
Re: Public Finance Bill: 10 Things You Should Know About It by Nobody: 1:22pm On Jan 14, 2020 |
How many northern businesses pay tax? How many northerners have TIN? how many herdsmen pay tax? A serious government would have prioritised financial inclusion over killing the current taxpayers with more tax. Well, we shall see. 1 Like |
Re: Public Finance Bill: 10 Things You Should Know About It by Rossonero: 1:22pm On Jan 14, 2020 |
So what happens to monies in the accounts of individuals who cannot get the tax identification number? Say market men and women? Not forgetting that the law has automatically exempted them from paying tax. siraj1402: |
Re: Public Finance Bill: 10 Things You Should Know About It by zukachris(m): 1:32pm On Jan 14, 2020 |
Dpharisee:Don't mind the fool, you have time to read that nonsense he usually put down here. Once I see his name I don't waste time read it, I will scroll pass. No time to read same thing in every topic 1 Like |
Re: Public Finance Bill: 10 Things You Should Know About It by ibietela2(m): 1:45pm On Jan 14, 2020 |
post=85785992: I don't understand how TAXing the common man to his last kobo is moving the country forward, even though the common man can't see anything tangible after paying TAXES 1 Like |
Re: Public Finance Bill: 10 Things You Should Know About It by skyblue4real(m): 1:50pm On Jan 14, 2020 |
Please help.
what about students? |
Re: Public Finance Bill: 10 Things You Should Know About It by SocialJustice: 1:54pm On Jan 14, 2020 |
post=85785992:Professional asslicker. I greet you specially. |
Re: Public Finance Bill: 10 Things You Should Know About It by SocialJustice: 1:55pm On Jan 14, 2020 |
Number 1 will have a hard time being implemented. |
Re: Public Finance Bill: 10 Things You Should Know About It by MANNABBQGRILLS: 2:01pm On Jan 14, 2020 |
God bless our darling Daddy President Muhammadu Buhari, Our darling Papa. 1 Like 2 Shares |
Re: Public Finance Bill: 10 Things You Should Know About It by Mrexcell(m): 2:01pm On Jan 14, 2020 |
Blitz888: So does it mean that unemployed Nigerians who are receiving stipends in their bank accounts from friends and relatives can't be able to also access their accounts without providing their TIN? |
Re: Public Finance Bill: 10 Things You Should Know About It by NGRsenate: 2:02pm On Jan 14, 2020 |
Will there be structures in place to control price so that companies will not craftily shift the burden of their taxes on the common man who will be buying some everyday products? All in all, it’s a great directive. Now, there should be solid laws put in place to guarantee government looters a minimum of 18 years in prison, expedited trial(trials should not drag for more than 6months). Something should be done about the effcc and their bias fight against corruption 1 Like |
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