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FG May Reduce Minimum Tax Rate Next Year - Politics - Nairaland

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FG May Reduce Minimum Tax Rate Next Year by Omooba77: 11:48am On Nov 17
The draft Finance Bill 2020 contains a proposal for the reduction of the minimum tax rate to be paid by companies next year in light of the current economic climate, according to the Fiscal Policy Reforms Committee.

The Fiscal Policy Reforms Committee, which was established by the Ministry of Finance, Budget and National Planning, is chaired by the Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu.

“In light of the current economic climate, it is proposed that the rate of minimum tax is reduced from 0.5 per cent to 0.25 per cent of gross turnover, for the period ending between January 1, 2020 and December 31, 2021,” a document from the committee said.

It noted that the Finance Act 2019 changed the basis for computing minimum tax to 0.5 per cent of the gross turnover of the company.

Minimum tax is payable by companies having no taxable profits for the year or where the tax on profits is below the minimum tax.

However, companies in the first four calendar years of business, companies engaged in the agriculture business, or small companies are exempt from minimum tax, according to PricewaterhouseCoopers.

According to the committee, there is also a proposal to modify the definition for gross turnover.

“The definition of gross turnover in Finance Act 2019 did not explicitly clarify the scope of income to consider in determining the gross turnover of a company for minimum tax purposes,” it said.

It added that the revised definition would clarify any ambiguity in the categories of income that qualified as turnover for minimum tax purposes.

https://punchng.com/fg-may-reduce-minimum-tax-rate-next-year/

Re: FG May Reduce Minimum Tax Rate Next Year by HandmadeD: 11:50am On Nov 17
A country where you help government in every single way, yet they have no impact whatsoever in your own life

Who wishes himself such a demonic relationship?

26 Likes 2 Shares

Re: FG May Reduce Minimum Tax Rate Next Year by Oluwasaeon(m): 12:34pm On Nov 17
Fvck them anyways

1 Like

Re: FG May Reduce Minimum Tax Rate Next Year by IME1: 12:35pm On Nov 17
undecided brethren the key word in the title of this topic is
MAY
We shall see next year and many more years to come in Jesus name, amen, whether bad rulers govern badly or not.

I never saw MAY in decisions to increase fuel, electricity or cost of living...

Hope is needed at this hour undecided

18 Likes

Re: FG May Reduce Minimum Tax Rate Next Year by tutudesz: 12:36pm On Nov 17
Reduce petrol price and electricity tariff instead, this are the thing an average Nigerian need to survive during this hard times

2 Likes

Re: FG May Reduce Minimum Tax Rate Next Year by obasi101(m): 12:36pm On Nov 17
MAY not even WILL...!!! When FG is done dealing with us, they should just let us know abeg. Am tired of all dis whyning angry
Re: FG May Reduce Minimum Tax Rate Next Year by davodyguy: 12:36pm On Nov 17
LASG needs to listen to this.

You buy land for N500,000 and LIRS will tell you to pay N750,000 as tax to get building approval. This is one of the many reasons people choose not to get planning permit before building.

We are not asking govt for free money. All we want is enabling environment to survive

19 Likes

Re: FG May Reduce Minimum Tax Rate Next Year by Sensitivity(m): 12:36pm On Nov 17
Why not this year?
We are being deceived by these thieves since 2015 embarassed

Re: FG May Reduce Minimum Tax Rate Next Year by Nazgul: 12:37pm On Nov 17
grin
Re: FG May Reduce Minimum Tax Rate Next Year by slawormiir: 12:37pm On Nov 17
Damnnn niggarrrr
Isoright

2 Likes 1 Share

Re: FG May Reduce Minimum Tax Rate Next Year by Amspecial: 12:37pm On Nov 17
cheesy
Re: FG May Reduce Minimum Tax Rate Next Year by Dannyozs(m): 12:37pm On Nov 17
"May"

1 Like

Re: FG May Reduce Minimum Tax Rate Next Year by Ecomac1: 12:37pm On Nov 17
Confuse government
Re: FG May Reduce Minimum Tax Rate Next Year by bigdammyj: 12:37pm On Nov 17
Noted
Re: FG May Reduce Minimum Tax Rate Next Year by ugochukwufrenzy(m): 12:38pm On Nov 17
government of will,shall,hope to,soon,hopefully,,,... abeg get out
Re: FG May Reduce Minimum Tax Rate Next Year by ODJ124(m): 12:39pm On Nov 17
coolThat would be nice...



Thread seen..
Re: FG May Reduce Minimum Tax Rate Next Year by thebosstrevor1: 12:39pm On Nov 17
Movvinghon:
I don't trust the word may

Carry this your business from front page.

Nothing special, anyone with a app from the store can do it.
Re: FG May Reduce Minimum Tax Rate Next Year by VillageHead: 12:39pm On Nov 17
hmmm
Re: FG May Reduce Minimum Tax Rate Next Year by Sunnycliff(m): 12:39pm On Nov 17
When the Finance Minister is already informing us of a 2.5%increase in tax rate
Re: FG May Reduce Minimum Tax Rate Next Year by mayormick(m): 12:39pm On Nov 17
Mtcheew......fg may this..., fg may that....the FG that is not even sure of its economy policies
Re: FG May Reduce Minimum Tax Rate Next Year by honest1480(m): 12:40pm On Nov 17
Pls they should better do because the economy of this country is getting worse per second.
Re: FG May Reduce Minimum Tax Rate Next Year by mastermaestro(m): 12:40pm On Nov 17
Hopeless government! sad sad
Re: FG May Reduce Minimum Tax Rate Next Year by chaloskyx: 12:40pm On Nov 17
O SO YOU CAN REDUCE TAX FOR COMPANIES BUT INCREASE VAT FOR YOUR CITIZENS I HAVE NEVER SEEN A GOVERNMENT WITH SUCH DISREGARD FOR ITS OWN CITIZENS. DISGRACEFUL AND YOU MORONS WHO CALL YOURSELVES NIGERIANS ARE LETTING THESE POLITICIANS RUIN YOUR LIVES I PITY NIGERIANS IF YOU DONT WAKE UP AND CHANGE THINGS NA SUFFERING BE YOUR NAME
Re: FG May Reduce Minimum Tax Rate Next Year by Goldencheese(m): 12:40pm On Nov 17
To believe this government dey hard person.
Re: FG May Reduce Minimum Tax Rate Next Year by NaijaCover(m): 12:40pm On Nov 17
Nawa o
Re: FG May Reduce Minimum Tax Rate Next Year by thebosstrevor1: 12:40pm On Nov 17
One of the tricks of not paying any tax as a business person is simple.

1-Rent your office in a residential area
2- no advertisement.


For workers, To receive tax refunds.

Get a health insurance.

1 Like

Re: FG May Reduce Minimum Tax Rate Next Year by CodeTemplar: 12:40pm On Nov 17
Let them come up with a formula to effectively tax all citizens. You take fax from Lagos but send relied to zamfara.

1 Like

Re: FG May Reduce Minimum Tax Rate Next Year by IMASTEX: 12:41pm On Nov 17
Confuse government

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