₦airaland Forum

Putindbutt:
Like I said, if you want to lie against the Government, you won't ask me to help you. You haven't read the documents, you don't know anything about the laws, yet you're making up lies in your usual manner and then asking me to help you. You must be high on Agulu weed.

I was banned for that comment below replying you, no insults, nothing, just got banned, it is well

Putindbutt:
I should show you a public documents that has been passed by the Senate?. Even before it was passed, several sections were debated but you're not interested. If you want to spread your fake news, you won't ask me to help you.

Once I see that line, you guys don't fail to repeat it when there is no evidence to your claim...

You said you know something and you can't prove that what you know exists, then you want me to find the proof for you, are you really normal?

Putindbutt:
This one is even ignorant of the law and he's talking, Lol. That's what they do on social media, talk ignorantly about anything and everything.

And you can't still show me where in the tax law to back up your claim...

Putindbutt:
Lol, these election losers are way too ignorant. Don't you think the old system is far favourable to Lagos. When almost all companies headquartered in Lagos and they pay vat to Lagos. But the President says Vat distributable will no longer be only from where it's collected but where the goods and services are being consumed. Yet you still dey complain, never I have seen this kind of bitterness

Where in the tax law is it written that the tax will be accrued to where the consumption of goods and services are consumed and not based on the head quarters?

Godfullsam:
This is very good step in the right direction if true. I have not taken time to grow through this new tax law stuff.

This will keep all governors on their toes and greatly reduce corruption at the center. Why are people criticising it

It is selective - Imagine because Lagos has that advantage of having higher economic activities, Tinubu decides to make a different sharing formula, while oil producing states are still using the old formula, even you add the 13% derivative, it is no where near 55%


Does this look fair? Why not do the same for states with their natural resources to take 55% ?

When Igbos were rejecting him to become senate president, they called Igbos the obstacle to a south-south senate presidency, but here it is today...

jedisco:
No government is perfect. We could start by holding those in power to account. That includes politicians when they waste money snd pastors when they say things like this.

If you want a country with a thriving middle class where the average person can buy a new car, live in a decent house, enjoy good healthcare and infrastructure, then we need to understand how modern economies work. The system we have now only guarantees poverty.

If there's one thing to note, taxation manytimes helps citizens to be alive to their responsibilities. People are more likely to demand better when they can see it's their money being spent.

And how do you want to hold Tinubu's government to account ?

I need your solution on how to go about it?

DeOTR:
TIN requirements for banking ensures compliance.
I don't see anything special about this new tax law, but I'm pretty sure it's not going to cause inflation or anything remotely related to that. The idea that this will roll back the gains of cashless policy is unfounded. Not every credit alert is a revenue. You pay tax on your income, not on the total amount of money that gets into your account. The government are aware of this.
You didn't answer the question by the original poster about the current rate and the new one. What exactly is the difference that it will cause a cost-push inflation?

The question you guys are not asking is, who does the separation of what is just a money inflow and which is income into an account?

I'm just reading comments here I'm just laughing....

lionshare:
I am only pointing out your hypocrisy. You claim that only the masses are bearing the brunt of the reforms, yet the richest man—who is also a senior member of the ruling class—is making media rounds to protect his interests. If your assertion were true, Dangote would not need to do this. The fact that he is doing so shows that the reforms are working and that everyone, rich or poor, is feeling the impact.

So why is Tinubu and Akpabio not complaining ?

Sonyboom:
The way you rejected MKO ABIOLA for a nonentity like Tofa who know can say exist anymore.

We didn't witness MKO or Tofa govern, but we have witnessed Tinubu and Osinbajo govern and we both know the difference, so what's your point here?

MIKOLOWISKA:
you never see anything good in anything anybody does for them

If speaking the truth means that to you, that's your problem not mine...

Omo that list for punishment fit long pass river Niger

Emekaonline:
I will prefer to give my money to a good manager of resources to giving it to a failure that will take my money to invest in Pandora for his family. Only a stupid fellow will do otherwise

Governance is not only about managing money, you can't use only one aspect of governance to judge overall performance, if governance was all about managing money, an accountant may have been the best, but we can see the one we have as president today doing a very terrible job.

And lastly your Pandora and family business line is getting stale ...

Emekaonline:
If a man whose only achievement in office was investing his state money in Pandora and Beer industry while increasing the poverty level of his state is considered a performer, what will you say about a man that reformed our banking system to make it ressistant to global economy downturn. It is really a shame as I said earlier

Because someone managed your finances well does not mean he may manage your properties well, how to select and identify good leadership is one thing I know you Tinubu supporters lack, people who supported Buhari for 8 years and rejected Osinbajo for Tinubu cannot convince me that they know what good leadership is or how to even identify a good leader...

Emekaonline:
If it is not a joke, please tell me why a swarm of people will prefer a 3rd/2nd class philosophy to a first class economist if not hatred. If a first class governor who had once led the country's apex bank and governing is his people well could be hated against a failure, what will you call the haters? It is really a shame

If performance was only by certificate, the world's richest men would have been only professors, let that sink in...

hopexter:
Take your self marginalisation to your family house, not here. Umahi is an Igbo man selected by Federal government to represent igbos. Umahi is the most hard working politician from South east, an Igbo man worthy of presidency.

Why not let the Igbos do the selection for representation?

so you are telling me that someone the FG selected and is paying salary is now the voice of the Igbos?

And you expect that he may not sound biased?

Why not let Igbos speak for themselves

hopexter:
Umahi is n Igbo man and he is saying it loudly.

An Igbo man with corn from Tinubu cannot be representing Igbos...

Saturnalia:
No! The Hatred & bitterness of losing the civil war will not let them say it. Is that not why they have been overly unpatriotic to Nigeria?

All the enemies of Nigeria will lose las las.

You know why I laugh at this statement, the very same people who claim to love Nigeria supported Buhari for 8 years, rejected Osinbajo for Tinubu but they claim they are patriotic and lovers of Nigeria while the Igbos who did the opposite are tagged haters...

Please tell me another joke

kayjordan:
The constitution is greater than any living thing. Kindly note.

Peace is what organisations like the UN have been managing in the world - so it's a global issue.

The issue with Nigeria is rooted in one region's desire over the others. While this can create disunity, it's remains the responsibility of Nigeria as a country, to protect it's peace.

If the peace isn't manageable, an amendment of the constitution would have been advocated for long ago. But for internal security reasons and a desire to "remain together" , the "No separation" has remained upheld.


What agitators must know is: forceful separation will not work - the system is structured not to allow that.


Many Igbos are quite relaxed in Nigeria and that is why they have always participated in Nigerian politics either by contesting or voting.

So your opinion may not totally represent the opinion of the entire igbo population.

I'm concerned about about the law as much as I'm concerned about the map of Nigeria.

The constitution is not greater than any living thing, constitution that was written by men who are not perfect, you are already equating the constitution with God, if the constitution can be written by men, it can also be destroyed by men, so the constitution can never be greater than any living thing....

Then you are also telling me indirectly that it is better to keep the unity of Nigeria and not have peace than to divide Nigeria and have peace...

The more you talk the more I see the reason why Nigeria is the way it is today, your type are people supporting the destruction of Nigeria claiming you love the country....

And I will tell you why if you want to know...

wellmax:
Give us the stats. I don’t know. Tell us.

Full list of Terrorist sponsors for a start

Abimagicfine:
So your own problem is APC ?

One of Nigeria's biggest problem is APC

kentokay71:
You do not even know what to say, what concern APC with what is said now

No, it is PDP that is ruling or LP? you are the one who does not know what to say not me...

Guestmale:
QUESTIONS & ANSWERS ON THE NEW NIGERIA TAX LAW*

I BELIEVE THE INFORMATION MAY BE USEFUL TO SOMEONE.

(SPECIFIC FOCUS ON INDIVIDUALS AND SMALL BUSINESSES)

🟢 Q1:
When will the new Nigeria Tax Act take effect?

A1:
The new Nigeria Tax Act takes effect from 1st January 2026.*



🟢 Q2:
Which specific individuals does the Nigerian Tax Law apply to?

A2:
It applies to all individuals who earn income in Nigeria (workers, content creators, remote workers, influencers, traders, etc.) and to Nigerians earning income abroad if they are tax residents in Nigeria



🟢 Q3:
Will transfers and deposits into my bank account be taxed?

A3:
NO. Moving money around (via POS, transfers, deposits, or withdrawals) is not a taxable event. What is taxed is income earned.



🟢 Q4:
Will the money I KEEP in my bank account be taxed from 2026?

A4
NO.
Just having money in your account is not taxable.
Only the income you earn (like salary, business profits, or interest) is what can be taxed.



🟢 Q5 :
I’m a student with no job. Will I pay tax in 2026?

A5:
NO.
If you have no taxable income, you won't pay tax.



🟢 Q6:
Will tax authorities now monitor bank accounts of businesses more closely?

A6:
YES,
It will be easier for authorities to track compliance.

However,
Your bank balances will not be taxed; profits and income are.



🟢 Q7 :
Will I pay tax on the loan I borrow from Fairmoney or any lender?

A7:
NO.
Loans are not taxable given that they are not income.

However, the interest income earned by Fairmoney will be taxed in their own hands.



🟢 Q8:
I run a one-man business.

Do I pay personal income tax or company income tax?

A8:
If registered as an enterprise (business name), you pay Personal Income Tax.

If registered as a limited liability company then you pay Company Income Tax.



🟢 Q9:
If I sell shares and make a profit, will I pay tax in 2026?

A9:
NO,
as long as the shares you sold are not more than ₦150 million in value, and the gain is not above ₦10 million.

However, if it is higher than this threshold, the gain becomes taxable.



🟢 Q10:
I am a pensioner.
Will my pension income be taxed in 2026?

A10:
NO.
Approved pension and retirement benefits are exempt from tax.



🟢 Q11:
Are military salaries taxable?

A11:
NO.
The salaries of military officers are now tax-exempt.



🟢 Q12:
Do creatives (authors, musicians, sportsmen) still enjoy tax exemptions on foreign income?

A12:
NO.
They must now pay Nigerian tax on their income earned within Nigeria and outside.



🟢 Q13:
Are crypto gains taxable?

A13:
YES.
Profits from crypto, NFTs, and other digital assets are now taxed.



🟢 Q14:
Who is exempt from personal income tax?

A14:
Individuals earning the national minimum wage or less, and those earning below ₦800,000 annually, are exempt.

🟢 Q15:
What are the new progressive tax bands?

A15:

👉First ₦800,000 @ 0%
👉Next ₦2.2m @ 15%
👉Next ₦9m @ 18%
👉Next ₦13m @ 21%
👉Next ₦25m @ 23%
👉Above ₦50m @ 25%



🟢 Q16:
If I get a big severance package when leaving my job, will I pay tax on it?

A16:
You won't pay tax if it is ₦50 million or less,
BUT if it is more than the extra amount, it will be taxed using the progressive tax band in no 15 above.



🟢 Q17 :
If I earn dividends or rent from abroad,
Will Nigeria tax it?

A17:
Dividends, interests, rent, royalties earned from outside Nigeria are EXEMPT from tax provided they are brought into Nigeria through approved channels (banks).



🟢 Q18:
If a soldier or anyone in the armed forces gets injured in service and starts receiving a disability pension, will it be taxed in Nigeria?

A18:
NO.
The disability pensions earned by the soldier or anyone in the armed forces will be completely tax-exempt.



🟢 Q19:
My uncle wants to start an agricultural company next year.
Will his company be taxed in Nigeria?

A19
NO.
Agricultural companies such as those in crop production, livestock, forestry, dairy, and cocoa processing will enjoy a 5-year tax holiday from the date they begin operation.



🟢 Q20
Is income from Federal or State Government bonds taxable?

A20
NO,
All government bonds are exempt from tax.



🟢 Q21
What does rent relief entail under the new tax law?

A21
YES.
From 2026, individuals can claim rent relief of 20% of the annual rent paid, but capped at ₦500,000.

For instance,
If your yearly rent is ₦5 million, 20% would be ₦1 million, but the law caps it at ₦500,000.

To enjoy this relief, you must declare your actual rent and provide the details to the relevant tax authority.



🟢 Q22
I earn 6m yearly, will I be better off under the new tax law?

A22:
Old law:

👉CRA = 20% of ₦6m (₦1.2m) + ₦200k = ₦1.4m.

👉Taxable income = ₦6m − ₦1.4m = ₦4.6m.

👉Applying old tax bands gives a total tax of ₦896,000.

👉New law (NTA 2025):
* Rent relief = ₦500k (must declare actual rent).

👉Taxable income = ₦6m − ₦500k = ₦5.5m.


👉Applying new bands:
* 👉First ₦800k @0% = 0

* 👉Next ₦2.2m @15% = ₦330k

* Remaining ₦2.5m @18% = ₦450k

* Under the new law, tax reduces from ₦896k to ₦780k, saving ₦116k.

* This will increase your net pay (take-home pay).



🟢 Q23
* If my company's turnover is below ₦50 million, will I pay tax?

A23
NO.
* Small companies with a turnover of less than ₦50m are exempt from taxes.



🟢 Q24
As a remote worker in Nigeria for an international organisation, will I pay tax?

A24
YES,
You will pay tax in Nigeria if the country where the international organisation is based exempts your salary under a treaty or diplomatic arrangement.



🟢 Q25
Will a foreigner earning a salary in Nigeria be taxed?

A25
NO,
if their employer is a start-up,
or operates in tech or creative arts, and their income is already taxed in their country of residence.

The question to you is, how does the government differentiate income from normal transactions for people who are not employed?

Or do you think anyone who is not employed will tell the government which one is income from just normal transaction?

So how does the government want to handle this?

yorosstores:
And the same APC are exposing the culprits and unpatriotic elements

how many have they exposed compared to the unexposed?

WorldRichest:
.
So it is APC that told a Police DSP to be giving guns to bandits. You need to eat first and come back to modify your post. This your nonsense post is as a result of hunger and starvation

No it is not as a result pf result of hunger and starvation, APC is the government in power and Tinubu is the commander in chief of all the security agencies in Nigeria and responsible for their performance, so are you saying Tinubu's only job is to appoint their heads and share money to them for salary and allocation?