₦airaland Forum

Thunderfayamods:
Anything fake products goes to Igbo, anything baby factory goes to Igbos, anything death for drug trafficking goes to Igbos hmmmmm

Alliswell248:
Yes , because it is beyond your brain to process....
What is rubbish there?
Noisemaker

brightjohnysky:
Tinubu's new Tax Reforms Summarized

1. Any business with less than N50million turnover are exempted from tax payment.

2. over 90% of workers in public and private sector will no longer pay income tax.

3. Over 82% of what low income persons consume will be VAT free.

4. scrapping over 50 nuisance tax suffered by local businesses.

5. VAT will no longer be calculated base on where the companies have their headquarters but where their goods are consume.

6. the rich to pay more tax while the poor will stop paying taxes..

7. Consumption tax collected by states will be eliminated completely.

8. FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.

9. Those earning less than N1.7m monthly will now pay less income tax.

10. Customs, NUPRC and other govt agencies will no longer collect tax as only one Agency will be responsible for collection of all taxes in NGR.

11. Those receiving less than N9million per anum could have their income tax cut by half.

12. The bill could lead to abolition of other multiple tax laws like the stamp duty act.

13. Over 90% of small business would no longer pay profit tax.

14. Gradual increase of VAT from 10% in 2025 to 15% in 2030... With almost every goods consume by low income earners exempted from VAT.

15. Many NGR companies pay over 60 types of different tax & levies... The bill seeks to end this factor killing NGR industries.

You may not like the messengers, but the message is a good one.

Image123:
Firstly, no one is increasing taxes to 25%, instead there a planned reduction in company income tax from the current 30% to 25% by 2026. Stop feeding on gossip. Tax is an important part of revenue generation. How anyone would ask the importance of paying taxes shows high end ignorance. 100million naira is a lot of money, you don't hustle to make it. Hustling is itself the stealing if you really know the meaning of hustle. Like i said, there's a REDUCTION in company income tax, i don't know why you ignorantly don't want it but prefer to pay more. Company tax is not personal tax. Please do a bit of reading on the issues, it's irritating to spoon feed especially when minds are already made up.

Image123:
Pay your taxes oga and stop whining. You want things to work but you don't want to pay taxes. Is that how it's done in countries that you look up to?

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.