₦airaland Forum

What on earth is this?

Appropriately dressed to pick race in case BH appears from the bush!

grandstar:
There is a big difference between lowering tax rates and lowering taxes.

Nigeria's corporate tax rate is 30% but who pays it? Probably less than 1% of registered companies pay the real figure. It was estimated in 1990 that it was primarily public quoted companies and a few others that actually paid the full rate. Probably no more than 0.1% of registered companies.

What matters is not the tax rate but the base. India found out that the more it reduced taxes, the higher the revenue collected. Taxpayers were more complaint. A tax rate of 12% will not only increase the level of compliance but will drive massive investments. It works like magic.It is trans-formative.

Inflation rates are high because of the Naira substitution policy. Please read up Henry Boyo's articles on the Naira substitution policy. Basically, substitution of the oil revenues into Naira and then paid out as monthly to the 3 tiers of government leads to a spike in inflation. That spike in inflation is now mopped up using costly TBills which lead to high commercial banking rates.

Let us say the monthly revenue is $2b, government will pay out 730b, or if $3b, that is N1.095 trillion. When this money enters into the system , it leads to excess money in the system which the CBN has to mop up using bonds.

Nigeria shouldn't have had a problem with high inflation for years because its budget deficit was barely 2% of GDP. This figure is associated with sinle digit inflation. The Naira substitution policy was skewing the system.

Henry Boyo said instead of paying them in Naira, use Dollar certificates instead and they can redeem the Naira value at commercial banks. These will lead to dollars changing Naira and will cause the Naira to strengthen greatly. But most importantly, because there is no more spike in inflation and to prevent the Naira from becoming too strong, a looser monetary policy which will lead to lending rates reducing and with time hitting single digits

Soludo wanted to end it but Yaradua stopped him 2007 or so.

Agree with your comments. The answers to our economic problems are not far-fetched. The challenge is that FG keeps picking advisers that are 'sponsored'. I personally want to see what the new team will advise. I feel they will toe the line of 'IMF thinking' which may cause more harm than good.

Why cant we just lower tax rates and increase compliance? Why cant we drop VAT to 3% and rake in more payers? FIRS keep flaunting how much they have collected. Let them tell us how many companies are paying. It may still be a fragment of the total. Economics should not go beyond common sense! The developed countries keep borrowing rates at 1-2% to encourage production. That is simple common sense that Apogbon traders understand. What is the common sense in keeping lending rates at 25% and end up with a large number of 'big' people who will never payback? Or tax rates at 35% only to have less than 1% compliance? let us use common sense.

BENIXIT or NAIJAXIT or what do we call this one?

Tomato is not the problem. if you want we will give you some tradermoni.

The problem is oyel - Too many billionaires who cannot manufacture ordinary pin or toothpick will lift oyel, collect subsidy and just move it accross the border where they will rake 200% profit. Haba...

The same people will now be flaunting their rolls royce as if they did anything good to make the money..Haba

oyel and raisi are the problems bro.

Edenx:
This man Mr Frank has reenforced my belief that Nigeria will rise again.I didn't know we still have people of such iron clad intergrity and courage in the face of oppression and widespread intimidation ,a time many have sold their soul to the devil for a pot of porridge this man alone is speaking against the govt. He reminds me of that biblical Elijah. The question remains why isn't Nigerians talking about this with the energy and gusto they use in analysing Bbnaija and Tacha?

Please ask Timi to present his evidence to the public. What have we not heard in Nigeria? The way they once said GEJ took 50 billion dollars. We are still waiting to find which bank or house he kept the billions! The accusers are at it again! Timi should bare it all.

xelly:
What's stopping Osibanjo from going to court? I think there is iota of truth in what Frank is saying.

Have you seen the letter issued by Falana & Co?

Google it. Osinbajo has handed the matter to his lawyers long ago.

I dont know why people are not asking Timi to show his evidence if he has any!

Davash222:
If Salah could be 90, Mane should be over 90!!
Mane is what Salah wished to be.

Boy, check that again. Mane is a great player, but Sallah can destroy any defence. For Madrid to win Champions League, Ramos knew there was one player he must injure!

Check your title and correct it.

You have an impression that half of the people going for a career in the Civil service go there with only ONE THING in mind - to become rich or super-rich through corruption.

While some brilliant guys are seeking a career with CitiBank, these other guys find their way somehow somehow to get into the Central Bank.

The brilliant graduate is happy to be employed at Unilever and 20 years after, he is looking for a loan to buy a house. His not so bright counterpart in government, whether local or state or federal, has built an estate after spending 10 years in service.

The righteous suffer in a grossly corrupt place like ours. The righteous in Civil service suffer more. He goes back to his village to start riding bicycle after retirement.

Nigeria must fight corruption.

In Asia, the brightest and the best are employed in Civil Service, and they are nicely paid - That is why they are developing so fast.

When are we going to clean up the Civil Service in Nigeria? Those who claim to be fighting corruption should start in their backyards.

Fulani population in the whole of Africa is possibly less than 20 million.

They are not all herdsmen as people usually assume. You have the nomadic fulani, the semi-nomadic and the town fulanis. The town fulanis have settled and are no more nomadic. They are very strategic and always fight for the interests of their nomadic brothers. That fight has taken them into the politics of governance and of money where they try to have strategic influence. While other tribes seek relevance in education and trade (which are the main targets of the south) the town fulanis take strategic place in the security segment and in the dominant sectors of the economy.

Nigerians should not frown at efforts to make the fulani herdsmen to become sedentary and possibly become semi-nomadic or even settle as town fulanis. The argument that fulanis will always be nomadic is faulted by the fact that many of them are no longer nomadic. The herdsmen can settle and Nigerians should support efforts to make that happen.

What should not be supported is throwing the borders open for all herdsmen.

Actually, there are very rich fulanis, so rich that they can set up their own development fund, without waiting for funding by government. They can use their own funds to settle herdsmen where they are and let them start to enjoy the benefit of development and education like their counterparts in town. A plan by fulanis for the fulanis may be easier to sell to the herdsmen nomadic fulanis.

Government is needed in the aspects of policy and education (not necessarily some funding that may be hijacked by the wrong people) and this is what the government plan should focus on.

People amaze me. How does 'dressing well' solve the myriads of problems we have in the state? Ordinary drainage at Jibowu they have been constructing for months now, causing heavy traffic all the time. Yaba, same same. One lane is blocked from Oworonshoki all the way to Oshodi, yet no single construction is going on. When you know you are not ready to start work why block a whole lane and cause unbearable traffic for months unending? Lagos needs to wake from a long slumber. Lagos is planless at this point. What have we got to tell the world?

I dont have anything against Sanwo-Olu. The vibes around him are always very good. I pray he succeeds very well. He needs to be more visible and he needs to go for low hanging fruits like dealing with unnecessary logjams on our roads.

Sanwo-Olu has to show that he is in charge and not a puppet of some emperor somewhere. The impression right now is that Lagos is gradually losing momentum and we hope it is not because it is being held in the jugular by some unintended beneficiaries.

Nigeria - still unequalled when it comes to corruption.

Leave Ghana now and go and fight your own malaise.

Rather than get on with working they are busy scheming for the next election.

And when the focus is on the next election what will they do with state money? Your guess is as good as mine.

Nigerian politicians - shame!

We cant find some state governors in the public again?

Are they safe?

How does that stop the 9 billion dollar case?

elganzar:
Osinbajo for President

Peter Obi for Vice

Yoruba and Igbo together should rip The North of power


#2023

Under what party?

Obi will not join APC.

Osinbajo will not join PDP.

APC very likely not going for Osinbajo.

So, under what party?

The love of money is the root....

IronGalaxy:
And people be acting surprised when South Africans don't want Nigerians in their country.

If only we can be true to ourselves we will pass less blame on South Africa. Dont mind those who were shouting to the gallery.

IF THEY ARE NOT COMMENDING THEY ARE CONDEMNING?

WHAT ARE THEY?

WHAT EXACTLY IS THEIR JOB?

INSTEAD OF COMMENDING, MAYBE THEY SHOULD CONTRIBUTE ONE MILLION NAIRA EACH AND GIVE A 'CASHY' COMMENDATION!

Accept Jesus Christ into your life and be delivered.

Go to a Bible believing pentecostal around you quickly so they can pray for you.

Swallow your pride and do the right thing.

A country that is weak at home cannot be strong outside!

It is Nigerians who are rushing to go to SA. Not the other way round.

If SA offers 1 million visas today, it will likely be exhausted before dawn.

I dont like what SA government are doing but let us face our problems at home and solve some of them.

I just deleted everything I wrote- In this country we are not tired of talking but to do is a different thing. And even those who talked yesterday have stopped talking because they have started chopping!

Everything that has a beginning has an ending.

All lies will ultimately be revealed and only the truth will stand.

Tribunal or no tribunal, our trust is in God.

No matter how dark the night is, morning will come in due time.

Kingdoms of this world will come and go. Tenures will come and go. Yesterday was OBJ, today PMB, God holds tomorrow.

Only God's kingdom is forever.

Nigeria and Nigerians shall be saved in Jesus name. Amen.

Ghana in 2017 introduced a new VAT flat rate scheme (VFRS) of 3% for retailers as against the existing normal rate of 17.5%. Debate, similar to that VAT, as to the tax incidence and the cascading effect on businesses in the distribution chain ensued. The Revenue Authority and retail businesses are content that VFRS will mitigate the tax burden of consumers and simplify its calculation.

https://ideas.repec.org/a/asi/adprev/2018p213-225.html

No wonder that country is growing fast.

awgumayor:
7% vat. No wonder Nigeria is undeveloped. People want good road, constant power supply, other good infrastructures but don't want to pay tax. How can the country develope with meagre 7% vat.

You dont understand the dynamics. There is a large percentage that they cannot get 1% VAT from due to the way business is done here and due to lack of transparency.

So, Mr A sells a phone and does not charge VAT because FIRS cannot move near him and because the phone came through illegal channel into the country. Mr B sells the same phone at a price that is 7.5% higher than Mr A. Who will you buy from? Will you buy the cheaper or the more expensive? That is why the increase is counter-productive. They are killing genuine businesses who are paying their dues!

The fight should have been to make everybody pay, but is seems they lack the will or the drive to make that happen.

Finally, they have given up on efforts to tax the rich and now want to vex their frustrations on the middle class and SMEs.

Instead of further widening the net to make the non-payers to pay, they now want to punish those who have been complying.

Very backward development.

The Parliament is in their pocket, so that is another hopeless situation.

What a way to celebrate the victory at the tribunal?

Anyway, everyday for the thief, just ONE day for the owner.

Kwantinue.

Dont blame the lawyers.

They dont refuse jobs, especially when the petitioner can pay!

All the sales reps I ever hired got bigger and better paying jobs while actively doing the sales and enjoying it!

My advice to you is contained in that line. Study it!

And by the way, I never paid them as low as you are paid, yet they used the job as platform to get better jobs.

That is the way life is.

Many graduates see their certificates as achievement instead of seeing it as a platform for the next level. What is the B.Sc? It used to be something special some forty years ago but it has now become as common as what school cert used to be in those days.

Think about relationships when you are some distance to getting married! If you are not in that frame for the next five years, then use your energy to build your future.

Above all, believe. Believe in God. Believe and pray in the name of Jesus. And build good confidence also in yourself.

Government across board has been irresponsibly insensitive.

There seems to be some leading lights, like Governor Makinde.

It is a lesson to the electorate - Stop voting for irresponsible people, girl beaters, domestic abusers and looters into government.

Ex governors with fraud allegations and cases have turned the Senate into their retirement home, courtesy of myopic and ignorant voters who keep on voting them.

Simplyleo:
[s][/s]
Tinubu swindled lagos, but as it stands today, lagos is still billions of miles ahead of all south eastern states.

Btw, what stops you from relocating to your unswindled state?

xenophobia! before you scream I am from SW

jhydebaba:
Den let's play away match. We are storming South Africa.

We can try the reverse. Offer free tickets to all our people to come back home and see how many of them will accept the offer!