₦airaland Forum

igbizen:
If you don’t know, in this country there are many loopholes that the high and mighty are enjoying. When the public discovers it, it becomes illegal or immoral.

I will give you an example: for many years people have been enjoying voluntary contributions to PFA; You are encouraged to make a voluntary contribution to your Pension and it will reduce the tax you pay to the govt. The loophole there was that you can withdraw from it. So what many were doing then was if I earn 200k b4 tax, I may end up paying 50k to tax. But if I make a voluntary contribution to my pension of like 180k, I may end up paying 1k as tax.

So what I personally Experienced as an employee, was when I joined the multitude who discovered this late, was that instead of earning 150k. I will contribute 190k and pay 200naira tax get paid 9.8k into my salary account. And in just a week I will go back to my PFA and withdraw the entire 190k.

Nobody was prosecuted for this. Because everybody started doing it, the govt had to revise the policy just like they are doing now with this Tbill stuff.

So all these illegal or immoral stuff is rubbish.

And mind you while I was enjoying it for the first year, some of my colleagues were like it is illegal, you will be arrested. It was too late when they discovered that it was actually legal. They only did for two months b4 the policy was revised. Meanwhile some of us don use an buy land and other things... be there shouting it is illegal

If you don’t know, in this country there are many loopholes that the high and mighty are enjoying. When the public discovers it, it becomes illegal or immoral.

I will give you an example: for many years people have been enjoying voluntary contributions to PFA; You are encouraged to make a voluntary contribution to your Pension and it will reduce the tax you pay to the govt. The loophole there was that you can withdraw from it. So what many were doing then was if I earn 200k b4 tax, I may end up paying 50k to tax. But if I make a voluntary contribution to my pension of like 180k, I may end up paying 1k as tax.

So what I personally Experienced as an employee, was when I joined the multitude who discovered this late, was that instead of earning 150k. I will contribute 190k and pay 200naira tax get paid 9.8k into my salary account. And in just a week I will go back to my PFA and withdraw the entire 190k.

Nobody was prosecuted for this. Because everybody started doing it, the govt had to revise the policy just like they are doing now with this Tbill stuff.

So all these illegal or immoral stuff is rubbish.

Wickedtruths:
Did you see the CBN regulations I posted in the previous page?
Did you see where they wrote prosecution there?
Can they prosecute you for something that is not illegal?

Don't carry private sector ideas into government business. They are different scenarios entirely. Hillary Clinton was nearly boiled alive cos she used her private emails for government business.

To me it means, if you don’t do like this, we will not give you again

NL1960:
That is a big loophole created by your friend's company. Was it intentionally done?. Companies buy cars and give to staff and not give money to staff to go and buy cars. These days, if you are a salary earner and work in a Company, you approach a financial institution for Asset Acquisition financing.

Now they are trying to close such loophole by offering to give out one-third of the amount of the car in cash. Or they buy it for you.

This same thing played out some years back when people were round tripping on dollar and naira.

Wickedtruths:
Private company, no problem. It's part of your company expenses. That's why I was saying that private sector expenses would be deemed fraudulent in the public sector.

We are talking about government funds here. Understand the difference. That's why I told the other guy that he should not carry petty trading mentality into government business. The regulations there

Ordinary using your private email for government business can cause you serious problems.

Do you know why it’s done that way, because the guy wants to pay minimum tax. Did he go there because of business transaction, no! He tries to evade tax by using tax avoidance. Guys stop all these illegal sh*ts. The loophole was provided and people used it. Otherwise if it’s illegal they would have been prosecuted by now, instead they are trying to close the loophole- be wise!

Loopholes are tricky. Imagine a US investor, because it is in the law that when you travel for investment purposes and have a proof of such transactions then you can include such expenses under company expenses. So what he does is whenever he goes for his yearly vacation, two to three days to come back he does a business transaction and ties all the vacation expenses to business expenses. So my question, according to this trending discussion, is it immoral or illegal? �

chigo4u:
Please keep all these your fake emotions to yourselves, do you think cbn has not been aware this is happening? Blame the cbn for creating this loophole not people that benefitited from it. Comparing this to yahoo is stupid too. Yes it is immoral but not illegal and yes these kind of things also happen in developed countries.
We have seen billionaires in developed countries using every trick in the book to avoid paying taxes, including Donald Trump, many create offshore accounts to avoid taxes, what do you call that? Stealing? Yahoo? Also many billionaires in Nigeria owe billions in bad debt to banks and yet some even get more loans while it’s difficult for the average Nigerian to get new ones!
If the cbn rolled out the policies it is doing now much earlier no one would have benefited from this loophole, the problem with most Nigerians is being too sentimental and not knowing where to apportion blames.
The self righteous people who mostly did MMM are now calling names to others who benefitted from a weak irregulated system

I love every bit of this write-up. A friends company today gives loans to staff every four years to purchase cars, but staff rather invest it and manage their old cars. So is that illegal?

healthserve:
You nailed it. Ive noticed our business clime gas been structured in such a way that no one wants to take any risk stall. Looking for exactness before they do so. And this is not healthy for business

The uncertainty in the Nigeria business space in terms of policies- my brother one has to be very exact o, otherwise there goes ur hard earned cash under the drains.

Barrytone:
Was thinking the 20m is rent, i can understand outright sale. Truly I'm not a fan of buying and selling, am an engr as per training and career and my business line will definitely be production, even its tooth pick and by then I will have enough savings for risk tolerance. It will be my hobby and activity to keep me busy after I leave my present job.

Hope you are not mechanical, production- inclined? My field bro.

zamirikpo:
See this one....

Affidavit vs Graduate.

See comparison ooh...

How did u enter the university.

And your kpali is under ur box. This one that ur are asking everybody how they entered or graduated from the university... seems to me like the thief calling the owner thief.

zamirikpo:
Imagine comparism ......ur village (200people) vs ochanja (onitsha the biggest market in west africa).

How did u graduate...

Whether na affidavit or graduate, the guy is making his money-1 billion gang.

Grupo:
Nawao.

Where is all that money coming from? Since Nigerians cry that "country hard"

What do you expect? When people no longer buy lands or invest in properties, where do you think the money will end up. A land opposite Airport in Warri was practically offered for 20mill last month, when I asked last week, it’s now going for 12million becos no buyer. I meet my neighbor in the bank the other day asking of Tbills (somebody that’s is very serious with landed properties). Rates may not go up for some time mehn

c3000:
Has anyone here invested in TBills for a period which crosses into a leap year? Do you know how the discounted values are calculated?

Am really interested in this question. Some body with answers should indulge us please.

ahiboilandgas:
buy multiple okada with the 1m and multiple the income

But make sure you can fight or know how to do wahala b4 you go into transport business.

Segun889:
Stanbic (21/10/19) secondary mkt rates
80 days - 9/1/2020 - 11%
185 days - 23/1/2020 - 11.10%
318 days - 3/9/2020 - 12%

Wao! This rate is coming down, I did 86days a week back and it was 11.2% the same stanbic. Hope by January when I mop up, the rate will be at least 13.5% for 364days.������

zamirikpo:
My guy leave these people.....i won't argue about this thing again cos a lot of naive people are beginning to comment.

How do u quantify cheap sef. A pack of matches is N100 at mallams shop in front of a pool of dirty smelling watrer but u enter shoprite to buy it comfortably for N150. they have added value so u have to pay for it. Aboki doesn't pay tax.

One is asking if I've been admitted in us hospital, when I can get a us degree sitting in oshodi. Archaic thinking.(oga documentary on GOVT will help u)

People are gunning for financial Excellence, someone here is telling me that 10m is enough.(poverty mentally for sure)

If u get to 10m, pls stop hussling and enjoy. As for me and my household e no reach....

You see English language. “A lot” and “Enough” are now the same thing abi? Am enjoying the discus from oilandgas jare.

nofundforme:
What is life expectancy in Nigeria? It is just below 60 yrs. Did you tell me that you will get more value with #10mil in Nigeria than 28k dols in USA? Why are your politicians running to abroad for flexing? There are some things even with your 1billion naira you wouldn't be able to enjoy in this country.

1 billion, Then you don’t know your right from your left.

zamirikpo:
So u are comparing naija hospital to an American hospital.......

Anyway I no argue again......

Have you been admitted in USA hospital b4? Let those that have comment abeg. Am waiting for those who live in US to respond- let’s learn.

10 million na big money Anywhere in the world. At least the money way some of us start with no reach like that and we are doing well. We may not live in Lagos, or Abuja- just as it is with some countries being overrated wen compared to Finland. Little hustlers don’t be deceived, 10 million is a whole lot of money- just use ur HQ.

That was why the troops that came from abroad left. It’s political

zamirikpo:
I served in maiduguri my brother, so I got first class exposure to boko haram. Now they r in sambisa, but when i served they lived with us in the city as close as bama LGA and They visited the capital steady....

They took over 10 LGAs....so I know what am saying. It was a terrible experience running up and down in a foreign land.

Let's not be naive , we are at war....boko haram in the north, fulani herrdsmen in the south south and middle belt , biafra brewing from the east and above all CORRUPTION at the centre.

May God avèrt an implosion. Ijn Amen.

As you are do you know what a war zone is? I also served in the north . Where they termed volatile taraba. What the north is experiencing now, Warri has experienced it in the past- we called it crises not war zone. For book haram issue, that one is for another day.- it’s crisis that some are benefiting from, not a war zone period.

[quote author=Just2endowed2 post=83297791]You speak the

zamirikpo:
10m is big but in our country it can do very little , becos every Nigerian is his own govt. We provide food, clothing,shelter, electricity, roads, health care and education for ourselves.

We even go as far as buying land and property for our unborn generation to give them a fighting chance.

10m cannot pay for a shop in that ochanga market, that 1.2m can only help u pay rent.find out

10 million can do alot. Unless you don’t know your left from ur right. Stop this self-condemnation of urs. God has blessed me above that level that does not mean 10 million can’t do a lot.

Range63:
its business to go through the stress to get a license and then resell.

Just asking as a businessman, na so dem take sell flood prone area give my guy. Lol

Range63:
BDC license for sale. Contact 08186177617

Why the sale ? E no Dey move market again?

ahiboilandgas:
because of risk appetite...i bought two truck for 23m in Nov 2018 nov Nov 2019 they net around 9m and depreciated to 18m ...so if I stop today my real profit will be 18 +9 -23 = 4m .....if nah 23 m at 14.5 it will generate 3.3m (zero risk)

This 14.5% or 15% you guys calculate with always, I wonder if it never decreases. Since April till now I don’t think anybody have gotten such rates and won’t be in a long while. So let’s stop using 15% when ever we talk about Tbill.

What was the bases for the discus in the first place. 10million naira being good money in this country or anywhere in the world. Who took it to being patriotism? Because of where some of us are today we want to disregard 10million. It was only #1.1million they donated for that onitsha fire victim that made the guy smile again (courtesy of Reno omokri’s call). If not why will you tie 40million down a year because of less than 6million profit.

zamirikpo:
Asaba is my abode.

Lol. I thought you live in the north. U Dey Asaba Dey shout war zone, if you come Warri, that means you go shout demolition zone.

zamirikpo:
Are u kidding me.......

U don't hear of boko haram, daily kidnapping, pen robbery by the politicians.etc

Pls if u live abroad kindly Google....these things.

Which state do you reside? I live in Delta State.

Thisnut:
That's not true, except you live in the ghetto. even if you live in the ghetto, in as much as you're not part of gang related stuffs, you will be fine. Nigeria is not just about only crime, it's a war zone as well.

Where is the war zone exactly?
So naija crimes have become war zone?
People that have not witnessed community clash, will be shouting war zone, war zone.
I don’t blame guys, I blame the media.

Jesusbabygirl:
Well, my question is how long have you lived in Nigeria and how long have you lived in the US?

@zamirikpo please answer, let’s learn.