Ekaka14: Admit it ..Tinubu is WEAK, CLUELESS and SELFISH!! It's Rivers State People who will determine who rules them henceforth, not political god-fathers or parties. Let Tinubu and his so-called Trusted ally( WIKE) try to remove fubura AGAIN and you clueless blood-thirsty lots will see that Rivers people are no fools!! I am more ashamed of anybody who associate the word "TRUST" with Wike than I am with Wike himself ...tuehhh!!! To imagine that you expect Tinubu to side Wike ( a PDP member) against an APC card carrying member speaks alot about the kind of bra. in you are wired with !!
i admit. You the strongest can keep wailing till 2031.
Dogalmighty17: Weak president. Can't he sack Wike? Why is he allowing Wike bring his chaos into the APC? It is a serious afront to the president for a man who is not a member of the APC to dictate to the APC its internal affairs. Wike should be called to order and if he refuses, Tinubu should sack him.
When e reach your turn, sack your trusted ally and back a weak minded unstable ingrate. At least, opposition will not stand with Fubara as they no longer have anything to gain, right?
Princedapace: I am not the one who is pulling country down. Why cant u all get it? Those pulling Nigeria down are those criminals as politicians. Why do humans behave like zombies? Like why do some of u make excuses for politicians. I gave u reasons why what I mentioned is annoying now. What Am I paying 25 percent of income I sourced abroad for when I cant get public quality healthcare? No electricity, no good roads, no quality education, no water? So, what is my income tax used for? There is an idea behind world wide income tax. It is on the premise that govt is reasonable enough to provide u with adequate social amenities so u support them with tax while they mine ur resources and use ur tax to support the system. In this case, I benefit nothing and u want to take the money. I applied for police, immigration, CBN, prison service, civil service, road safety, etc. They all failed me and gave jobs to political affiliates. They give jobs based on political connection. Now, I didnt die, I worked so hard, another society paid me by exposing me to people who found me worthy and hired to work with me, and u want to take 25 percent of it while not providing me with any social benefit. That is wickendness and stealing. I am not the one pulling the country down. Calling out the system for being corrupt doesnt mean I am pulling the country down. It is one who is doing the corruption that is pulling the country down.
Friend, find a way to move to the country that gave you all since Nigeria is of no benefit to you, otherwise cooperate with its laws. Instigating people against reforms pulls the country down. Riots and insurrection don't solve problems.
ambale: Instead of the government to seek accountability as to why the funds were delayed in the first place that led to the protest by the players
They choose to attack a private citizen instead, na same government dey yarn say Dem dey fight corruption ooo😄
But it was said already na. The report said FG already approved funds since. Players said they don't want naira. Meaning they need to wait for dollars. Allegedly. No delay from FG.
i support this very much, especially the graduation thing. As for textbooks reuse, they'll still find a way to take money for textbook use and damages, so it's better the kids have the books IMHO. When the school hoards textbooks and say it's not enough and budget must be made for reprint. You don't know humans, called my people.
Dey play. Everything will be blamed on Tinubu. If Wike is having upper hand, they'll say it's Tinubu. If Fubara, they'll still say it's Tinubu 200 Wike 0.
Princedapace: What u said is true, the argument is if the law is jutfiable or not. What we swallow in Nigeria is complete mess. We simply fund the lives of politicians while they give us nothing in return. I just watched a video of a senior doctor lamenting that Nigerian doctors cant rent decent apartment. I mean those in Lagos, imagine those in other states. A critical sector like health, govt has abandoned it and wants me to pay tax while they use the money to embrace foreign trip. Laws are made by humans and for humans and laws cant be questioned. In Nigeria, we breed criminals in the name of democracy. I just watched another video where a pratising doctor in lagos was lamenting how they watch people die in hospitals becus of no money. She almost cried and listed the incidents she faced within just 3 days. It is crazy. These politicians are cheating us badly and comments like yours enable them. Why should I be funding the live styles of politicians? They have total control of our god given resources, we no talk. They have control of our income, we no talk, now they are coming deeper into our pockets. Questioning things is normal. That is what made countries work. I know what i suffered to learn what i know today, due to no electricity, i had to use a nearby betting shop that usually On generator. I would stand against the wall and place my laptop on my lap to learn what I was learning. If Nigeria had electricity, it would have been easier. These pot bellied men keep destroying us. F#ck it.
Questioning and even lobbying is different from burning down or pulling down your country. Comments like yours don't help anyone. Like i said earlier, over 95% of what you complain of have been and continue to be before the tax reforms. Abuse of a system cannot stop me asking for or seeing improvements. Up to you what you see, and up to me what i see.
Princedapace: Yes! A lot of u keeo forgeting that income tax is not the only tax. We have VAT. If I should u how much govt made from me via VAT alone, u go scream. What about various bank charges that go to govt? Now, the idea behind world wide income tax is because those who reside in the country have access to use quality govt funded pry, secondary, universities, healthcare, electricity, water, good roads, security, emergency services, etc. But since I earn outside Nigeria and none of these stuff I listed exist, why is govt eyeing up to 25 percent of that income, exlcuding the usal VAT, bank charges, import duties, etc? That is criminality. Let me give u an example: Let say before a foreign source income earner, i made 20m last year and I spent around 2m plus on fueling generator, electriicty bill and maintainance of generator for my family home because as a human, we deserve 24/7 electricity, we deserve to sleep with our AC on, etc. So, to give my family quality electricity, I spent more on our home gen. We dont deserve to sleep under heat. I spent this beacuse govt has failed in providing us with stable electricity. Now, i didnt pay income tax, right ? Last year, so this year, I made same 20m yearly, govt takes about 4m from me as income tax. This reduces my purhcasing power to 16m. Now, from that 16m i will still have to sort out 2m plus on electricity. Now, if govt had taken the 4m plus as tax and has fixed electricity, then I will have more purchasing power and quality of life, I will not need to spend 2m plus on fueling generator, I will not buy bottle water to take clean water, I will not fix my car often because of bad roads. When I want to resel my car, I can resel at a good rate because the roads have not made it look old. The list goes on. So, what exactly Am I paying the income tax for? For the money to be used to provide politicians retirement packages? Tinubu has budgeted another 7b for solar installation in Aso Rock which will be funded by tax payers. So, who takes of my own electricity? Dont I deserve 24/7 electricity? Dont forget, tax payers and our resources are used to provide electricity for him at home, health care taken care of by the country, his food taken care of by the country. We work and make money to take care of politicians. I dont understand. We dont deserve good life too?
It's as funny as it gets. Friend, if you live in a country, you are subject to the laws of the country. Otherwise, you could move to where you think is better. As long as you choose to live in a country, you are bound by the laws of the country including its tax laws. It's not an argument for nl or social media. Find out if you are a tax resident or not, and perhaps you are lucky to qualify for some existing double taxation agreement that may exempt you. My little advice. The leap from new tax is oppressive to Nigeria doesn't deserve my tax isn't for me to help you with.
Princedapace: Let me explain, in the previous tax, only income sourced within Nigeria was taxable. So, freelancers, remote workers, content creators, etc who worked remotely and made income from other societies didnt pay income tax but paid other taxes. This new tax forced us to pay. And the idea behind world wide income like in a place like UK falls on the idea that u use govt funded facilities heavily while staying in the UK and working and earning else where. But that is not the case with us here. Those who sourced for income abroad practically dont enjoy anything free from govt. I know how much it cost me to give my family bottle water each month, if I had govt treated water, that will save me such cost. There are many other examples. Rent relief of ridiculous peg at 500k is useless for high income earners becus high income earners dont live in house of 2m per year. Put it at 20 percent or 30 percent and leave it. Doesnt matter how much it is. Leave foriegn sourced income until u have a viable society with good roads, hospitals, water, etc so that those who dont make money from Nigeria can use those facilities to justify their income tax. As it stands the current tax is oppressive and wicked. And mind u, other taxes exis and mind u, those have been stollen before and will still be stollen now.
Lolz, so your line of argument is that the government doesn't deserve your tax because you don't earn your money in Nigeria.
Druss: I will ignore the arrogance I am detecting in your post for the sake of having a civilised discussion.
Firstly you are the person who asked what the rates were
Secondly what ball park figure of salaries are you looking at? You think the persons I am referring to are earning 50m per year? I can confirm that people within a certain range are coughing up more monies under the new tax. The government has admitted this.
Thirdly the return on tax for Nigerians who pay their taxes is poor.
Personal income tax rate is 25% for anyone earning above 50million. It used to be 24% for anyone above 3.2million. Let me know the rates you refer to that's more. Thanks.
Stamp duty is a tax the government charges on certain legal documents, transactions, or agreements. It’s usually applied to things like property transfers, contracts, share certificates, leases, and some financial transactions. The government charges it to legally validate the document or transaction.
That's a typical example of what government collects that is a tax. For example, if you send fifteen thousand naira, the bank keeps fifty naira and your friend gets fourteen thousand nine hundred fifty naira. You only pay this if you send more than ten thousand naira, and the money goes to the government.
The Stamp Duties Act originally dated back to colonial law, and the Finance Act 2019 expanded the Stamp Duties Act to explicitly include bank deposits and transfers, giving a clear statutory basis for charging stamp duty on electronic transactions like bank transfers. Before the 2019 Finance Act, banks were already deducting a N50 charge on electronic transfers above a certain threshold as an Electronic Money Transfer Levy (EMTL) going back to around 2016, after a Central Bank of Nigeria circular directed banks to implement such levies.
That practice was controversial, and in 2020 a Federal High Court ruled that some of these deductions were being collected without explicit legal backing at the time. The Finance Act 2019 and then the Finance Act 2020 gave the government a clear legal foundation to charge this levy via the Stamp Duties Act amendments, meaning that from March 2020 onward, banks had explicit statutory authority to collect a stamp duty/EMTL on electronic deposits and transfers above ₦10,000.
Under the current regime, banks collect a flat fee (commonly ₦50) on qualifying electronic transfers or deposits, which they remit to the Federal Inland Revenue Service (FIRS) as stamp duty revenue.
Stamp Duty Tax: How Electronic Stamping Will Function For Business Transactions - Director, FIRS
Image123, there is nothing like unnecessary stamp duty. It is money that goes to the government. You need to correct yourself. Once the money goes to the government as a form of revenue and it is taken from you, you pay the tax.
It is very unnecessary or too high. The video says it's voluntary, there's nothing voluntary about stamp duty. It automatically comes on transactions.
Princedapace: Take for instance, I decide to birth one child in order to consolidate my income, then another person decides to birth 8 kids without proper income, then I'm taxed heavily because of that person. That is madness. If I'm a high income earner, I maybe living in an apartment of 10m yearly or more, so 500k is insignificant to my rent relief at all. While 500k may mean a lot for low income earner. So U need to balance it and ensure those who create jobs actually have reason to create job especially in such a country like Nigeria with brutal environments.. I started two businesses in 2024, a restaurant and a tech training center. One thing that made me to close them all was electricity. I was running fuel generator for restaurant daily, same for tech training center, then for my home. Gush, the fuel was too much. I considered solar, the amount to get solar that can power tech training center was too much, same for restaurant. Omo, I closed them. So, U see, encourage people to create job. For me, I would say Nigeria doesn't need this type of tax at all. Nigeria needs job. Find ways to create the environment for people to create jobs which increases their purchasing power, then increase VAT to 10 percent. Nigeria is extremely tough. Take for instance, there are guys making mad money via content creation, arbitrary blogging. Instead of imposing heavy tax on them since most of the tax generated will be wasted by govt officers for sure. Why not tax them extremely less, but partner with them and send NYSC members to them to be trained so they can replicate same. If U have 100 nigeians earning 100k dollars monthly,.U have increased purchasing power and U can generate revenue from VAt because they will spend on luxury and pleasure. The sad thing is that Nigeria thinks that they can copy European model. What worked for Europe can't work for Africa. I will give U another example. Africans, Nigerians in particular are very communal in nature. A person who earns 20m yearly is not actually a high income earner. The person will pay about 4m to govt as income tax,, right? But the person surely will have a lot of dependencies such as parents, siblings, friends, etc who constantly need support due to the reality of our country. Europeans aren't communal that is why their parents are kept in elderly homes. If U earn 20m yearly and govt takes 4m from u as tax and U still will attend to Ur aging parents since no singular support from govt on that, U will battle with electricity issues, U have to deal with bad roads, U need to deal with private hospitals since public are in terrible shape, U also need to deal with private schools since public ones are terrible. By the time U are done with these expenses, U are already completely broke. Tax luxury and remove income tax. It is madness that I will go to a mall, buy stuff, pay VAT on it, then, still pay stamp duty when I transfer their money to the money from an income that has been taxed already as income tax. Guy, mad ooooo
95% of what you have said is not new. We've been experiencing the same scenario for years, it's not due to the new tax reform. What i am asking is a comparison of the old and the new, and how the new is so oppressive when compared to the old tax model.
mikeapollo: Simply because high income earners are being made to pay much higher taxes, without enjoying any commensurate benefits from the taxes or govt.
What rate do you suggest in comparison with tenable global tax standards.
Druss: You don't know the rates and you are making the above statement. Nah...
Also paying more can mean oppressive especially when the return on tax paid is very poor.
Actually, i know the rates, you don't seem to. Old rate was 24% and new rate is 25% if you earn above 50million. 50million is 23%. Old rate was 24% from above 3.2million. You said "They pay a lot more under the new one than the old one." i was struggling to figure the lot more or oppressive rate you speak of. Kindly assist.
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