₦airaland Forum

It's an "accident".



Much like the famous FALLING-OUT-OF-WINDOWS "accidents" in Russia.

What kind of WEAK response is this?

MOSSAD is number ONE on that list.
CIA is a close second.

It's about DRUGS and "narco-terrorists"

That's why he and Trump are so close.
They are both CRIMINALS who are happy to kill to cover up their crimes.

ONE killed the Judge prosecuting him for his crimes.
The other killed the PDFile Child Trafficker with evidence of his crimes.

NEITHER of these crimes would get serious coverage in the COMPROMISED Western Media.

MANY people don't even know that videos of Epstein's cell was released by US Authorities with parts of CUT-OUT and HIDDEN.

Because their COMPROMISED media will gloss over it and people who CAN'T think for themselves won't bother to give it a second thought.

Commentor:
A president owning guns.

What has the world come to?

I honestly DON'T understand.

Possessing guns in your own country is OBVIOUSLY a crime.

Raping kids on the other is PERFECTLY fine.
Especially if you do it on a Private Island with many of your other Billionaire friends.

You'll be the darling of Jesus-loving, heaven-conscious believers who'll think you're Jesus 2.0.

People should ONLY be able to have children AFTER passing a basic COMMONSENSE test.

Clearly, this is NEITHER a first-time nor a one-off occurrence.
The lady KNOWS exactly what to expect and that's why she switched on her camera.

ENTITLEMENTS like this are NURTURED by mowruns who enable the NONSENSE.

The SHEER SHITTINESS of the boy is NOT new.
Yet this girl FHOKED him with ZERO contraceptives and LESSER sense.

Why is a man who is already THREATENING to abandon you and his child UNLESS you send him #50,000 still saved on your phone as "My Love"?!

WHY?!
If NOT stewpidity and MADNESS.

If you're making a fool of yourself because of sex, get yourself a TRACY'S DOG dealdo.

DON'T ruin a child's life because of your horniness.

This is ONE of the reasons I have ZERO pity for Single Mothers.
They KNOW the implications of what they are doing and they do it ANYWAY.

Then they expect EVERYONE to pity them and help them pay for the REPERCUSSIONS of their stewpidity.

MADNESS!

First of all, I DON'T trust married women.

That man looks BRITTLE.
All you need to do to INCAPACITATE him is blow a little BREEZE in his direction.

Secondly, if he truly RAPED someone.
He should be in JAIL.

NOT banished.

Why are ID1OTS spreading FAKE news and causing panic for ordinary Nigerians.

“I was charged almost ₦100 for tax. Nigeria, which way? This tax is too much o. That means ₦100,000 tax fee will be very, very big. This is getting serious"

Stamp Duty is a FIXED charge of #50.
Whether you transfer #10,000 or #10 MILLION.

The remaining part of the #87 is likely just bank charges plus VAT on bank charges which would also remain the SAME whether you transfer #10,000 or #10 MILLION.

This is EXACTLY the reality on ground BEFORE the New Tax Laws were introduced.

It's just that instead of the #50 Stamp Duty to be deducted from the Receiver's account, it's now deducted from the Sender's account so that the receiver can get the FULL amount of the transaction.

Meanwhile, this one is already here spreading FAKE NEWS and panic.

This Single Mother of 2 (NOT surprised) is too DMUB.

And the INTELLECTUALLY-DEFICIENT people on Twitter are already lapping up the NONSENSE like it's spring water.

NOBODY WILL DEDUCT TAX FROM YOUR BANK TRANSACTIONS!

Another one said he transferred #100K and got #63K.

EVERY sensible person knows what it's ALL about.
It's only BRAIN-DEAD religious fanatics and BRAINWASHED mowruns who think it's anything but a RUSE to plunder Venezuela.


Some people are saying Maduro violates human rights, so does Kim Jong Un.

Some people say Maduro is corrupt, NO President alive anywhere today is HALF as corrupt as the PDFile in the White House.

Apparently, he divvied up Venezuela's resources among American Oil companies BEFORE the illegal invasion.

Some people say it's about ELECTION-RIGGING.
Yet he has REFUSED to hand over the Venezuela government to the Nobel Prize Winner who allegedly won a whopping 75% of the votes.

I STOPPED following the news about the invasion because I cannot stand the SHEER extent of ID1OCY and HYPOCRISY on display.

But somehow, I still find myself reading excerpts of CONGRATULATORY message from the Canadian LOSER Pierre Poilievre and the NONSENSE penned down by Keir Starmer.

European Leaders seem to FULLY support the invasion. Giving justifications to a BLATANT crime.

Meanwhile IF China or Russia did EXACTLY the same thing, ALL of them would line up to CONDEMN and SANCTION until they rupture a nerve.

MADNESS EVERYWHERE!

Comparing Ukraine's Military to that of Venezuela is MADNESS!

This will ONLY be impressive if they can replicate it against the UK.
NOT a country with no meaningful Military.

MT:
Why not move this military might against Russia which keeps destroying Ukraine per seconds.

Russia—who?


Russia has a PERFECT Democracy.
Also, they are not destroying Ukraine.

It's just a Military Operation.

Democracy is for WEAK Third-world countries with LOTS of oil.

jUeLiZ:
A military operation Putin and Xi can only dream of

Military operation against a DEFENCELESS Third-world country.

Putin and Xi have NEVER travelled to another CONTINENT to launch an attack and KIDNAP the President.

Plus if either Putin or Xi does something as INSANE as this, the Western Media and their BRAINWASHED footsoldiers would NOT let the world rest.

Finally, everybody should UNDERSTAND that Venezuela is a country with WEAK Military.
It's so WEAK even the Nigerian Military looks like a TITAN compared to them.

Some MOWRUNS are still parroting the "War on Drugs" nonsense the PDFile sold them.

Clearly, the criminal is looking to PLUNDER Venezuela which has the LARGEST Oil Deposit in the world.

Marry a Billionaire with diastema the size of Lagos-Ibadan Expressway.



I am NOT even going to talk about her own SIZE.

But this is how women DESTROY their own marriage BEFORE it even happens.

They'll cook up a FANTASY in their own mind and get DEPRESSED when it doesn't come to pass.

This woman, who looks 27-30, expects to marry a BILLIONAIRE and live in a MANSION.

Based on this PIPE DREAM, she'll turn down marriage proposals from ELIGIBLE bachelors just because they drive a Toyota and live in a compact Duplex.

And if she married someone she thinks is "ambitious and has potential" and that one FAILS to live to her expectation of becoming a BILLIONAIRE and acquiring a MANSION, she'll RESENT him and consciously or subconsciously WRECK her marriage.

Men should AVOID marriage.
But they should avoid it HARDER when they jam a woman who puts a FINANCIAL label on it.

HacheNoire:
They have taken democracy there! Same Libya and Iraq playbook!

You TRULY understand the game they are playing.

It's so OBVIOUS only absolute mowruns are deceived.

First of all, the PDFile obviously doesn't give a F about human rights or protesters.
Otherwise, he won't be bankrolling the GENOCIDAL campaign of ILLsrael.

Plus, the same PDFile who's threatening to INTERVENE for the sake of protesters oversaw a VIOLENT CRACKDOWN on protesters in the US where Police Officers on horseback TRAMPLED on protesters. Multiple times.

The most hilarious part of all this is that the WARMONGER is still hustling for a Nobel Peace Prize.

That's also after the CIA carried out a TERRORIST attack in Venezuela.

MADNESS!

KarlTom:
You should take Wikipedia with a pinch of salt.

Sen. Yari is an accomplished businessman even before he ventured into politics. I, however, cannot say much about his wealth...

Thanks for the clarification!

In that case, he's free to do whatever he wants with his money.

awesomeJ:
Nwanne, Namaster, Biko, analyze this other scenario for me abeg.


I want to be sure, I have plans in plans regardless of what interpretation prevails:


Imagine I bought 1m shares with N50m in 2026 at N50 per share , and made N200m in profits in 2026 when the price is N250 per share, but only withdraw N50m (enough to cover all my personal and family expenses) I will pay tax on the entire N50m (based on your interpretation)

Now i reinvest the remaining N150m at N250 per share in 2026

By 2027 when I sell that N150m after 12 months must have elapsed if I sell at N300
Will you calculate my profit on the N150m using N50 as base cost or N250??

If you invest #50M and made #200M, the sales proceeds would be #250M.

If you reinvest the rest (#200M, not #150) and withdraw just #50M.

The calculation would be like this:

#250M proceeds = #50M cost + #200M gain
That's 20% cost + 80% gain.

Your #50M withdrawal would be treated same way

#50M = 20% cost (#10M) + 80% Gain (#40M)

Your tax liability would be on #40M.


For the second part, obviously the base is not going to be #50 but the #250 you actually paid for them.

EVERYBODY agrees on that.

Also, get yourself a Tax Accountant and BOMBARD him with as much scenario as your heart desires.

emmanuelewumi:
Background information about the new owners of Geregu

I checked this Senator's Wikipedia page.
It's not written anywhere that he has ever been a business person.

And his educational background is UNIMPRESSIVE.

He seems like a career-politician.

Putting the asset in his kid's names is CLEARLY to create a moat in the event of a corruption case.

This is why prosecution for corruption should be BIBLICAL—the entire family should be punished up to the FOURTH generation.

awesomeJ:
Even me, I'm beginning to get confused.

@mallam.Omonile1 and @Nam.aster, you guys should please carry on this debate.


Also talk about the case when at the point of filing returns for the N30m, I might still claim to plan on reinvesting before the 12 months elapses.


But the surest interpretation will be what the guidelines they release next year.

From what Taiwo said, once you repurchase, it's a new transaction altogether.

But a lot of people especially @streetinvestor2 don't trust Taiwo because of his suit.

You are RIGHT.

A serious committee would have released a comprehensive implementation guidelines BEFORE the law comes into effect.

Not questionable TV interviews.

In your case, your BEST bet is to talk to a Tax Consultant (lawyer or accountant) even after they release the guidelines.

You do BIG transactions.
Oyedele likes people who do BIG transactions.

Some people are overly PESSIMISTIC about the new tax laws based on wrong info.
Others, surprisingly, appear to be overly OPTIMISTIC about the new tax laws based on wrong info.

BOTH should be corrected.

People should make plans based on CORRECT info.

mallamOmonile1:
I am of the opinion that the N30m is a proportion of the proceed withdrawn which will be used to determine the proportion of the realised gain of N50m that will be taxable.

Therefore, since the proceed is 100m out of which only 30m (30%) was withdrawn, then ONLY 30% OF THE REALISED GAIN OF N50m becomes taxable in the current year of assessment.

I see where you are coming from.
But it's NOT correct.

This is where you are quoting from:

...provided that tax shall accrue proportionately on the portion of the proceeds which are not reinvested in the manner stipulated in this subsection

But you are applying a percentage to the Gain and NOT the proceeds as specified.
And that would result in lower tax compared to applying it to the proceeds as SPECIFIED.

Secondly, your scenario is ENTIRELY different from the one awesomeJ brought forward.

In his scenario, there are 3 different transactions.
First, there was a sales proceeds of #100M and a gain of #50M which represents transaction 1.

Then a full reinvestment (purchase of shares) of #100M which represents transaction 3.

Then a sale proceeds of #30M with a Cost of #30 which represents transaction 3.

The transactions in his scenario are CLEAR and easy to track.
There is ZERO need to complicate it with computations of percentages and proportions.



But YOURS require that.

Here's your scenario:

1. Sales proceeds of #100M and a gain of #50M.
2. He withdraws #30M and reinvests #70M.
3. Then you can calculate proportions.

In this case you have a formula of where Sales Proceeds = 50% Cost + 50% Gain.

So if he withdraws #30M, the taxable proportion would be 50% or #15M.


This should make everything CLEARER now.

awesomeJ:
You're not clarifying.

Your analysis is saying N50m is taxable, and you're still saying N30m is what's taxable.

You haven't gotten this flow perfectly yet.

No.
My analysis says #50M is chargeable Gain.
But #30M is TAXABLE.

Understand:

NOT all chargeable gains are taxable.

The flow is PERFECT.

awesomeJ:
Your position is this:

In my two tranch example:

Total purchase for both tranches is N150
Total sale is N200m

Therefore N50m is tax liable.

I think that's correct.

Now what if tranche 2 is me buying new shares with the N100m proceeds from tranche 1, then I sell and withdraw N30m.

Then total purchase becomes N80m (first N50m plus the cost of the N30m portion I'm selling), while total sale is N130 (the first 100m plus the second N30m)

Taxable profit would then be N130m - N80m = N50m.

Are you saying they will charge me for a N50m tax when I'm only withdrawing N30m.


Don't you think this already violates the reinvestment relief the law provides?


Another nuance is by the time I file tax returns in March 2027 for instance if I claim I sold the shares in November 2026 and would still reinvestment before November 2027, do you think I'd still be tax liable?


Again, we're simply debating ideas for better understanding, no grouse at all.

Let's break it down.

First deal is a #50M gain from a sales proceeds of #100M.

Second deal is a FULL reinvestment of #100M.

Third deal is a sale proceeds of #30M with ZERO gain or loss.

Your AGGREGATE would look like:

#50M gain +/-#0 =#50M.

So Tax Authorities would assume that #50M is your Chargeable gain from your activities for that year of assessment.

And ordinarily, the full #50M would be subjected to tax.

But since you only withdrew #30M, that's the portion that would be subjected to tax.

It's just like the law says.

awesomeJ:
I understand you sir.

I'm not saying reinvestment wipes out the gain.

I'm saying reinvestment makes the gain non liable to tax.

Isn't that what the law says?

NO.

The purpose of the REINVESTMENT Clause is to RETAIN money in the NGX.

The way you explained it made it sound like Oyedele collected billions from Tinubu just to design a BIG, FAT and extremely obvious LOOPHOLE.

The tax law FIRST looks at individual transactions.
Then AGGREGATE portfolio.
Then what you did with ANY gains from that portfolio.

What that means in numbers

Scenario 1.

1. A first transaction of #100M Sales Proceeds from a #50M cost price. That's a potentially chargeable gain of #50M.

2. FULL REINVESTMENT.

3. That's EVERYTHING you did in the NGX that year of assessment.

Your tax liability related to CGT for that year would be ZERO.

Scenario 2.

1. A first transaction of #100M Sales Proceeds from a #50M cost price. That's a potentially chargeable gain of #50M.

2. FULL reinvestment.

3. Sold new acquisition of #100M at #100M.

4. Withdraw.

5. PAY TAX!

That's because the New Laws are applicable on NET GAINS.
And for Net Gains to be a factor, you must be looking at a BIGGER picture, i.e, the portfolio.

So, first transaction has a gain of #50M.
And you broke even in the second deal so made #0 gain or loss.

Net Gain for your portfolio would be #50M-#0 =#50M.

That #50M would be subjected to tax.

awesomeJ:
Also @Namaster, Imagine if I bought shares with N50m, sell for N100m, reinvest N90m and withdraw N10m.

Your interpretation expects me to pay the entire N10m as tax?

Abi how would you calculate?

If you used aggregate purchase, you would get N140m and sales of N100m, would you interpret that as a N40m loss when in reality there's a N50m profit?


I'm not trying to have a heated debate with you .

I would just like you to analyze different scenarios with your interpretation, so that we can all learn.

Also did you notice that the term aggregate despite being only used for sale, isn't even relevant to reinvestment. It's only relevant to determine whether or not you've reached N150m in sales for the year.


Please teach us. Since the very next market session will already be under these new laws.

The second part of the Section 34 I quoted addressed this:
(iii) proceeds from such disposal, notwithstanding the threshold in (i), are reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies, provided that tax shall accrue proportionately on the portion of the proceeds which are not reinvested in the manner stipulated in this subsection
[i][/i]

Another thing to note is that the issue of Capital Gain ONLY arises when there is actually a SALE.

If you used #50M to make #50M then reinvested #90M and took out #10M.

Only 1 transaction matters for CGT in this scenario. And that's the FIRST one.

AwesomeJ, understand this:

I am NOT trying to debate anything with you.

I am attempting to RECTIFY the wrong information you passed that could MISGUIDE people and potentially land them in legal trouble.

People could follow it and get in SERIOUS trouble.
Especially the rich people who do BIG transactions in the the NGX.

Best thing for people like that is to get a Tax Lawyer or a Tax Accountant.

Now on your first post:
What the tax man has said is that once you reinvest, your cost basis becomes the new N100m, you thinking it'll be aggregate of all you purchased is an assumption.

You are interpreting this to mean that a REINVESTMENT means a blank state.
That reinvestment wipes out the previous gain.

WRONG!

First thing you need to understand is that CHARGEABLE GAIN is computed on INDIVIDUAL transactions.
But the applicable taxes would be based on the AGGREGATE Portfolio.

awesomeJ:
Yes sir.

If I buy a stock with N50m in January, and by June, it's done 100% and is then valued at N100m

Even if I sell and have no plans to remain on the market, I will sell for N100m, then repurchase for N100m and resell for N100m.


Two transaction tranches:.
First leg: I entered at N50m and exited at N100m , N50m gains .

It won't be taxable cos I'm deploying the process into the second tranch.


Second tranch:

I entered and N100m and exited at N100m

No profits hence no tax.

This is EXTREMELY WRONG!
And it could get you in trouble with Tax Authorities.

If Oyedele devised a system that could be gamed in such a SIMPLISTIC way, he would NOT be the second-most HATED man in Nigeria.

CORRECTION:

First thing you must understand is that the gain chargeable to tax would be the based on the AGGREGATE transactions on your portfolio.
NOT individual transactions.

So based on your example,
First transaction has Sales Proceeds of #100M and Cost Price of #50M.

Second transaction has Sales Proceeds of #100M and Cost Price of #100M.

Calculation would look something like this:

Aggregate Sales Proceeds= #200M (#100M + #100M)
Aggregate Costs= #150M (#50M + #100M)

Chargeable Gain is STILL #50M.

You'd be somersaulting for NOTHING.

The ONLY time you'd NOT have to worry about CGT is when you are continuously REINVESTING with no intention to take out any money from the gains you made on NGX.

Which seems to be your own PLAN.

But for people who intend to withdraw anything from the gain, that strategy is a WASTE of time.

Another thing to NOTE is the timeline when the REINVESTMENT clause kicks in.

[b[i] Section 34(iii) proceeds from such disposal, notwithstanding the threshold in (i), are reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies.
[/i]][/b]

So when you advised people to consider spacing their transactions over weeks, let them know to keep the year of assessment in mind.

"Stop overreacting, he's just my friend.

"



That's ALL any man needs to hear.
And that's where I STOPPED reading.


That is the LANGUAGE of cheaters all over the world.

That sentence is LOADED.

First, it BELITTLES him.
Then, it SHIFTED the blame onto him.
Then, it deftly EXCUSES her infidelity.

In this Nigeria that people get KIDNAPPED for taking the wrong route to their own BATHROOM, one WORHE left her base in Lagos to cook for another man and his family during Christmas Holiday.

And he's a JUST a friend?!


Madam went for her INTRODUCTION.

The WIMP needs to respect himself and MOVE ON!

Nigeria is such a COMPREHENSIVE sheeethole!

You CAN'T drive on the roads without getting kidnapped.
You CAN'T expect any emergency services.
Now, you can't even FORNICATE in peace.

What a DISASTER!

God BLESS Omoyele Sowore for this particular slice of TRUTH.

The PDFile says White South Africans were being persecuted and he gave them EXPRESS entry into the US along with FREE plane to fly them in.

PDFile says BLACK Christians are being persecuted in Nigeria and he BOMBS them on Christmas Day.

BRAINWASHED Religious FANATICS say Hallelujah.

Psalm 121:1-2 according to the religious MOWRUNS in Nigeria:

"I lift up my eyes to the hills— where does my help come from?
My help comes from the PDFile in the White House, the RAPER of women and children".

RUN!


First of ALL, NEVER in your life assume financial responsibility for ANY woman that is NOT your daughter or LAWFULLY wedded and VERIFIABLY loyal wife.

Secondly, this part:

"she had already informed me of a large amount needed to sort her academic papers, which I agreed to pay."

This means this girl is DMUB!
She's attending a PRIVATE School where they have better resources and fewer students and she's still FAILING!

She FAILED and you had to BAIL her out by BRIBING a Lecturer.

You DON'T want to mix with that level of DMUBNESS!

You are paying for her EDUCATION and still paying for her FAILURE!

MADNESS!

Plus, if she's sorting one lecturer with money; you can rest assured she's sorting another lecturer with DOGGGGY.

Then, there's her School BoyFriend whom she visits regularly for "tutorials".



This girl is clearly NOT studious.
So you are just FINANCING her frolicking.

Despite the fact that you're SPONSORING her entire life since you met her, she's UNGRATEFUL!

She's INSULTS you and call you STINGY!
She BELITTLES you and says you're NOT doing enough just because you did NOT shoulder the financial BURDEN of her whole lineage in addition to shouldering hers.

And she's already hitting you with the International Anthem of ENTITLED GOLDDIGGERS all over the world:

"Your money is OUR money".


While contributing absolutely NOTHING to your life.

Take stock of what she's contributed to your life and see how you've been SHORTCHANGING yourself.

I bet the ONLY thing you've been getting is a LACKADAISICAL gander at a SECOND-HAND pussshy.

You need to VANISH!

IF you make the HORRIBLE mistake of marrying this girl, you will age 5 DECADES in your first year of marriage.

You will SHOULDER the financial problems of her entire family and it still WON'T be enough.

You will be UNHAPPY.
And married to an ENTITLED woman who's NEVER going to be satisfied.

And chances are very HIGH that this lady would want to be a FULL-HOUSE WIFE and continue the baby girl lifestyle she feels entitled to.

You will WORK overtime in a FUTILE attempt to make enough money to please her.

You will NEVER be at home.
And you know what that means.


Your first-born would have an UNCANNY resemblance to that your neighbour that seemed UNUSUALLY friendly with your stay-at-home wife.

RUN!