₦airaland Forum

Throwback:
If you do not want the government to get its hand on taxes, have you also asked the government to stop all spending on infrastructure and services?

Nigeria is now practicing what we go to enjoy in the "saner climes", but as usual, we do not want sanity in Nigeria.

No one should escape paying taxes, even on sudden windfall.

Imagine what this one is saying

MaziX:
Imagine what this one is saying

Ogbeni, I pay my tax.

Go and pay your own. Don't be a useless member of the society.

Imagine the effrontery?

Obi still won't be president 😜😜😜😜

Anguldi:
Owomida mentality

Lagos is not Nigeria

Typical Agbado Tinunomics, try by error. E go reach everybody ai

Even birds and animals have lost weight.
My neighbors wife looks tired everyday , e choke oOoOO

Apel147:
Obi still won't be president 😜😜😜😜

Joker.
Make hunger no kill you sha

Chinkoalhaji34:
Na so

Smart move by Tinubu, engaging the bank executives directly.

This windfall tax fit be the key to boost our economy, make dem no dull us.

Hope say dem go collaborate well for the benefit of the nation!

do you even understand what windfall tax mean?

Anguldi:
Owomida mentality

Lagos is not Nigeria

Typical Agbado Tinunomics, try by error. E go reach everybody ai

Even birds and animals have lost weight.
My neighbors wife looks tired everyday , e choke oOoOO

Stale....

Kindergarten thinking....

Apply this stupidity in solving your backward region problems.

Throwback:
If you do not want the government to get its hand on taxes, have you also asked the government to stop all spending on infrastructure and services?

Nigeria is now practicing what we go to enjoy in the "saner climes", but as usual, we do not want sanity in Nigeria.

No one should escape paying taxes, even on sudden windfall.

what of windmill? Abi hope nor dey for that one?

Kobojunkiee:
The biggest mistake the Nigerian people made was to allow him to be one to them after his eight-year debacle in Lagos State. The people would have benefitted a whole lot more from electing Sowore or any of the other unknowns on the ballot in last 2023 election.

Read my lips,none of other 2 leading contenders & many unknown names in the last election is better than PBAT. You think governing Nigeria is by playing to the gallery? Stop being hateful

ryloy:
President Tinubu meets bank executives on the newly introduced windfall tax.

What is the relevance of windfall tax at this time?

kunle4toyeyaho:
Read my lips,none of other 2 leading contenders in the last election is better than PBAT. You think governing Nigeria is by playing to the gallery? Stop being hateful

Did you even bother to read and properly digest the comment you pretend your response is to?

You want development without income lolz lagos you envy IGR made it look better than

Must u support all his policies whether good or bad? What will b your faith when he reverses it?

Chinkoalhaji34:
Na so

Smart move by Tinubu, engaging the bank executives directly.

This windfall tax fit be the key to boost our economy, make dem no dull us.

Hope say dem go collaborate well for the benefit of the nation!

Chinkoalhaji34:
Na so

Smart move by Tinubu, engaging the bank executives directly.

This windfall tax fit be the key to boost our economy, make dem no dull us.

Hope say dem go collaborate well for the benefit of the nation!

You forget that most banks declare paper profit?

This is wrong policy. Another socialist money grab to titillate the masses with visions of more subsidies and palliatives.

cc Gerrard grandstar

Summary here -

https://www.deloitte.com/ng/en/services/tax/perspectives/proposed-windfall-tax-on-nigerian-banks--foreign-exchange-gain.html

Banks did business according to government policy, now government is going back in time to seize the perfectly legal profits. It's immoral to punish shareholders for business activity that is completely legal at the time of the trades. It was government that insisted on fixing forex rates at unrealistic prices, the banks did nothing wrong.

This is a classic case of POLICY SOMERSAULT that discourages investors from participating in the economy. It's also a good illustration of government autocracy. Get this for instance ......

The Bill imposes a windfall tax of 50% on Nigerian banks’ realized profits from all foreign exchange (FX) transactions within the 2023 financial year. Recent developments suggest that the rate has been increased to 70% by the Senate and the assessment period has been revised to commence from the effective date of the forex unification policy (i.e., 14 June 2023) to 31 December 2025.

Comment by the author

Retrospective application

Nigerian fiscal policy has been known to frown against the retrospective application of tax laws mainly due to the uncertainties and unpredictability it poses to investors and general business operations.

Retroactive laws are universally recognized as unjust. Anybody, whether foreigner or Nigerian, will think twice now about investing in banks or in Nigeria for that matter. Less investment means less jobs, less taxes and less learned expertise in the long run.

Very discouraging.

Good Luck to Nigerians.

TimeManager:
First class accountant, he sabi the game.

-Kiss the truth!

Drug lord accountant, only good at balance drug sales 😂

Kobojunkieee:
Please stop right there!! Yahaya Bello's own profile shows that his incompetence in office goes as far back as 2015. Why in the world would you people reelect the same scum if not out of ignorance?

Same with Tinubu. Tinubu's only achievement is tax increase and use of touts to extort money, multiple taxation on market women, installation of iyaloja and all manner of shenanigans just to collect money and settle his cronies.

Tinubu owed teachers salary as governor and fought house of assembly and his deputy...to the extent that he changed deputy governor twice in case you don't know. Area boys were the owners of Lagos until Fashola government brought some normalcy.

So I wonder how old are people who keep shouting tinubu this tinubu that .... Either you are strangers in Lagos or you have selective amnesia

In any case I'm happy because he is doing exactly the same thing in Abuja. It's been increase tax, increase cost of living without anything to show for it. Y'all enjoy and keep defending rubbish.

This is year one. The next 7 years will be interesting to watch. Una go get sense!

Anguldi:
Owomida mentality

Lagos is not Nigeria

Typical Agbado Tinunomics, try by error. E go reach everybody ai

Even birds and animals have lost weight.
My neighbors wife looks tired everyday , e choke oOoOO

How about your wife, how does she look?
It's so wrong for you to be talking about another man's wife. What happened to your wife, why not use her to cite the example instead.

SpaceX:
someone claim you guys are bots, how true is that?

Only in NGR will bank Chairmen be representing banks instead of MD’s and CEO of their respective banks

bots

Chinkoalhaji34:
Na so

Smart move by Tinubu, engaging the bank executives directly.

This windfall tax fit be the key to boost our economy, make dem no dull us.

Hope say dem go collaborate well for the benefit of the nation!

Zombie just do that asap

The 1% of the 1% met and you think it was for the masses and the middle class?

IbeOkehie:
This is wrong policy. Another socialist money grab to titillate the masses with visions of more subsidies and palliatives.

cc Gerrard grandstar

Summary here -

https://www.deloitte.com/ng/en/services/tax/perspectives/proposed-windfall-tax-on-nigerian-banks--foreign-exchange-gain.html

Banks did business according to government policy, now government is going back in time to seize the perfectly legal profits. It's immoral to punish shareholders for business activity that is completely legal at the time of the trades. It was government that insisted on fixing forex rates at unrealistic prices, the banks did nothing wrong.

This is a classic case of POLICY SOMERSAULT that discourages investors from participating in the economy. It's also a good illustration of government autocracy. Get this for instance ......



Comment by the author



Retroactive laws are universally recognized as unjust. Anybody, whether foreigner or Nigerian, will think twice now about investing in banks or in Nigeria for that matter. Less investment means less jobs, less taxes and less learned expertise in the long run.

Very discouraging.

Good Luck to Nigerians.

100% correct. Wish I could like this post 100 times.

Ko mo ju tax lo

Apoda

Follow my tiktok page

tiktok.com/@pappillo

Can you explain what the bolded is?

Salewa97:
Tinubu dey work o.

Meeting with bank executives shows he’s serious about the economy and making sure everyone plays by the rules. Windfall tax go help balance things for the country.

Let’s see how this initiative go play out, I believe in the vision he has for Nigeria. This na the kind leadership wey we need to move forward. God bless our president!

Kobojunkiee:
The biggest mistake the Nigerian people made was to allow him to be one to them after his eight-year debacle in Lagos State. The people would have benefitted a whole lot more from electing Sowore or any of the other unknowns on the ballot in last 2023 election.

abeg remove sowore

Bad governance squared.

Eventually Nigerians will get tired of the scammers called APC and PDP.

Thieves, Thieves and more thieves

Story since 1960. Nothing to show for it except going down each year.

Eventually there will be nothing to tax as they have damaged the economy that nothing will be produced as most business will cease.

This government removed the little hope I had that a change can happen. Anyone investing in Nigeria that have other choices is not wise with the present situation. Take your money to other well governed African countries.

IbeOkehie:
This is wrong policy. Another socialist money grab to titillate the masses with visions of more subsidies and palliatives.

cc Gerrard grandstar

Summary here -

https://www.deloitte.com/ng/en/services/tax/perspectives/proposed-windfall-tax-on-nigerian-banks--foreign-exchange-gain.html

Banks did business according to government policy, now government is going back in time to seize the perfectly legal profits. It's immoral to punish shareholders for business activity that is completely legal at the time of the trades. It was government that insisted on fixing forex rates at unrealistic prices, the banks did nothing wrong.

This is a classic case of POLICY SOMERSAULT that discourages investors from participating in the economy. It's also a good illustration of government autocracy. Get this for instance ......



Comment by the author



Retroactive laws are universally recognized as unjust. Anybody, whether foreigner or Nigerian, will think twice now about investing in banks or in Nigeria for that matter. Less investment means less jobs, less taxes and less learned expertise in the long run.

Very discouraging.

Good Luck to Nigerians.

alphaNomega:
abeg remove sowore

Why?

IbeOkehie:
This is wrong policy. Another socialist money grab to titillate the masses with visions of more subsidies and palliatives.

cc Gerrard grandstar

Summary here -

https://www.deloitte.com/ng/en/services/tax/perspectives/proposed-windfall-tax-on-nigerian-banks--foreign-exchange-gain.html

Banks did business according to government policy, now government is going back in time to seize the perfectly legal profits. It's immoral to punish shareholders for business activity that is completely legal at the time of the trades. It was government that insisted on fixing forex rates at unrealistic prices, the banks did nothing wrong.

This is a classic case of POLICY SOMERSAULT that discourages investors from participating in the economy. It's also a good illustration of government autocracy. Get this for instance ......



Comment by the author



Retroactive laws are universally recognized as unjust. Anybody, whether foreigner or Nigerian, will think twice now about investing in banks or in Nigeria for that matter. Less investment means less jobs, less taxes and less learned expertise in the long run.

Very discouraging.

Good Luck to Nigerians.

It is very sad in did.

Always be wary when taking actions that are expedient. It has a tendency of backfiring.

I have to an extent lost faith in this governments ability to turn the economy around.

Bola Tinubu has been dealt a terrible hand(I hope I got it), one of the worst imaginable.

There no money in the kitty, and at 70% out of any revenue coming is was devoted to servicing debts.

Worse, the foreign reserves were empty, barely enough to cover a months imports, instead of the 4 month requirements.

He met a senseless exchange rate policy that was not only too easily prone to corruption, but actually was. The exchange policy was also the primary reason the economy all but collapsed under Buhari. The list could go on.

In the area of floating the Naira, Tinubu scored very good marks. Even I was sceptical at one point.

I am now coming across many foreign websites that accept payments, even Whatsapp for adverts. Prior to this, it was only dollars.

However, in other areas he has done poorly. His refusal to fully deregulate the price of petrol has since led to a resumption of a subsidy on it.

The need to fully deregulate the price can not wait. The government already owes international oil traders $6bn, which is about 2.5% of GDP. If it continues unabated, it will hit $24bn, which is 10% of GDP DeregulTion won't lead to regime change.

Tinubu by now should have a list of public companies slated for privatization, and commercialisation.

Company tax should have been slashed to 12.5%. Interest rates should be increased high to bring down inflation.

There should an overhaul of the countrys import duties and import bans.

It's a pity the country xan not turn to the IMF for a bailout. The anti -financial Bill protests in Kenya would be replicated here if Nigerians detect the money comes from that villified body. I sense the riots are actually against the IMFin Kenya

Throwback:
If you do not want the government to get its hand on taxes, have you also asked the government to stop all spending on infrastructure and services?

Nigeria is now practicing what we go to enjoy in the "saner climes", but as usual, we do not want sanity in Nigeria.

No one should escape paying taxes, even on sudden windfall.

How is it windfall? That windfall money is only based on forex valuation of the banks. It can only be realised as money if the banks sell their forex assets