₦airaland Forum

richmond500:
u will still be taxed.
The taxed on 99.5m, it may not be 25% but it could go as high as 20%

maxiuc:
A country blessed with natural resources like Nigeria shouldn't depend on tax for development

blackmantis:
So I earn 100m you want to use tax and kill my business despite the hash terrain and the other multiple taxes being collected.

richmond500:
category?
CEOs, directors, investors, oil well owners

Dialpad:
Is that not too much, is taxing the citizens the only way government can generate revenue?

Sounds to me like a lazy approach.

It was in the news today that Nigerian have lithium sold for dirt cheap by locals to Chinese.

Why can't the government tap into other areas that can generate revenue but requires work.

Outsourcing
Mineral resources
Agriculture ETC

AceRoyal:
Tax! Tax!! Tax!!!

25% tax is criminal no matter how we want to justify it, especially when the government is doing little or nothing to help businesses grow or contribute directly or indirectly to the success of these individuals.

Even the rich will also cry!

No focus on human capital or infrastructural development.

No focus on cutting down cost of governance.

No focus on clamping down on corruption.

All the tax, multiple loans, revenue from other sources and supposed savings on subsidy removal..... ABSOLUTELY NOTHING TO SHOW FOR IT!

I dare anyone to mention just one thing the common man presently benefits or enjoy from the government.

It's sad, painful and pathetic.

OlujobaSamuel:
100m monthly
Dey whine yourself, they might be earning it but not on their payslip, except govt is ready to tax any bonus, allowance and perks of office accrued to anyone, if it's just about basic salary, most sef dey earn less than receptionist.
A friend applied for a UK visa some years ago, in order to reduce tax obligations, his payslip reflected just minimum wage (30k), he was denied visa because they felt he wasn't having the financial capacity to come back as they thought he wanted to use the opportunity to japa.
Whereas, his pay then was about 6x what the minimum wage was.
No director or CEO will actually be ready to cough out 25m from 100m, it's still the same tax consultant that prepared the tax law that will teach them how to bypass it

femi4:
100M x 0.25

That's just N25M, you will still go home with N75M

Manage it

t2luv1:
As usual, when it comes to Nigeria nothing is as Black and White. The devil is going to be in the implementation. For example, a businessman invests 60m of his own money to make a sale of 100M, is Nigeria going to tax the realized profit of 40m or are the mumu tax people going to base the 25% on the total sales value of 100M? Nigeria is not mature enough to implement what is being discussed because the country still functions on a non-receipt system. Another example is how will the government determine this supposedly 100m income individual. If I have to guess it will be by bank deposits now that is another slippery slope, making banks part of the internal revenue system. How many people by the way make 100m per month?

Emmanuel900:
This is how it is in the developed countries Nigerians want Nigeria to be like.

This is really a great Idea, it is a great way for Rich Nigerians to contribute to building the country instead of always using the money to carry Olosho and drink at the night club.

Thonee:
What do you expect from an Agbero?

Cromagnon:
Welcome to democracy
80% poor will vote to collect 20% rich money and claim its the law

tefund:
But the money will end up in private Pocket.Does it make a sense? Until the government can eliminate corruption it is sensless

richmond500:
You wan collect 25% from elites money and embezzle it.
The elites will squeeze ur throat and u will vomit every penny u took from them

richmond500:
In economics, personal income refers to the total earnings of an individual from various sources such as wages, investment ventures, and other sources of income. It encompasses all the products and money received by an individual.
So yes there are people whose personal income is N100m monthly.

Also the rich always know how to beat the system, even in USA, the poor pays more tax than the rich, so the rich will beat the tax through corporations.

Christ4ever:
Are you a Nigerian or you are one of the new online bots?

The way you people defend this useless government baffles me.

How much were you paid to throw away your conscience?

maxiuc:
A country blessed with natural resources like Nigeria shouldn't depend on tax for development

femi4:
100M x 0.25

That's just N25M, you will still go home with N75M

Manage it

Emmanuel900:
This is how it is in the developed countries Nigerians want Nigeria to be like.

This is really a great Idea, it is a great way for Rich Nigerians to contribute to building the country instead of always using the money to carry Olosho and drink at the night club.

2mininuP:
I hope it works and properly implemented, I can perceive something good from it

Astromania:
Extorting 25% from hardworking ppl all in d name of tax, is a crime

2mininuP:
I hope it works and properly implemented, I can perceive something good from it

Topman7:
OH PLEASE SHUT UP.

That you can read, write, and have access to the internet, DO YOU THINK IT ALL HAPPENED BY MAGIC?

Could your grandparents or great grandparents read and write? Did they have qualifications? Did they have phones and communication? Could they JAPA from their farms and head to Australia or Canada or US for “greener pastures”?

CAPITAL NO.

All that came from govt investment in Education and Telecommunications.

Were it not for that investment since Independence, YOU would be a VILLAGE PALMWINE TAPPER today like your forbears.

So USE your Education and internet access you enjoy, courtesy of Nigerian govt investment, to GO on YouTube and learn ANY skill for FREE, and START SOMETHING WITH YOUR LIFE.

And in the countries you worship like the UK and US, their tax rates are even HIGHER than 25%.

If you want to be developed like them, you must be prepared to pay HIGH TAXES like them.

richmond500:
You wan collect 25% from elites money and embezzle it.
The elites will squeeze ur throat and u will vomit every penny u took from them

xperiencelove:
Maybe you don't know, the rich pays the bills in every developed countries. That is why they usually tries to reduces their tax even fraudulently. E.g: Most of the highest paid employees nowadays are the elite footballers and their income taxes ranges between 43% and 52%. In France, someone that could earn equivalent of 100m if their minimum wages is a mere 70k pays as high as 49% as tax. Same reason the likes of Lionel Messi, Cristiano Ronaldo, and José Mourinho receiving suspended prison sentences and paying “corrective payments” of millions of euros in their tax evation cases.
In 2023 alone, Elon Musk paid $10b as tax, more than some state entirely. In 2021, he paid $12b.
Messi's current Miami deal will have him pay approximately $20 million in federal taxes on his $55 million annual income. That is 36.4%.
You can find out all I said above online.

The rich should also pay for the poor in Nigeria as it is done elsewhere provided the taxes are not going to be embezzled.