Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax - Politics (2)

Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax (15962 Views)

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Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by LastGiantAlive: 5:43pm On Nov 28, 2024

yoruboid:
Tinubu is clearly the most ~~prepared~~ criminally minded for the job no matter how you want to look at it

Nigeria will ~~never remain the same~~ be totally finished by the time he’s done and I hope ~~we get regional governance~~ Nigeria divides at the end of it

2 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Angelfrost(m): 5:48pm On Nov 28, 2024

FeIix:
Good or bad, we will all pay the Tax in the end.
Both he poor and the rich.

Because the so-called low income earners also has a boss.

Taxing the rich for government expenses simply means job loss. And who pay for the job loss ? The poor.

Tax Reforms are for a Working System

Well said... Their statement above was unnecessary, idiotic, and actually misleading.

Everyone is getting taxed directly and indirectly.

Period!!!

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Mccullum: 5:48pm On Nov 28, 2024

FeIix:
Good or bad, we will all pay the Tax in the end.
Both he poor and the rich.

Because the so-called low income earners also has a boss.

Taxing the rich for government expenses simply means job loss. And who pay for the job loss ? The poor.

Tax Reforms are for a Working System

How it'll cause losses of jobs, please?

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by BoldBrainz(m): 5:49pm On Nov 28, 2024

Oscarchims:
My brother! this statement is very realistic. That's when they will begin to clarify the way Lai Mohammed did in the former administration.

They're sounding considerate now and making it seem like that bill is in the interest of the lowly masses, just because they don't want the Nigerian populace backlash and rejection of the bill.

It won't be long, we'll be in this same country and watch how the implementation is going to crush the ordinary small and medium scale enterprises. By that time there'll be nothing anyone can do to stop it except to complain and adjust.

We know this country.

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by moderatedguy: 5:49pm On Nov 28, 2024

PressMyButton:
Many are the obstacles (Ndumes) along the pathway to success( reform tax bill) but God delivers his own (Patriotic Nigerians).
Tinubu is here to transform Nigeria, I hope you have been following all the executive bills so far.
By the way, Taiwo Oyedele deserves a national award, he is one of the best appointees of Mr President, he has done a yoeman's job so far.

After God, na Tinubu 💪. God bless Nigeria

mumu

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by bitsAndpieces: 5:51pm On Nov 28, 2024

The tax reform bill makes sense.

Harmonise it, make it easier to pay, and you boost gov revenue.

Also, the tax reform bill is a signal to foreign investors that Nigeria is serious.

The tax also allows Nigerians to be employed by foreign companies without them leaving Nigeria, which will boost employment.

Foreign companies won’t be mandated to set up branches in Nigeria before the can employ Nigerians, which is good news.

Let them pass it ASAP and let the tax reforms begin.

If Tinubu’s gov can end multiple taxes on businesses and streamline it into single stress free payment, his administration could be up to something glorious.

4 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Gerrard59(m): 5:51pm On Nov 28, 2024

As Mr Taiwo, an erstwhile PwC bigwig, is the tax leader, I expect loopholes to exist. This will be sold as services by professional services firms.

BTW, how many Nigerians earn N1 millionaire per month as salary?

2 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Gerrard59(m): 5:52pm On Nov 28, 2024

PHIPEX:
What of businessmen? At what level will their tax calculation start?

This should be under corporate taxes and capital gains tax. Business people should not pay themselves salaries so they reduce their taxes. Alternatively, pay yourself very low. Like 200K per month. wink

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by tnerro1(m): 5:54pm On Nov 28, 2024

But VAT sharing is a constitutional issue, and it is stated in the constitution that VAT belongs to states. When will the lily lived governors of the south Take the matter to the supreme courts just as the federal government took LG antonomy to the court. A former governor and a current one were pursuing this matter in court until they were “ settled” politically to drop the case.

VAT belongs to the state that generates it and not for sharing with other states. If you want more VAT, improve the business climate in your state

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Oscarchims: 5:55pm On Nov 28, 2024

BoldBrainz:
They're sounding considerate now and making it seem like that bill is in the interest of the lowly masses, just because they don't want the Nigerian populace backlash and rejection of the bill.

It won't be long, we'll be in this same country and watch how the implementation is going to crush the ordinary small and medium scale enterprises. By that time there'll be nothing anyone can do to stop it except to complain and adjust.

We know this country.

The Nigerian state with historical antecedent is guilty of this.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Dalohad: 5:55pm On Nov 28, 2024

Emu4life:
Which kind Chua Chua Reform Bill be dz??
How much is 1M annually? Why not 5M annually?

They were calling PDP party of Tax collectors. Now look who's killing innocent Citizens with Tax?.

Na die you dey. You go pay through your nose. Tinubu don go meet slave master Macron to learn to squeeze tax oil comot for Una body.

Una go hear whhen.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by nairalanda1(m): 5:55pm On Nov 28, 2024

FeIix:
Good or bad, we will all pay the Tax in the end.
Both he poor and the rich.

Because the so-called low income earners also has a boss.

Taxing the rich for government expenses simply means job loss. And who pay for the job loss ? The poor.

Tax Reforms are for a Working System

In other words, you want your government to keep taking loans

Also in working systems the same argument you are making is made there too

2 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Emu4life(m): 6:02pm On Nov 28, 2024

Dalohad:
Na die you dey. You go pay through your nose. Tinubu don go meet slave master Macron to learn to squeeze tax oil comot for Una body.

Una go hear whhen.

Lol! Relax, I no Sabi say Dem dey comot Tax from my pay sef.
I dey maintain Steeze cheesy

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by hedonido: 6:03pm On Nov 28, 2024*

These ronu Alpha Beta reloaded thieves should stop disturbing us with this their rubbish tax 'reform' nonsense.

Their tiffnumboo lacks the legitimacy or credibility to reform anything. Let him just disappear into the abyss:; that's the only reform Nigerians need from him right now.

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by yesloaded: 6:07pm On Nov 28, 2024

Gerrard59:
As Mr Taiwo, an erstwhile PwC bigwig, is the tax leader, I expect loopholes to exist. This will be sold as services by professional services firms.

BTW, how many Nigerians earn N1 millionaire per month as salary?

1m.annualy which is 1,000,000/12

However, anybody who earns 1m.per year is still poor and will be very difficult for such person to afford paying rent for decent apartment not to talk of building a house

4 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by ugodson(m): 6:09pm On Nov 28, 2024

The way to make money is get little from ALl th poor that makes BILLIONS

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Gerrard59(m): 6:12pm On Nov 28, 2024

yesloaded:
1m.annualy which is 1,000,000/12

However, anybody who earns 1m.per year is still poor and will be very difficult for such person to afford paying rent for decent apartment not to talk of building a house

Let's set aside building a house as it takes time and is dependent on a lot of factors. The person who earns 1 million per month isn't interested in building in Kogi to live.

How is a million naira earner per month still poor? Rent should be affordable for such a person. The thing is wife and children, plus family relatives.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by CrossRhodes: 6:13pm On Nov 28, 2024

So helinues, yarimo and other zombies will not be paying tax in Nigeria?!
Na wa oo

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by michroskrve: 6:14pm On Nov 28, 2024

Those who were against it initially didn't read it all, You know many Nigeria like to react to things based on sentiment, religion, and ethnicity. Also trying to make the people believe they are working. People like Udume who said it's dead on arrival

3 Likes 1 Share

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by yesloaded: 6:17pm On Nov 28, 2024

Gerrard59:
Let's set aside building a house as it takes time and is dependent on a lot of factors. The person who earns 1 million per month isn't interested in building in Kogi to live.

How is a million naira earner per month still poor? Rent should be affordable for such a person. The thing is wife and children, plus family relatives.

A million naira per year, not per month sir

Please check

A million naira per year is 83,333.3333naira per month

Except inside less city or deeper forest, 2bd flat or r/p selfcon starts 200k per year

So for a family of 4 (father, mother, & 2kids) 1m per year is not enough to pay for rent and feeding

3 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by FuckYeyeMods: 6:20pm On Nov 28, 2024

I think it's high time Nigerians kick against some of the stupid reforms this government is proposing..
Will Tinubu be there forever? Our politicians are extremely corrupt. He's just creating more wealth which can easily be looted by corrupt politicians.
The small advantage is that, Nigerians can now boldly hold any corrupt politician to Accountable who want to steal their hard earned money paid as tax.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by BJanta: 6:21pm On Nov 28, 2024

CodeTemplarr:
He should invest that energy in dragging bandits, agbero and police check points away.
That will make better sense. He can also reduce number of white elephant projects

Especially those insanely beastly and wicked Agberos in Iboland, especially in Anambra State . These are outright hardened criminals always carrying guns up and down the parks.

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by helinues: 6:24pm On Nov 28, 2024

CrossRhodes:
So helinues, yarimo and other zombies will not be paying tax in Nigeria?!
Na wa oo

Are you exempted?

Cho cho everyday

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Nobody: 6:27pm On Nov 28, 2024

Who taught Tinubu and his economic team economics or are they just trying to fool Nigerians. How can you exempt someone who earns as high as 999k from paying taxes and then increase the taxes of the super rich? Don't they know that when you tax the super rich, they add the taxes on their services and in the end, you are still taxing the poor and the middle class. A good economic team should work on reducing the taxes of big firms and high end business to reduce the burden on the masses. This tax reform is a sinister move.

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by nnewsnjobs: 6:27pm On Nov 28, 2024

yoruboid:
Tinubu is clearly the most prepared for the job no matter how you want to look at it

Nigeria will never remain the same by the time he’s done and I hope we get regional governance at the end of it

They would tax only the N70,000 above your N1m. I’m surprised a lot of folks don’t know how taxation works (or they’ve not been paying)

Fair enough if that is what they would do because I don't trust Nigerian Government. My question is, how would the new tax reform now increase tax because the number of people earning above 1m is far less than the people earning below 1m. Because from Mr. Taiwo arguments, the new reform will increase government earnings across board, all the proposed bill. Except anything above the 1m will be heavily tax like taxing any earnings above 1m with 50% tax which will be very high.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by cocolacec(m): 6:29pm On Nov 28, 2024

nnewsnjobs:
So if my monthly gross is 1,070,000. what would now be my tax, are they going to tax me so that I would now earn below 1m or are they going to take just the 70k and leave me with 1m.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by djon78(m): 6:31pm On Nov 28, 2024

FeIix:
Good or bad, we will all pay the Tax in the end.
Both he poor and the rich.

Because the so-called low income earners also has a boss.

Taxing the rich for government expenses simply means job loss. And who pay for the job loss ? The poor.

Tax Reforms are for a Working System

Even in the US UK and other Developed countries the rich pay higher tax

Tax is very important

The problem is that in a developing country like ours corruption must be frowned upon

Not when citizens pay tax
The elites will now be living large from the money

Citizens pay tax
The government use it for massive Development
Everyone then benefits

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by galantjoe(m): 6:31pm On Nov 28, 2024

I am against gradual VAT increase to 15% within 5 years which was not mentioned in the presentation and change of FIRS to NRS

Other aspect of tax reform bill is okay and beneficial to Nigerians

1 Like

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Blitzking: 6:32pm On Nov 28, 2024

PressMyButton:
https://www.vanguardngr.com/2024/11/tax-reform-bills-nigerians-earning-below-n1m-a-year-exempted-from-income-tax/

tax those ppl earning more than 100million annually 45 percent tax..free the rest.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by gaddafe(m): 6:36pm On Nov 28, 2024

Will the states obey this law or can they pass a different law to counter this. I'm asking this because some states will have more than 90% of its citizens in that bracket.

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by Shimbo96(m): 6:37pm On Nov 28, 2024

FeIix:
Good or bad, we will all pay the Tax in the end.
Both he poor and the rich.

Because the so-called low income earners also has a boss.

Taxing the rich for government expenses simply means job loss. And who pay for the job loss ? The poor.

Tax Reforms are for a Working System
We will Design a SUPER Professional Company Logo Or Letterhead for your Company, for 2k Only

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Drop us Your Company name for Logo
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If you don't know anything about tax, shut up and stop saying what you don't know.

2 Likes

Re: Tax Reform Bills: Nigerians Earning Below ₦‎1m Annually Exempted From Income Tax by abbakacici: 6:39pm On Nov 28, 2024

nnewsnjobs:
So if my monthly gross is 1,070,000. what would now be my tax, are they going to tax me so that I would now earn below 1m or are they going to take just the 70k and leave me with 1m.

Your annual tax will be around 2 million

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