₦airaland Forum

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

Nigeria already a failed state condition and u are hyping a failed president for renewing buhari's shege?

Taxing the masses while government mismanages public funds and borrowing with reckless abandon?

suffer no dey taya u?

nnewsnjobs:
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.

They can't tax someone earning above 1m 50%

It's not possible

Even in the US it's 35% to 40% for the high earners
In the UK it btw 40% to 50/60% for high earners

In EU countries I believe it around 30%
That's why footballers before used to prefer playing in LA Liga than EPL because tax rate for UK is obscenely high than other Developed countries

I think Japan, South Korea, Singapore also have high tax rate

That's one of the reasons they are Developed countries
And corruption is totally shunned
If anybody does corrupt thing no matter there level

They will go to jail

In conclusion from observation I noticed that countries where there's rule of law, law and order

Always come out more Developed and successful than countries with less rule of law

Therefore those countries Developed use Visa restrictions to keep the underdeveloped from coming into there country


Example people from Japan South Korea and Singapore don't need any Visa to go to the US UK Canada Australia New Zealand etc

So Nigeria should get herself organized simple

givedemwotowoto:
All these are distractions from the fact that it is intended to benefit Lagos.

If you're going to benefit Lagos, you must address oil/gas sharing formula as well.

What is good for the goose is good for the gander.

You didn't hear, Lagos now have oil, in Ten years time, Lagos and maybe Abuja will be the sure destination.

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

Policies that they cannot sustain...nonsense

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

In this regards we all should have a Tax code, just like we do in the UK, My first 1275 Pounds earned is not taxed, I must earn above this in a year to be taxed. Good one to who ever thought up this idea

BoldBrainz:
This is how they'll sweet-talk the innocent masses, then when the bill is passed, implementation will trickle down to even POS operators and roadside vendors.

Very cruel and irresponsible generation of Politicians!

This man gets it
That's the trick bro, sadly, no one is exempted in reality. That's just the truth.

1m income annually, that's like earnings 83k monthly.

So if you earn 83k monthly, you are rich and not categorised as the poor that should be exempted, so you go pay income tax..

In fact, 70% of the POS vendors would have to pay the income tax

However, in the real sense in today's Nigeria, anyone earning below 150k should be considered poor considering the very high cost of basic commodity like food stuffs not to mention transport.

I just weak.

But annoyingly, the govt would use the narrative of exempting the poor masses as a public stunt to win the very gullible ones.

It's indeed a lofty one.

nairalanda1:
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

In all of this, accountability is key which we all know a typical Nigeria public office holder lack.

Last last nothing meaningful would be done with the money rather divert it to their pockets.

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.

Tax only the 70k

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

This is how you people were shouting he has hit the ground running when he removed fuel subsidy and floated naira but today he has caused nationwide hunger and poverty, well time will tell

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

But we pay tax on all products and services we consume

That's how to further impoverish private and government workers. How many people don't earn up to a million in a yr. How do government tax business men and women whose business aren't registerd?
How many workers do we have in Nigeria and how many are private business owners?
This is absolutely rubbish.
You want to do like other countries yet you are so stup*d to know that unlike all those other countries, only few money spinning businesses are registered by the Nigerian owners..

Vanguard gathered that most lawmakers who were initially opposed to the bills have changed their position following clarifications given by the Federal Government’s tax executives…
#Ghana-Must-GoThings

Tax! Tax!! Tax!!! What have you done for me lately, Mr taxman

Arindin. Tax in the UK is used reasonably but here in Nigeria, it's going to their Godforsaken pockets

erico2k2:
In this regards we all should have a Tax code, just like we do in the UK, My first 1275 Pounds earned is not taxed, I must earn above this in a year to be taxed. Good one to who ever thought up this idea

Good
At least I won't pay tax.

Good one

These bills will reduce the vat incomes of Lagos, Oyo, and Rivers states as the locations of consumption will become beneficiaries of VAT deductions, as opposed to the headquarters or the factories of the company paying.

Important clarification: The exemption is for those earning below 1 million yearly, not monthly.

What this means is that only those earning below 83,000 per monthly will be exempted from paying tax. With minimum wage at 70k, the lowest grade worker in the civil service should earn close to 100k, so they are definitely getting taxed as well.

In essence, the bill seeks to shield those living in extremely poor conditions. The irony is that most folks are poor. 150k of a few years back is the equivalent of 500k today.

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

Hire us as your tax consultants. It costs us so much before we got trained.

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)

Majority of Nigerians don't pay any form of direct tax.

yesloaded:
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

Oh! Of course, a million naira per year is poor. My question was: how many Nigerians earn one million naira per month?

Not all Nigerians are salary earners, nobody is talking about how to determine someone's income who is not a salary earner.

FeIix:
We all hope the Reform sees the light at the end of the day

Tax Reforms are for a Working System
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Poor scammer! I don't know what u benefit from scamming people

helinues:
Are you exempted?

Cho cho everyday

Me.and you no dey same category o
I no dey do zombie work

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

So, in your life, he is more important than your parents, that shows the kind of family you are from and the kind of person you are.

Sorry o!

Vision101:
Hire us as your tax consultants. It costs us so much before we got trained.

Go and meet your fellow zombie to hire you.

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.

So na 1m annually, I was thinking is monthly they are talking before because 1m annually dey too small, na wao, me that is paying tax of over 200k every month, with this new reform, how much will I now pay, men this thing will not favor me, am telling you the truth. But as long as it makes Nigeria move forward am fine.

Ray07:
In all of this, accountability is key which we all know a typical Nigeria public office holder lack.

Last last nothing meaningful would be done with the money rather divert it to their pockets.

The reason why they steal is because less than 20 percent of government revenue comes from taxes..most of it is oyel money. Also most people don't pay tax to federal and state governments.

Since most of the money is oil money it is easier to steal.

If more people paid tax, ya think anyone would be stealing ?

There is a reason why saner climes work. When government is taking nearly half your income as tax, one is going to be very invested in keeping the government accountable

This means you will be exempt from paying taxes if your monthly income is 83,333.33 naira or less. This exemption will primarily benefit very low-income earners.

Tommydare:
Arindin. Tax in the UK is used reasonably but here in Nigeria, it's going to their Godforsaken pockets

True but for this purpose we should have a tax code, IE howmuch we need to earn B4 we get taxed