₦airaland Forum

004gist:
Oil belongs to who?

Paraman:
Oil and every other natural resources belong to the Nigerian federation

004gist:
See una sense

Paraman:
That's the Nigerian law.

decasey:
Please can someone explain to me this new tax bill, I don't really understand it. Please

004gist:
Tax reform my foot

For years Naija delta has been producing oil and only gets 13% of that funds. And we call it national cake.

Now immediately yoruba man saw that Lagos state n few other states like oyo are bringing in more VAT they quickly want to introduce Bill to keep everything to themselves.


VAT is our national cake n should be shared for even development

004gist:
Why does tinubu want to change Nigerian law to favor yoruba

okosodo:
Tinubu is gradually destroying the country and everyone is watching sheepishly.

Paraman:
Thank God majority of our lawmakers are not reasoning like you. You're not a reasonable person.

intruder15:
Companies will pay less taxes due to the reduction in Company income tax from 30% to 25 or 26%.
Individuals earning above 1m per annum will pay more taxes (25%). Which means you will receive less salary once this goes live. Imagine you earn 800k gross per month. Divide it by 4. You get 600k and give govt 200k of your hard earned money. It's outrageous. I may be wrong though. But that's what I understand by the law.

004gist:
Tax reform my foot

For years Naija delta has been producing oil and only gets 13% of that funds. And we call it national cake.

Now immediately yoruba man saw that Lagos state n few other states like oyo are bringing in more VAT they quickly want to introduce Bill to keep everything to themselves.


VAT is our national cake n should be shared for even development

intruder15:
Companies will pay less taxes due to the reduction in Company income tax from 30% to 25 or 26%.
Individuals earning above 1m per annum will pay more taxes (25%). Which means you will receive less salary once this goes live. Imagine you earn 800k gross per month. Divide it by 4. You get 600k and give govt 200k of your hard earned money. It's outrageous. I may be wrong though. But that's what I understand by the law.

I have reviewed further here https://www.google.com/amp/s/nairametrics.com/2024/10/17/proposed-income-tax-bill-here-is-how-much-tax-you-might-pay-from-your-salary/%3famp=1
Individuals will pay less taxes while those earning huge figures (like 3 million monthly) will pay more taxes. Not bad.

McLizbae:
Thank you sir/ma. Well I will say that sounds as outrageous as the Tinubu govt so far.

intruder15:
Companies will pay less taxes due to the reduction in Company income tax from 30% to 25 or 26%.
Individuals earning above 1m per annum will pay more taxes (25%). Which means you will receive less salary once this goes live. Imagine you earn 800k gross per month. Divide it by 4. You get 600k and give govt 200k of your hard earned money. It's outrageous. I may be wrong though. But that's what I understand by the law.

2special:
what's the percentage of people earning 800k per month in Nigeria

intruder15:
I have updated the initial quote.

intruder15:
Companies will pay less taxes due to the reduction in Company income tax from 30% to 25 or 26%.
Individuals earning above 1m per annum will pay more taxes (25%). Which means you will receive less salary once this goes live. Imagine you earn 800k gross per month. Divide it by 4. You get 600k and give govt 200k of your hard earned money. It's outrageous. I may be wrong though. But that's what I understand by the law.

004gist:
Oil producing states only get 13% why altering the sharing formula for vat? I is it now u guys knows that their is fairness?

Babathanks:
Please what of us that are self employ?. Like me now. I use to go to gombe or jigawa and pack cheap food from there and transport it to big man area in abuja and sell. Sometimes I can earn 2million as profit why sometimes I can earn less that. Why sometimes I may not even do the business for many month. Please does this tax affect people like me? cos I don't have stable income. And also, I have save alot of money that am planning to use to japa but the money is not completed, are they going to start deducting tax from all those money that I already save?

okosodo:
Tinubu is gradually destroying the country and everyone is watching sheepishly.

intruder15:
The money already saved, likely not. However, what they said they will do is to check users whose transaction activities exceed a particular amount in million. Then verify if the user is paying tax. Na that part fit reach your hand if your transaction activity for the month is within the range.

Orch1981:
His saying the truth Yorubas like cheating orders

epainos:
Taiwo Oyedele is a true professional. Mehn. Respect! The guy himself was astounded that any governor other than Lagos would oppose it. This guy made Lagos forfeit a large portion of the VAT allocated to it, and then forced the FG to release 5% as well to other states. Ordinarily, Lagos Governor Sanwo Olu would have objected and taken him to court, dragging out the process, but I was also surprised that he agreed. So, something must have happened behind the scenes. Tinubu must have taken some steps to compensate Lagos. As a result, these tax proposals are almost certainly going to pass. This guy went in to educate northern senators who were illiterate. Lol. This is basically what occurred.

Tinubu will win 2027 regardless of what we think of him, based on what I am seeing. Refineries that Obasanjo claimed would not work because he could not make them work are now operational and will be privatised soon. That is a knockout for Obasanjo to be cautious about using his tongue. That is why Bayo Onanuga blasted him, and the thing entered successfully. Lol.

We all know Tinubu has the ability to make changes, which he is doing; however, it is all for selfish reasons, similar to what we see in Lagos. Tinubu is going to pocket everyone on Nigeria. I remember him almost prostrating for Orji Kalu's mama....lol. Now, that woman will undoubtedly get down on her knees to see Tinubu. Lol. That man called Tinubu.....hmmm. This is the reason he is a different species.

I pray for Nigerians because the process of legitimately enriching a small number of people while the rest continue to work hard has begun. These wealthy men will no longer have to fear being imprisoned because Tinubu will legalise all of their sources. And the majority of his friends will benefit from it. They intend to pocket the entire Nigeria. This is "Emilokan's" time, and his boys will be in power for a long time. Hmmmm!

Good luck to everyone reading.