₦airaland Forum

9jatriot:
I may be wrong but the tax bill does not even propose an increase in VAT, so that even means that the man has been consistent.

If anything, this throwback tweet seems to even suggest that the man has thought this thing through and is not just offering a knee-jeck solution.

The FG really need to try and explain the tax laws in a language primary school pupils can understand. They may also need to use influencers and popular figures to throw more light on it before all these enemies of states lie about the tax bill about things that the tax bill did not say and then run away with the lie.

But you are the one lying. The tax bill proposes increase in VAT up to 15% in 5 years

There is no lie. The tax bill is bad for the common man who is already going through a lot in this Tinubulated economy. What we should be talking of now is tax relief and rebates not tax increase

franchasofficia:
Two faced people. Backstabbers, that is who they are.


If they greet you good morning, go outside and confirm that the day has really break before you respond to their greeting


Sadwaste people, very unstable people. If they tell you that they are standing behind you, you better assume that you are standing alone



Tomorrow they will deny all the nonsense they are doing today under their Yoruba druggie President, time will tell


Internet is exposing their true nature; double faced liars, their allegiance is to their stomach not to truth and integrity

Try to read small...
If you don't understand....it's better you say it..

Two different things

iwaeda:
In the year of surplus, he didn't want 2.5% increase, but now that he is in charge he wants 7.5% in the year of T'pain.

You sef see am my broda

So many Nigerians need to go back to school. We have certified illiterate moving about claiming to have secondary school and university education but having the thought process of someone in primary school.

Orch1981:
Zombie must always be zoneb

Wailing wailer must lament until he goes back to his creator, even to release sperm when your body full, you must weep.

SalamRushdie:
Food items have always been exempted from VAT

Actually, there are 2 VAT related palliatives in this new bills that were not present back in 2019.

First is that VAT exempt items like the food you mentioned will now be zero rated. This means that food/Agricultural entities that could not previously recover the VAT incurred on their input costs would now be able to recover them leading to an overall lower production cost and a marginal impact on inflation reduction.

Second is that all VAT incurred by taxpayers on expenses in terms of both goods and services can now be recovered based on the new bills. The impact is lower pressures on operating expenses and lower inflationary pressures as a result, which is good for the common man.

My two objective cents as a finance professional.

Sheuns:
Have you read the entire 213 page tax bill?

Summarize it and stop repeating same questions all of you don't understand

TableLeg:
Koshi Lor, Omo Ale Jatijati!
Anuofia.

That's what you yaribastards are known for. Keep the tears rolling 😭😭😭😭

helinues:
Summarize it and stop repeating same questions all of you don't understand

I will not do that for you. Don't be a lazy man, it is only 213 pages. Learn to read.

Sheuns:
I will not do that for you. Don't be a lazy man, it is only 213 pages. Learn to read.

All of you who have been repeating that same bunkum are the lazy ones. You probably heard /read it from someone without even understanding the meaning of the clause.

Make una continue to be chasing shadows

This is how inconsistent and hypocritical a typical Yoruba man is, always shifting the goal post to suit his bias.

This was how they opposed Goodluck Jonathan from removing fuel subsidy only to applaud it under Tinubu.

Ezewuzie01:
There is nothing wrong with that. People change their minds often as situation on ground necessitates. Tinubu himself was once against fuel price hike under Jonathan but has now shifted ground with his total subsidy removal.

The tax bills are necessary and must be passed into law.

What does that make you when you always rotten to your vomit? A mentally unstable 2faced unprincipled hypocrite

If the Niger delta s start asking for full resource control of their oil, this same hypocrites pushing for tax reform that seems to be in their interest will connive with the north to work against it.

They want to eat their resources alone but share from the resources of others.

Too bad

Mgbati if they tell you good morning better go outside and verify

Why is it causing buzz online? He is using a different approach but expected to give a better result.

He is still right whichever way.

helinues:
All of you who have been repeating that same bunkum are the lazy ones. You probably heard /read it from someone without even understanding the meaning of the clause.

Make una continue to be chasing shadows

I can share the pdf file with you. I’m still reading it. It’s 213 pages. Why are you in a rush to pass the bill?

Heavens1stson:
https://punchng.com/tax-reform-bills-oyedeles-2019-tweets-against-vat-hike-spark-online-backlash/

SPOT THE DIFFERENCE

“Increase in VAT rate will lead to inflation” – Taiwo Oyedele (2019)

What was proposed then:

1. General VAT increase on almost all items
2. VAT applies on many basic consumptions
3. Businesses can NOT claim tax credit for VAT paid on most of their costs

------
“Increase in VAT rate will not lead to inflation” – Taiwo Oyedele (2024)

What is proposed now:

1. Specific VAT increase on a few items
2. Remove VAT on most basic consumptions (about 80% of goods and services)
3. Businesses can claim tax credit for VAT paid on all their costs.

Buharidgeneral:
SPOT THE DIFFERENCE

“Increase in VAT rate will lead to inflation” – Taiwo Oyedele (2019)

What was proposed then:

1. General VAT increase on almost all items
2. VAT applies on many basic consumptions
3. Businesses can NOT claim tax credit for VAT paid on most of their costs

------
“Increase in VAT rate will not lead to inflation” – Taiwo Oyedele (2024)

What is proposed now:

1. Specific VAT increase on a few items
2. Remove VAT on most basic consumptions (about 80% of goods and services)
3. Businesses can claim tax credit for VAT paid on all their costs.

The timing is wrong just like some other policies of the Tinubu administration such as removal of fuel subsidy and floating of the naira.

1. The economy is already in hyperinflation as a result of fuel subsidy removal and floating of the naira
2. Increased VAT under Buhari made Nigerians poorer but we were better off then than under Tinubu administration.
3. Any increase in VAT will be transferred to the final consumer and will definitely make Nigerians poorer.
4. The reform in the bill will make few states take a larger chunk of the VAT proceeds leaving under states at a disadvantage.
5. Senator Uzor Kalu pointed out that the FG made a mistake by not first presenting this initiative to the NEC for deliberation
6. The haste to quickly pass the bill raises suspicion
7. There are a lot of ambiguity in the bill that needs to be clarified
8. Despite savings from subsidy removal, this govt keeps taking loans from foreign institutions to fund the budget

Tinubu is just dancing cluelessly to foreign manipulations to destroy the economy just like what IBB did.

casualobserver:
Context! Then they wanted to hike VAT with no corresponding tax relief for the poor. This time he has excluded the poor from taxes.
Mwhenthe VAT increase then would hurt the poor they passed it. Now that there is VAT increase, they say they need to consult. When they removed fuel and forex subsidy these governors didn’t remember the masses because they were getting more from FAAC. Now that they will have to work to generate their money they remmember the suffering of the masses.

Yeye dey small

To quote Seriake Dickson:

“When yaradua proposed 10% for oil producing states, National Assembly reduced it to 3% and heaven did not fall, this tax bill will pass and heaven will not fall”

Tell your governors to get to work, the only states that will get less money are Lagos and Rivers. The real problem for them is that while all states except rivers and Lagos will get more money. Their share of VAT going forward will remain stagnant if they don’t deploy their funds to develop their states. The days when Lagos Rivers, FCT etc will provide infrastructure to attract investment and high income residents and the increased collection of VAT as a result will be shared with lazy state governors is gone!

dnt mind Nigerians they dont read before posting

You can't really blame the man.. it's easier to criticize when not in government than when in government. I hope Mr. Oyedele and his team know what they are doing and have weighed the consequences of their tax reform bill on Nigerians.
The way I see it, the Presidential committee on tax reforms engaged just the private sector (selfish) players who only care about their selfish interests and not what is best for the country. I hope they enageged very senior public servants (both serving and retired) to get their standpoint.

Stevosty:
how will that nonsense you posted affect the economy, strengthened the naira, and increase productivity? You people think everyone is dumb as you are, and the 50 naira for every 10000 is called what?

Job creation, ease of doing business, and tax exemption do not affect the economy; you must be a comedian. Enjoy the circus.

Image123:
Job creation, ease of doing business, and tax exemption do not affect the economy; you must be a comedian. Enjoy the circus.

get out of my mention.

Who doesn't know that trusting a Yoruba man is a death sentence.
Even on nairaland some fools are supporting Tinubu evil administration just because of ethnicity.

helinues:
Here we go

Is this bill increasing tax or reducing it? There are even so many exemptions self

The target of this bill is to have more base which will generate more income while at the same time convenient for the tax payers as there would be reduction based on extension.

There are no exemptions with Buhari's VAT initiative not even Tax which is broad based

Make una stop pettiness about the tax reform bill . Over reacting can lead to explosion, harmattan dey oo

Tax reform arguing with VAT.. Illiteracy na indeed a disease

see this shameless fool. Buhari was selling fuel at 170 naira, Tinubu is selling at 1200, where is the exemption here.
I swear to God even your mother is wishing for Buhari to come back.

lagonovo:
You know an average Nigerian just follow the crowd and the noise without understanding the details and context.

yes the same way he excluded the poor from buying fuel at 1200 naira. I had that the poor Yorubas are buying fuel at #50 per liter.
Evil ethnic bigots like you will continue to suffer because of your foolishness.

Stevosty:
get out of my mention.

Ignorant hypocrite.

Fiscus105:
Now, he is not increasing tax wholly like Buhari did, but redistributing to subnational, reducing for many low income individuals and small businesses and increasing for few high income earners plus luxury items.

do you know how much those low income earners are buying fuel ? I swear to God every poor Nigerian will wish that Tinubu should return them back to Buhari time except evil bigots like you.
Buhari was millions times better than this evil satanic government.

Selective amnesia
Some people will sell their mother for money and power

Heavens1stson:
https://punchng.com/tax-reform-bills-oyedeles-2019-tweets-against-vat-hike-spark-online-backlash/

it is now very clear that most people don't read.
If you read the bill and digest it, Mr Taiwo is still holding on to his statement.
If you earn 1 million annually, you will be exempted from paying tax, if your business is facing g challenges, you won't pay tax, Agriculture produce is exempted, More than 60 different VAT will be reduced to less than 10., from what he said, he said the current 40% will kill business and need to reduce it is inevitable.

9jatriot:
I may be wrong but the tax bill does not even propose an increase in VAT, so that even means that the man has been consistent.

If anything, this throwback tweet seems to even suggest that the man has thought this thing through and is not just offering a knee-jeck solution.

The FG really need to try and explain the tax laws in a language primary school pupils can understand. They may also need to use influencers and popular figures to throw more light on it before all these enemies of states lie about the tax bill about things that the tax bill did not say and then run away with the lie.

Oga, what does taxing business and high networth individuals more mean? Doesn't it translate to taxing the poor more? U can't tax Dangote higher without him indirectly putting this into what he produces, this applies to all businesses.

That was when the poor were tax but in this bill, the poor will not be tax

Shikena:
Too many educated illiterates and simpletons in Nigeria. They just follow headlines

Honestly, it's so amazing that supposedly educated people just follow the crowd without reading well to seek knowledge.