Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula - Politics (4)

Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula - Politics (4) - Nairaland

Nairaland Forum › Nairaland General › Politics › Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula (16311 Views)

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Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by bosman4u: 4:18pm On Jan 18, 2025

But the greed and selfishness of Tpain won't make him talk in this direction because Lagos is not an oil producing state.[/quote]LAGOS IS AN OIL PRODUCING STATE.

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Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by Konquest: 4:18pm On Jan 18, 2025

zero8zero:
https://punchng.com/tax-bills-tinubu-hails-govs-as-ndume-rejects-30-vat-formula/

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by Tochi360: 5:01pm On Jan 18, 2025

ElSudani:
You are absolutely right, he should have left everything as Buhari left them. Emefiele should still be the head of the central bank and you should still be using Naira to buy Naira.
40% of all revenues should still be used to subsidize petrol for your car.
Your dream of japa would have been accelerated because the country would have gone totally bankrupt.
Damn.

Story.

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by kinguwem: 5:18pm On Jan 18, 2025

franchasofficia:
Ndume is making a honest point.

If you pegged oil derivative at 13% why do VAT 30%?

VAT and oil derivation should be at par or make it 13% and 15% VAT.

If States that generate more VAT wants to enjoy 30% more of the VAT they generated, then there is nothing bad for states that generate crude oil and other mineral resources to also enjoy 30% of the revenue generated in their states via crude oil and other mineral resources exploration.

That's what Ndume is saying and he is right

That's not Ndume's point. For him, since derivation for oil revenue is 13%, he doesn't want VAT derivation to be above that. That's an entitlement mentality. Nigeria cannot develop when we don't encourage industry and we indirectly support indolence. The Nation is blessed, one region should not retard the other.

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by harmonyglobal: 5:29pm On Jan 18, 2025

franchasofficia:
Ndume is making a honest point.

If you pegged oil derivative at 13% why do VAT 30%?

VAT and oil derivation should be at par or make it 13% and 15% VAT.

If States that generate more VAT wants to enjoy 30% more of the VAT they generated, then there is nothing bad for states that generate crude oil and other mineral resources to also enjoy 30% of the revenue generated in their states via crude oil and other mineral resources exploration.

That's what Ndume is saying and he is right

Ndume is right but let's understand that natural resources is way diff from vat generated revenue
In the North where Ndume comes from, the solid minerals are being exploited illegal without remittances to the federal government

This is y u see bandits here and there in the North
aiding this illegal act and causing violence

The Northern leaders must stand up to this

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Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by hassinho707(m): 7:12pm On Jan 18, 2025

Ernesthugo:
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Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by lailo: 9:30pm On Jan 18, 2025

franchasofficia:
Ndume is making a honest point.

If you pegged oil derivative at 13% why do VAT 30%?

VAT and oil derivation should be at par or make it 13% and 15% VAT.

If States that generate more VAT wants to enjoy 30% more of the VAT they generated, then there is nothing bad for states that generate crude oil and other mineral resources to also enjoy 30% of the revenue generated in their states via crude oil and other mineral resources exploration.

That's what Ndume is saying and he is right

Mumu olodo. It is FG that is generating oil and the money, not the state government of those states. The FG will now share the money they generated from the exploration to all the federating states and will in addition give bonus(13% derivatives) to the host states but in the case of VAT, it is those states that are generating their own money which is now to be shared by other states. Get sense

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by Zooposki(f): 10:34pm On Jan 18, 2025*

lailo:
Mumu olodo. It is FG that is generating oil and the money, not the state government of those states. The FG will now share the money they generated from the exploration to all the federating states and will in addition give bonus(13% derivatives) to the host states but in the case of VAT, it is those states that are generating their own money which is now to be shared by other states. Get sense

That is because oil exploration is in the exclusive list. Once there is resource control the state govt can take over the task. Let every state explore their strength. For Lagos their resource is VAT.

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Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by chucky101(m): 6:57pm On Jan 19, 2025

Ndume made a good point. If we want to go this route, we should go all the way. He's saying lets not stop at 60% derivation on VAT, let's extend the it to oil producing States (and other states for that matter).

I don't know where you're from, but how would your state cope if the Niger Delta retained 60% of their resources? He also made a great point about the massive environmental degradation and massive sacrifice that region is making for the Nation.

zero8zero:
Ali Ndume is an enemy of progress, having failed to get the bills withdrawn, he is proposing a further reduction in the VAT derivation.
The current derivation is 20%, the President proposes 60%, the Governors are proposing 30% , Ali Ndume is proposing 10% -13%.
When a state generates income and receives 60% of it , what's wrong in that? but Governors are saying any state that generates income should collect only 30% while they share the remaining among themselves, even more sad is the illiterate Ali Ndume suggesting a mere 10% as derivation while they sit their lazy ass to share the rest. We are patiently waiting for the public hearing and what the Senate will finally pass into law.

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by chucky101(m): 7:06pm On Jan 19, 2025

The Olodo here is you.

Shell, Chevron, Mobil, Total, etc. do the majority of production and exploration of the Niger Delta resources. Do you think the States would have a problem negotiating deals with oil majors to do the same on their behalf without the input of an inefficient and ineffective NNPC?

lailo:
Mumu olodo. It is FG that is generating oil and the money, not the state government of those states. The FG will now share the money they generated from the exploration to all the federating states and will in addition give bonus(13% derivatives) to the host states but in the case of VAT, it is those states that are generating their own money which is now to be shared by other states. Get sense

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by Ernesthugo(m): 12:56pm On Jan 23, 2025

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hassinho707:
You should include what you sell on your profile

Add location ....

You can't be selling physical items without location please

Re: Tax Bills: Tinubu Hails Govs As Ndume Rejects 30% VAT Formula by Ernesthugo(m): 12:57pm On Jan 23, 2025

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