₦airaland Forum

Tax utilisation is the key, people will be more willing if it's utilized properly

I like as their will be technological advancement that can track incomes for taxation purposes but technologies that can fight insecurities,thefts and corruption remains obsolete.

Even the the money made from removing subsidy we can't find it and they still want to collect from us again

BlackViper:
Two obstacles I envision which will hinder this new tax regime:

1. The dubious reputation and record of the Nigerian political class when it comes to handling public monies. Most Nigerians regard our politicians as little more than criminals and fraudsters. This erosion of trust between the rulers and the ruled, effectively means that nobody trusts the government to utilise tax income honestly and responsibly.
And judging from the country’s history with corruption, who can blame the Nigerian masses?

2. It looks like they have borrowed a lot of ideas from the US Tax Code called Progressive Taxation. But why doès Bola Tinubu think an extremely poor country like Nigeria is ready for the adoption of such a rigorous tax regime?

The reason why taxation works in developed nations like America is because of the existence of a large and wealthy populace. Nigeria allegedly has a per capita income of about $6,000 (which I believe is a wildly inaccurate figure because the average Nigerian doesn't earn up to $6,000 or N9.2 million per annum)
For the sake of argument, let's assume this figure is correct. But even if this is the case, why would you want to tax Nigerians using tax assessment standards that were meant for countries like the United States where the per capita income is about $80,000 per annum? How does that make any sense?

Will you be able to generate as much tax revenue from a poor country like Nigeria where the average citizen earns only $6,000 per annum, as you would generate from a wealthy nation like America where the average citizen earns $80,000?

I laughed when I read the part about corporate taxation. Who exactly are they going to tax? The Manufacturing Association of Nigeria (MAN) has been complaining since 2023 that hundreds of manufacturers are either going out of business every year or simply relocating out of Nigeria.

Most Nigerian factories and industries are operating at less than 5% capacity utilisation.

They spend at least 80% of their income on meeting energy needs (buying diesel and fuel) and paying salaries.

These people are honestly running out of ideas and they have come up with a new way to fleece Nigerians.

Watch and see how this tax business becomes weaponised against political opponents and sections of the country that have the temerity to refuse to vote for the ruling party.

Terribly off point. Even if it is 5 naira the manufacturers have to pay, let them pay. Besides is manufacturing the only corporate sector in the country? Why are you reasoning solely to find faults??

Again, erosion of trust is not an issue because the system is now set up to ensure that if you use banks you must pay your tax whether you have trust or not.

rajiedreez:
Shouldn't they be taxed before? lllllllllllllll

why should they be taxed? Are they buying data for them or getting client for them online?

udemzyudex:
Lol..make dem implement local government autonomy first before I'll take them serious.


No be to dey make laws up and down, implementation go dey?

Anything to stiffle the masses they would surely implement it, someone earning 900k to say 1.5 million shouldn't be taxed, when you break it down that's 75k to 125k monthly which can't cover monthly feeding for family of 3 let alone school fees, house rent, gas bills and others. APC government are evil, Tinubu just throwing renewed Shege and poverty.

A welcome development even though I don't know how to explain it as being welcoming.

Breakfast is done, dinner will be served after 2027 election

BlackViper:
Two obstacles I envision which will hinder this new tax regime:

1. The dubious reputation and record of the Nigerian political class when it comes to handling public monies. Most Nigerians regard our politicians as little more than criminals and fraudsters. This erosion of trust between the rulers and the ruled, effectively means that nobody trusts the government to utilise tax income honestly and responsibly.
And judging from the country’s history with corruption, who can blame the Nigerian masses?

2. It looks like they have borrowed a lot of ideas from the US Tax Code called Progressive Taxation. But why doès Bola Tinubu think an extremely poor country like Nigeria is ready for the adoption of such a rigorous tax regime?

The reason why taxation works in developed nations like America is because of the existence of a large and wealthy populace. Nigeria allegedly has a per capita income of about $6,000 (which I believe is a wildly inaccurate figure because the average Nigerian doesn't earn up to $6,000 or N9.2 million per annum)
For the sake of argument, let's assume this figure is correct. But even if this is the case, why would you want to tax Nigerians using tax assessment standards that were meant for countries like the United States where the per capita income is about $80,000 per annum? How does that make any sense?

Will you be able to generate as much tax revenue from a poor country like Nigeria where the average citizen earns only $6,000 per annum, as you would generate from a wealthy nation like America where the average citizen earns $80,000?

I laughed when I read the part about corporate taxation. Who exactly are they going to tax? The Manufacturing Association of Nigeria (MAN) has been complaining since 2023 that hundreds of manufacturers are either going out of business every year or simply relocating out of Nigeria.

Most Nigerian factories and industries are operating at less than 5% capacity utilisation.

They spend at least 80% of their income on meeting energy needs (buying diesel and fuel) and paying salaries.

These people are honestly running out of ideas and they have come up with a new way to fleece Nigerians.

Watch and see how this tax business becomes weaponised against political opponents and sections of the country that have the temerity to refuse to vote for the ruling party.

MF endorses Tinubunomics, commends FG for tax policies, monetary policies
Chike Olisah by Chike Olisah May 9, 2024in Economy, Inflation, Macros
IMF tells FG to increase electricity and fuel prices by phasing out subsidies

The International Monetary Fund (IMF), the financial body has endorsed the economic reforms implemented by President Bola Ahmed Tinubu’s administration, noting significant strides in addressing Nigeria’s economic and social challenges.

This was contained in the recent Article IV Consultation released on May 9th, 2024, seen by Nairametrics.

The Executive Directors of the IMF lauded the government’s decisive actions in areas such as revenue mobilization, governance enhancement, and the strengthening of social safety nets.


2. It looks like they have borrowed a lot of ideas from the US Tax Code called Progressive Taxation. But why doès Bola Tinubu think an extremely poor country like Nigeria is ready for the adoption of such a rigorous tax regime?

omo oyinbo don hold baba for blockus. make we just forget about nigeria for now. 6 more years + 8years wey Fulani cali go use. from 15years sha una fit remember

bros no talk again,

Kennitrust:
Tax master run election and tax collectors give him the sit of power to tax us till we have nothing left

Thought people were jubilating over this tax reform, saying Tinubu wouldn't back down, what happened to the newly structured VAT sharing formula captured in the tax reform, he has quietly withdrawn it.

I think by this new tax law Kano State and other northern states that don't allow beer to be selling in their various states will now allow beer to be selling now....

udemzyudex:
Lol..make dem implement local government autonomy first before I'll take them serious.


No be to dey make laws up and down, implementation go dey?

Tinubu and taxation.

And you think this won't be implemented quickly.

These morrons in power actually want to tax poor Nigerians. This will eventually lead to the collapse of the banking system.
You want to tax poor citizens with thesame system obtainable in developed nations.

These devilish idiots are eager to brandish tax here and there..but can they allow tax payers to also go after looters. How hard is it for you to work hard, then you pay tax and then someone comes and steal the money in plain sight.

The wickedness in Lagos has now been nationalized. Expect similar versions of LASTMA and LAWMA and their typical rascality all over the country.

The take tax if you moved money from your account to another of your account.

What happens to all those money. The man is just here to finish Nigerians. My electricity bill is now higher than my rent. Feeding, fueling and everything else is out of reach. To buy clothes and shoe now you will cough out huge amounts.

What metrics are they using to tax Nigerians. Is it not the same cash flow? And who told them the money is their own. What if someone receives foreign remittance.

The insatiable crackhead and his gang of bold Faced KLEPTOMANIACS are all shades of disasters 👎👎👎💯💯💯💯💯

Tinubu is about to unleash another form of racketeering on Nigerians. Which one is all Nigerians who operate a bank account must have a tax ID?

😄😄😄😄😄😄😄😄😄
The Agbado sifu really came to kill and destroy
Good news is even his m*inion*s aren't excluded
Tax this tax that
Smh😄😄😄

I suspect this is part of the agreement with the IMF, world Bank and other globalist cartels bent on controlling nations. As it is well know that they are pushing a one world government and a one world economy where the majority would be controlled by the few, that is how they hope to create their utopian, which is a new world order where nobody have any rights neither owns anything but are under the iron grip of the one at the top of the pyramid.

This FIRS chairman no mean well for Nigerians ooo

Only tax and tax jus to suit his pay master

udemzyudex:
Lol..make dem implement local government autonomy first before I'll take them serious.


No be to dey make laws up and down, implementation go dey?

Bro you dont know Bola Tinubu. That guy na tax collector. When it comes to collecting money leave it for him. What he did in Lagos is what he is doing in Nigeria. Once an Agbero always an Agbero. The thing dey e blood.

They Sha no want make we enjoy our labour in peace, make them they wine us till we get tired

Tax, tax, tax and you are at the bottom of transparency index.

SlavaUkraini:
Yes, you would be taxed on your betting winnings.

The first 800k is tax free.

Any amount untop will be taxed

So if i win like 10m? Like how much will be given to me?

The original system only requires employees to declare their employment (salary) income

This one is a lie. We in the private sector were required to declare additional income including that of our spouses when filing tax forms

bobonla:
He never promised u anything, he only SAID MY TIME HAS COME. Tax them dry sir. I support u

Not only that, he also said widen the tax net, keep people poor, send young people to fight wars and give them eba and agbado.

BlackViper:
https://fij.ng/article/facts-and-figures-what-nigerians-will-pay-per-wage-under-tax-laws-tinubu-just-signed/

Shit's about to get real.


This sounds like abroad without all the abroad benefits.

bassdow:
na people wey dey flaunt things on social media dey cause these kind things.

either way sha, nna person wey dem know dem go catch.

now dem go know everybody as long as say you dey use bank

I would rather pay my tax to the local government where I reside than federal government so they can loot and share the remaining with bandits.

Plutocracy at its finest.

These same avenues (rental property, side deals, dividends and non-employment earnings) through which they became billionaires is what they want to tax to keep the people poor.

BlackViper:
EMPLOYEES MUST NOW DECLARE ALL INCOME

Perhaps one of the most far-reaching changes is the new filing requirement for employees. Previously, workers had their taxes deducted under the Pay-As-You-Earn (PAYE) system.

The original system only requires employees to declare their employment (salary) income. The new tax laws change that. Every employee, regardless of income type, must now file an annual tax return that covers all earnings, not just their salary.

This means individuals must also declare income from freelance jobs, rental property, side hustles, dividends and any other form of non-employment earnings

BlackViper:
https://fij.ng/article/facts-and-figures-what-nigerians-will-pay-per-wage-under-tax-laws-tinubu-just-signed/

So they mean if u operate a bank account in Nigeria bt work n leave abroad...u should be paying naija govt tax?this is not done anywhere in d world.Tpain wit his recklessness again.u have to differentiate between people who earn money in Nigeria or those who work outside our shores.u cannot just start taxing every bank account holder...that will make people keep their money abroad