₦airaland Forum

ednut1:
this is bad for business biko. Alot of rich Nigerians have been evading taxes for long.

And it's good not to pay tax Abi? 40 more characters needed. Lolz

Kaybaba5:
Pls Nigerians can someone explain to me how do we get here pls

So dem don carry you pass your button you nor know...lol...


Na God go help us .

Wickedfact:
Profits are taxed, not capital.
So, you need to get your books in order so that you can identify which is capital, which constitutes operating costs and which is profit.

If you made a loss, you're not paying tax.

Do you even understand his question at all ?





Follow this topic

Creditalerts:
I go withdraw my money come keep for house no wahala

I won't even take the said money to bank I will keep it in my house.

I don't think Opay, Kuda, and Moniepoint gon snitch to FIRS like those commercial banks.

GloriousGbola:
you know nothing

do you actually work or do you wail on the internet all day?

any receipt for a business service or sale includes vat as a line item. vat is 7.5%

any business in nigeria pays tax and vat will be calculated in all transactions

to get out of vat payment - smaller businesses make payments to personal accounts of contractors., sellers or consultants rather than their company accounts

it is obvious to banks what is happening as they can see cash flows into accounts

Again you have proven you have no idea how VAT works , I am a trained accountant and economist and a CEO and I tell you have have zero idea of what VAT is , how it's collected and how it even works ..let me give you a cue VAT is a last consumer tax ,it's not the same thing as the extortion you carry out at your bustop.. VAT is borne by the last user but collected upfront by the first contact , when import goods I pay VAT upfront,govt has no business chasing VAT

Omoapena:
Do you even understand his question at all ?
Follow this topic

Do you have something to say or you want to talk because others are talking?

Everybody, go back to farm, not for selling out but for you to feed your family. A time is coming very soon if nothing is done that with 50k, you can't get a loaf of bread. If you can grow your own food and have a business or two that allows you get by on school fees and other expenses, I believe you re fine. Did you hear what US just did with visas this morning? Other countries will follow suit, there is nowhere to run. Feed yourself

Wickedfact:
Do you have something to say or you want to talk because others are talking?

Next time you want to respond to a good question, have a proper understanding about it first.

Scenario one:

Even in one week you as a poor common man fit trade 5m in digital products or even service,with loss of 500k , now imagine putting up such private transaction for report for tax ontop loss.

Scenario 2: imagine you transfered 5m from of your account to another or to family or friends not for commercial or profits making reasons. Then voom you are reported.. for tax

Now financial system and banks is now weaponised against private right to own .

You task profit or income. Now how do the bank report a transaction from private account for tax reasons if it can't say if it's income or profits. The least reason should he for corrupt or crime not taxation. This simple act is corporate espionage against basic rights of ownership to users and T&Cs of banks .

People go chicken out of bank and systems. And seek security of asset elsewhere or currency . This will weaken naira. Low choice of transactions in naira will occur

Crypto, foreign currency and alternative finance to rescue.

The implementation should have been gradual as economy improved. Well I see implementation of this starts 2026.

Kaybaba5:
Pls Nigerians can someone explain to me how do we get here pls

please direct your question to Mr Yakubu, they are making all these nonsense law just to make things difficult for Opposition.

Taxing proverty instead of creating jobs so that little tax collected can amount to much

Using first world strategies in third world economies and wondering why things are not working

Yeye Law just to make things difficult for Opposition members.

iCauseTrouble:
I am really scared as a freelancer.
I am not benefiting anything from this government. Why should I pay tax?

You still need to pay tax no matter how small. That's how all developed countries work.

Wickedfact:
Do you have something to say or you want to talk because others are talking?

Someone asked a potential question, you said only profit is taxed, pls how do you differentiate profit from capital on monthly inflows of 5m and above in an account?


The way some of you people answer questions on nairaland out of ignorance is alarming...

admissionrunz:
So bank will report me if I make over ₦5m in cash transactions monthly?

What about people that spends millions of naira daily.

you are getting it all wrong, they are not talking about inflow but outflow. It's normal even in Western nations, it's to control inflation, checkmate money laundering and track possibilities like kidnapping, scam, fraud, bribery among others, if ones hand is clean there will be no reason to fear

Mindlog:
"Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities".........Dem must extract tax from everything!

I thought there's tax already on monies that enters accounts? All those SMS of tax and other alerts they deduct is for what?

SalamRushdie:
Again you have proven you have no idea how VAT works , I am a trained accountant and economist and a CEO and I tell you have have zero idea of what VAT is , how it's collected and how it even works ..let me give you a cue VAT is a last consumer tax ,it's not the same thing as the extortion you carry out at your bustop.. VAT is borne by the last user but collected upfront by the first contact , when import goods I pay VAT upfront,govt has no business chasing VAT

you are a trained accountant and ceo? really?

of salman and brothers?

let me play that game

i am an engineer of over 20 years experience most of it in the oil and gas industry

EVERY INVOICE OR QUOTATION for AEC projects comes with vat as a line item. And it is always deducted from the payment. in fact we always had to ensure it was properly computed as some vendors started complaining when VAT and WHT are taken out and they did not calculate for it

if you are doing PP for individuals or small companes that want to dodge vat - they pay to your personal rather than your salman and brothers s account

a quick glance through your profile shows what you really are and you are definitely not a professional of any kind

if you had a real job in a real industry you would not be lying on the internet about VAT

that is a receipt to NSITF
that is a receipt for email services
that is a purchase order
that is software i am looking at buying

vat is a line item in all of them

Una never see ChomChin make una still allow am enter 2027 again




Even Agbadorians sef don tire abeg how many times una don hear again "It shall favour me and my family"

Chief2410:
This is the height of witchcraft....make dem kuku turn us all to almajiri for this country.

All of una wey dey buy Rolls Royce like water, una go pay tax now .
All of una wey get money, abeg make Una pay tax.
Paying taxes shouldn't be an issue, if only same will not be embezzled by the Government. Embezzlement now should attract death penalty, then this country will be set for greatness.

ednut1:
this is bad for business biko. Alot of rich Nigerians have been evading taxes for long.

This will affect u somehow ...better dont celebrate

Creditalerts:
I go withdraw my money come keep for house no wahala

Where you wan see cash? Them don dey design this thing for long by forcing all of us into cashless system. It is because they want to monitor our online/bank transactions.

ayoncox:
you are getting it all wrong, they are not talking about inflow but outflow. It's normal even in Western nations, it's to control inflation, checkmate money laundering and track possibilities like kidnapping, scam, fraud, bribery among others, if ones hand is clean there will be no reason to fear

Oga u are lying.there is no monitoring of outflow in western nations.I have lived in europe for so many yrs.

ayoncox:
you are getting it all wrong, they are not talking about inflow but outflow. It's normal even in Western nations, it's to control inflation, checkmate money laundering and track possibilities like kidnapping, scam, fraud, bribery among others, if ones hand is clean there will be no reason to fear

So your eyes did not read the "taxation" In there...abi you have cataracts?😏

yemmit90:
The proposal of this policy must be mad, except he is only talking about registered businesses.

Banks have no right to report private transactions to anyone, except the purpose is to curb corruption and not for taxation.

21. Please spell words correctly when you post, and try to use perfect grammar and punctuation.

Omoapena:
Someone asked a potential question, you said only profit is taxed, pls how do you differentiate profit from capital on monthly inflows of 5m and above in an account?


The way some of you people answer questions on nairaland out of ignorance is alarming...

Good question.how do u determine my profit?tax is supposed to be wat u declare as profit...not frm bank account transactions.Normally,firs officials are supposed to visit businesses n inspect your books to determine profit n tax paid.Bt our own for naija must dey different as na druggie dey rule us.How can u be monitoring outflow frm my account to determine my tax.

nlfpmod:
https://thenigerialawyer.com/banks-to-report-monthly-transactions-exceeding-%E2%82%A65-million-new-tax-law-enforcement-by-firs-begins-in-2026/

Looking for Tax payers money to waste on useless travels

Kaybaba5:
Pls Nigerians can someone explain to me how do we get here pls

...

This is not new..Bank has been doing that for a long time. maybe not to FIRS but to NDLEA and EFCC. No one needs to be scared once you don't have money you cannot defend.

GloriousGbola:
you are a trained accountant and ceo? really?

of salman and brothers?

let me play that game

i am an engineer of over 20 years experience most of it in the oil and gas industry

EVERY INVOICE OR QUOTATION for AEC projects comes with vat as a line item. And it is always deducted from the payment. in fact we always had to ensure it was properly computed as some vendors started complaining when it and WHT are taken out and they did not calculate for it

if you are doing PP for individuals or small companes that want to dodge vat - they pay to your personal rather than your salman and brothers s account

a quick glance through your profile shows what you really are and you are definitely not a professional of any kind

if you had a real job in a real industry you would not be lying on the internet about VAT

that is a receipt to NSITF
that is a receipt for email

vat is a line item in both.

Mtcheew...
That guy is right

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