₦airaland Forum

mikeapollo:

Are they not Ecobank Registrars?

They are.

Joyful365:
If you are a businessman and your annual turnover is under 100 million then you are exempt from tax and you can minimise your tax burden by pushing most of your expenses into the business and paying yourself very little to stay within tolerable tax limits.

Some PoS have N100m turnover in one month!

Any business that trades up to N1m a day already does N250m -N300m in annual turnover.

Some elubo sellers turnover more than 500k daily.

Maybe N1bn would have been better.

They sometimes forget that the currency has lost so much value!

Thanks for the update...

I will increase the pressure tomorrow

ppogba:
Horrible is an understatement.

Catastrophic will be more like it.

Streetinvestor2:
They said the cap is 50 million. How about if ur business is not Ltd but sole proprietorship

Separate that business from yourself with a Ltd.

Streetinvestor2:
So as a business man if I earn 2 M a month with a wife and children. Then government will collect #150 k for what.
I provide my own water.I provide power most times via gen.I go to private hospital and provide my own electricity. I take care of my mum and help to my community and church.
Let me see how they will collect it.Is not signing document na collection be the problem. Is not as if the government gave me cheap loans to do the business.
Oga na civil servants and cooperate companies go pay.They go fight time with business men.You see government announce many things and when u apply as businessman. You will hear is mostly for civil servants. The businessman benefits absolutely nothing from government

I don't know the state you are based because I know that in my state business men are already paying taxes. So most of the things in the new tax law are not new. It rather simplifies and makes tax issues less ambiguous.
You will be better off by taking your time to read the new tax law and understand the ones that affect you as a business man.
There are many legal ways to reduce your tax obligations.

Joyful365:
The rent relief is 20% of your annual rent capped at 500k.

Your annual rent will have to be ₦2,500,000 before you can enjoy the full 500k rent relief.

You all that support bulaba lack understanding or deliberately try to misinform people till it's too late for them to complain about a bad policy.

That's how you all praised him for scrapping unnecessary import fees and replacing all with just one flat 4% FOB import fee that has turned out to be even 300% higher than all the small small fees previously collected from importers.

If you’d taken a closer look, you might have seen that someone else had already corrected me.

pluto09:
I don't know the state you are based because I know that in my state business men are already paying taxes. So most of the things in the new tax law are not new. It rather simplifies and makes tax issues less ambiguous.
You will be better off by taking your time to read the new tax law and understand the ones that affect you as a business man.
There are many legal ways to reduce your tax obligations.

yimu, probably they use bank loans, bid contracts or have kids in public schools requesting personal income tax clearance certificates. Most tax payers are in lagos, ogun, delta, rivers and Abuja.

starpower:
yimu, probably they use bank loans, bid contracts or have kids in public schools requesting personal income tax clearance certificates. Most tax payers are in lagos, ogun, delta, rivers and Abuja.

So how do my state generate her IGR if there are no tax payer here

pluto09:
I don't know the state you are based because I know that in my state business men are already paying taxes. So most of the things in the new tax law are not new. It rather simplifies and makes tax issues less ambiguous.
You will be better off by taking your time to read the new tax law and understand the ones that affect you as a business man.
There are many legal ways to reduce your tax obligations.

Pls what is in that tax calculator that many business men in ur state can imput beside rent.I don't pay rent and not on loan. The only thing I see I can imput in that calculator is gross earnings.

Based on Ellah Lakes releases company's note, we should be expecting tangible PAT of 1.2b around 2028, that is more than 3 years from now.

Revenue of 4b with a PAT of around 1.5b in 2029 is very very abysmal compared to the massive share dilution going on.
With expected final OS of about 5b and 2029 PAT of 1.5b, the is a forecasted EPS of 30k with implied price of #3 using 10x PE.
This is not impressive at all and it seems the current price is highly over-valued.
Moreover, what kind of palm fruit did they plant since 2020 that will just be generating sales by 2028?

I am not impressed with the company's management at all

Zagee:
Separate that business from yourself with a Ltd.

And u don't know Ltd comes with its own cost. So that firs will come disturbing my peace. Charging from sole proprietorship to company is not cheaper option just because of tax

emmaodet:
Based on Ellah Lakes releases company's note, we should be expecting tangible PAT of 1.2b around 2028, that is more than 3 years from now.

Revenue of 4b with a PAT of around 1.5b in 2029 is very very abysmal compared to the massive share dilution going on.
With expected final OS of about 5b and 2029 PAT of 1.5b, the is a forecasted EPS of 30k with implied price of #3 using 10x PE.
This is not impressive at all and it seems the current price is highly over-valued.
Moreover, what kind of palm fruit did they plant since 2020 that will just be generating sales by 2028?

I am not impressed with the company's management at all

Geofluid dey learn work

mikeapollo:
Who is going to declare what? If I pay my rent in Arepo (Ogun state) and work in Lagos, how would they make the retiree landlord to declare his income and to whom?
Some people work in Oyo state and live in Lagos and vice versa etc.
What about where the landlord is based abroad etc.

Go back and read the tax law. Before you claim any deductible expense, you must show proof that you incurred that expense.

If you claim you paid 2.5 million rent to a house owned by a Nigerian or to a landlord in Nigeria or outside Nigeria, you'll be entitled to the 500k tax allowance but the landlord too must declare the 2.5 million as rental income and pay tax on it...else you or the landlord will have committed tax fraud, for which either of you can go to jail. Again, go and read the law before you argue.

There's a reason they're forcing everyone to have nin, bvn and link phone number and account number to nin. As long as you are in Nigeria, you can't hide. They'll simply freeze your account if you don't respond to text messages and show up to defend your claims.

Even those in stock market, remember your CSCS is linked to your nin which is linked to your bvn which contains all your account number.

There's no hiding place if they get intelligent people to implement it like IRS officials do in USA.

Your strategy now should be how to minimise or avoid the taxes. Trying to evade is fruitless cos na one click them go take frustrate anyone's life.

Hopefully they implement it to the letter so that everyone paying tax will start demanding good governance

emmaodet:
Based on Ellah Lakes releases company's note, we should be expecting tangible PAT of 1.2b around 2028, that is more than 3 years from now.

Revenue of 4b with a PAT of around 1.5b in 2029 is very very abysmal compared to the massive share dilution going on.
With expected final OS of about 5b and 2029 PAT of 1.5b, the is a forecasted EPS of 30k with implied price of #3 using 10x PE.
This is not impressive at all and it seems the current price is highly over-valued.
Moreover, what kind of palm fruit did they plant since 2020 that will just be generating sales by 2028?

I am not impressed with the company's management at all

When did they release this forecast. Pls don't loud it before they say u want price down to buy cheap

Streetinvestor2:
When did they release this forecast. Pls don't loud it before they say u want price down to buy cheap

This evening.
I received the report through meristem

emmaodet:
This evening.
I received the report through meristem

The are expecting loss to 2027 from now No be juju be dat.
What are they expecting as revenue for 2025..lol.
Oga nosa come and see forecast for my kpakus. They say it will hit #100 by the time the mill starts working

pluto09:
So how do my state generate her IGR if there are no tax payer here

civil servants and contractors. 😆 lol

Streetinvestor2:
The are expecting loss to 2027 from now No be juju be dat.
What are they expecting as revenue for 2025..lol.
Oga nosa come and see forecast for my kpakus. They say it will hit #100 by the time the mill starts working

your food don Land

Streetinvestor2:
And u don't know Ltd comes with its own cost. So that firs will come disturbing my peace. Charging from sole proprietorship to company is not cheaper option just because of tax

Prepare to declare your over 20M returns as PIT

https://www.youtube.com/watch?v=JVT7JJMRNoE

Here's a summary of today's trading session on the NGX.

chimex38:
your food don Land

Lol
I am waiting for full yr result
Is the forecast from ellahlakes or meristem forecast.
Make I go check something. I will be back.
I hope it is not fake or photo shop

No mega rally again

PETERiCHY:
We've DISPOSED one of our JUNK STOCK (OANDO) @t circa #54 and recovered our SPECULATIVE FUND.

Patiently WAITING to REPURCHASE at Circa #40 else GoodBye JANET

BARGAIN HUNTERS TAKE NOTE!

Joyful365:
Go back and read the tax law. Before you claim any deductible expense, you must show proof that you incurred that expense.

If you claim you paid 2.5 million rent to a house owned by a Nigerian or to a landlord in Nigeria or outside Nigeria, you'll be entitled to the 500k tax allowance but the landlord too must declare the 2.5 million as rental income and pay tax on it...else you or the landlord will have committed tax fraud, for which either of you can go to jail. Again, go and read the law before you argue.

There's a reason they're forcing everyone to have nin, bvn and link phone number and account number to nin. As long as you are in Nigeria, you can't hide. They'll simply freeze your account if you don't respond to text messages and show up to defend your claims.

Even those in stock market, remember your CSCS is linked to your nin which is linked to your bvn which contains all your account number.

There's no hiding place if they get intelligent people to implement it like IRS officials do in USA.

Your strategy now should be how to minimise or avoid the taxes. Trying to evade is fruitless cos na one click them go take frustrate anyone's life.

Hopefully they implement it to the letter so that everyone paying tax will start demanding good governance

Thank you very much for the explanations.
I was only seeking clarity, not argue. It is okay.
If I pay my rent to the landlord, he collects the money and travels abroad without declaring his incone tax, then they will come and arrest me and put me inside jail. A govt that does not help you to get accommodation in anyway. It is well. Kirikiri go overfull.
Same way FIRS tried similar thing with VAT returns and they abandoned it when they could not match VAT input claims of buyer to VAT output of the seller.
Hopefully this one will be less problematic

Just for the records

IyaTola:
No mega rally again

Oando wey sabi humble people

megawealth01:
Oando wey sabi humble people

But seriously, Oando may rally soon when they come to the market to raise funds.

mikeapollo:

But seriously, Oando may rally soon when they come to the market to raise funds.

Na hopeville levels na

Oando isn't for the WEAK

megawealth01:
Na hopeville levels na

Oando isn't for the WEAK

Oando will surely pay for our patience.. It is a must

mikeapollo:

But seriously, Oando may rally soon when they come to the market to raise funds.

Oando rally na view once

Agbalowomeri:
Oando rally na view once

If only you know how many people are laying ambush for the rally eh

megawealth01:
Just for the records

This means he quits as Access CEO ?

This guy talked smart to my ears.

A falling-out with Aig?