₦airaland Forum

Mrexcell:
So if I received #5m within a month for a contract job I will execute my bank will then report my account to the tax authorities without caring to know what's going to be my profit from the #5m contract job?

Yes sir.

The N5m is an income (profit) to you, and will be taxed accordingly. Rate of the amount involved shld be 18%.

Truth is most business are currently struggling. The govt needs to continue to work towards Naira valuation in particular to ease the pressure and suffering of the people.

Tinubu became very rich tru taxing Lagos. Now he intends to become far richer by taxing the entire nation to the teeth. Good luck.

Make una use this one hold body first

kunle4toyeyaho:
on the contrary,the new tax law is a sigh of relief. Unless you are a high income earner,your tax will definitely reduce. Pick a copy of the tax law and read up

what is this one talking about? Even low income earners are going to be paying more tax than they do now. Taxes are going to now be on commodities that low income earners weren't paying tax for, e.g Petrol, whereas the other communities that are currently taxed will still be taxed.
It will hit even harder on middle to high income earners.
This tax is really going to worsen the unemployment problem were facing in the country

blueAgent:
Gibberish.

A lazy Nigerian that prefers believing a beer parlour gist rather than the Tax Act. Get a copy of the new law and compare with Buhari finance Act 2020 and tell me if it is not a sigh of relief.

franchasng:
Many businesses will close up.

What the new tax law means is that every business in Nigeria must now make it compulsory to collect 7.5% VAT for all their transactions and remit to federal government monthly.

Now imagine adding 7.5% vat to all commodities and services you are enjoying now without vat, how do you think Nigerians with dead purchasing power will afford it?

It will mean low patronage for businesses, reduced consumption by Nigerians as they struggle to avoid buying some of their daily needs.

You guys don't know how wicked Tinubu is, that man is inhumane and insensitive to the plight of the average Nigerian

Allow them to use this one hold body first.

Basicend:
Yes sir.

The N5m is an income to you, and will be taxed accordingly. Rate is 18% of your profit on the revenue.

Truth is most business are currently struggling. The govt needs to continue to work towards Naira valuation in particular to ease the pressure and suffering of the people.

Tinubu became very rich tru taxing Lagos. Now he intends to become far richer by taxing the entire nation to the teeth. Good luck.

So 18% will automatically be deducted from the #5m which is around #800k even though i didn't even make up to #800k at the end of the contract job does that make any sense to you?

I live in Denmark. Na we know how far with tax... a time will people prefer bank transaction instead of cash

Teenaira:
I think the conversation should be around how to get Government to properly utilize tax revenue. Tax is paid any where in the world but we must see what the tax is being used for. Simple.

There are countries in the world with nearly zero taxes and they are doing far better than Nigeria.

motymop:
i dont think so..the cash will still have to come from an account that mean you will still be tracked.

How can you be tracked with cash?

Mrexcell:
So 18% will automatically be deducted from the #5m which is around #800k even though i didn't even make up to #800k at the end of the contract job does that make any sense to you?

Check my message well, it is your profit on that contract that is taxable. Okay?

Take ur time and check for the provisions of the law.

yesloaded:
From the video, the man talked about the fuel surcharged that it will be use for transport this & that, tell me how the CNG buses distributed to states has reduced transport fare. FG removed fuel subsidy n claimed to have given free kits to commercial buses but how many commercial buses have you seen on the road running on CNG? How many country's pays stamp duty on every deposit? The man never addressed taxing someone earning 801k per annum or someone earning 801k per annum is a high income earner?

Maybe you explain to better

If you watch the video and understand and sincere,I want to ask you is someone earning 801k per annum which is ₦66,750:00 per month can be considered a high income earner?

vanbonattel:
Cash will become king, if you don't pay me cash for your services, you pay me double so I can get extra to give the thieves.

Haha nairaland will remove this comment, how dare you criticized the government they campaign for?? Who's the thief then? ASO ROCK?

Dalohad:
Simple, to avoid Tinubu dipping his greedy hands into our pockets we have to improvise..

Cash, crypto and other means of payment will take priority.

I will never slave for Tinubu to come and take 25% of my wealth, after providing my own water, shelter, power and other essentials without one kobo of government support.

Tinubu is the Oil minister, he has monopolized Oil wealth for himself, politicians and corrupt Supreme court judges.

Yet they still want to keep pushing their luck too far by dipping their hands into our pockets like Agberoes working for MC Oluomo under Oshodi bridge.

They are emboldened everyday because Nigerians have become docile and sedentary. Like thieves and rogues, their appetite for free money extorted from Nigerians keep growing because Nigerians have refused to push back. Now they ask for your blood.

Libya as an oil country under Ghadaffi was giving 100% free education, buying houses for citizens, free water pumped by government, free power. Almost 0% taxes. Same with many other Arab countries..

Why must Nigeria's own be different? You take the oil money, provide nothing for generality of the people, yet you ask for their blood in taxes? Wetin dey give Tinubu mind sef? IMF? World Bank? France?

By next year, if Nigerians look for 1 kobo of the money in their accounts, the only choice is will be to go the NEPAL way.

DSS are watching o, they can't do anything to bello turji but abuse tinubu and see.

I'm just wondering, the people commenting on this thread including the op himself, how many of them have actually taken their time to read about the new tax law from the right source? You are not supposed to be commenting about something you know nothing about.

oyichi:
Nigeria is den of fools, law abiding technocrats are in the streets struggling to survive while criminals that are supposed to be in jail are in our government houses, 2026 will be a year that no one will ever forget, every day is for the thief but one day is for the owner of the house, what is this government doing with the revenue from taxes and oil sales since inception?, it's all about looting and looting while strangling the poor helpless masses, one day monkey will go to the market but will not return

Bello turji are enjoying on TikTok no harassment but to allow Nigerians breath is difficult?

alpharoyalty:
It will be unfair for me to transfer 800k to my wife, Mom or Dad and tinubu will collect 20% tax from them. Totally unfair 😡

But wait oooo, shey the 800k is your money and you probably paid tax from where ever you earned it from, so y shud you be "punished" for sending the money to someone else. Which kind life we dey for this country like this?

franchasng:
Typical APC blind supporter. How will the new tax be a relief?

If you know how many small and medium scale businesses and sole traders struggling to keep their businesses running that will be affected negatively by this new Brutish, devilish tax law, you won't be typing what you just typed.


Tinubu will crash Nigeria's economy with this new tax law because it will negatively affect and crumble many small, medium scale businesses and sole traders and transfer the money to irresponsible government of Nigeria that will never use it to better the lives of the Nigerian masses


But in your gullibility, it is better to take money from Nigerian struggling businesses and traders and put it in the hands of irresponsible government.


Many businesses will close up.

What the new tax law means is that every business in Nigeria must now make it compulsory to collect 7.5% VAT for all their transactions and remit to federal government monthly.


Now imagine adding 7.5% vat to all commodities and services you are enjoying now without vat, how do you think Nigerians with dead purchasing power will afford it?


It will mean low patronage for businesses, reduced consumption by Nigerians as they struggle to avoid buying some of their daily needs.


You guys don't know how wicked Tinubu is, that man is inhumane and insensitive to the plight of the average Nigerian

DSS are watching guard your mouth on tinubu

vanbonattel:
Cash will become king, if you don't pay me cash for your services, you pay me double so I can get extra to give the thieves.

Increase in the price of gda and services

yesloaded:
So many small businesses will collapse, there I'll be less of jobs

Some were struggling to survive already and asking them for tax will kill them completely

How does 801k per year tagged as high income? 801k per year is not up to 3k per day whereas 3k naira cannot feed a grown up adult for a day

Government promised us good roads, electricity & so many things when they removed the fuel subsidy saying that the money wasted on fuel subsidy will be utilized to provide these amenities, my question is where are these amenities? What has changed for the better since removal of fuel subsidy for over 2years?

Life expectancy is very shortened in this country because the government policies is killing the masses. Lots of Nigerians cannot afford to eat a balanced diet once in a week.

Just imagine

Basicend:
Check my message well, it is your profit on that contract that is taxable. Okay?

Take ur time and check for the provisions of the law.

It's alright have a nice day.

Let the poor breathe. Do not suffocate them.

Mrexcell:
It's alright have a nice day.

You too.

From what i see, its better to talk less and say nothing at all. Especially if you do not want to pay tax. Your comments may be studied on how to get your income.

Now its better to be quiet.

If your mouth is uncontrollable, please control it. If you boast about how smart you are, please there is no need.

Find a suitable padlock for mouth.

Farming is quite interesting, I like the tillage of soils

motymop:
With the new tax law that will be implemented in 2026, it is going to affect your personal relationship, more people will become very selfish because they dont want to pay more tax to the government. more people will save more, this new tax bill might actually affect clubs or some businesses that are used to launder funds.

in your personal relationship, If you’re transferring money often to your girlfriend or relations, it could be flagged as income. That means, you may have to explain the source of money, the receiver may also be asked to account for inflows, this can create tension in relationships, especially where money used to flow quietly.

gifts and inheritance is not income. Definition of income is very clear.

But what is BAT doing with all of these tax?
if BAT want more money, let him tell d cbn governor to print money for him to use and stop disturbing nigerian with tax
,

If he prints more money it will devalue the currency and even his wealth except for properties and his refinery

netricoin:
But what is BAT doing with all of these tax?
if BAT want more money, let him tell d cbn governor to print money for him to use and stop disturbing nigerian with tax
,

This is where cryptocurrency will boom

God help Nigerians.

oyatz:
Too many ignorant people in Nigeria!!!

This taxes matter may cause massive protests next year if care is not taken. Let everyone get ready.

It does not exist. We don't want to know. We don't want to hear it in the public.

Its under digital assets, so if you have, you have to declare, and you will be taxed . Since you keep talking about it.

ChronicGp:
This is where cryptocurrency will boom