₦airaland Forum

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

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.

LivingEarthMan:
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.

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?

i dont think you read the tax law

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.

marlow1962:
2026 is going to be a good year for more taxes from people who complains about the price of petrol being hiked up but can waste money on bottles of beers and irrelevant things.

Jagaban my mentor. He really needs to teach them a lesson.

One Yoruba man said "even if a painter of garri is 20k, that they're still going to buy as long as obi is never president"

So why cry of taxes when you/they said they're comfortable with the outrageous taxes upon taxes

motymop:
the tax has already been signed into law...what are you protesting about??

Guestmale:
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?

yesloaded:
66750 earner will pay tax

Yes or No?

Guestmale:
Yes they will pay tax but not on all 801k,the tax they will pay is on any amount above 800k, because under the tax bills, this problem has been addressed, as everyone will be eligible to the first tax-free bracket.

I hope you understand now.

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.

seunmsg:
Nigerians are not in any hot soup. Hardworking Nigerians will even pay less taxes. Those in hot soup are criminals who can’t explain the sources of their income.

Guestmale:
The problem with most us Nigerians is that we don't get all our facts right before we conclude and start commenting on any issue.

Anyone who is truly want to get the fact about this new tax regime should watch this video.

https://www.facebook.com/otokinie/videos/1757617328450455/?mibextid=rS40aB7S9Ucbxw6v

Basicend:
Lol. Bro, it's well.

The new tax law will not authorize any bank to deduct 20% or any percentage from monies tranferred to an account.

However, people with incomes of N5m and above in a month will be flagged to tax authorities for compliance check. Same applies with corporates with N100m and above within a month.

That is why Tinubu emphasized on tax IDs for collective tracking. It is well.

Govt need to be more concerned about the welfare and standard of living of its people by being very accountable. People are already suffering extremely.

seunmsg:
There is a limit already to the cash transaction that you can do. Sorry buddy, the era of getting away with money laundering and illicit funds are gone.

bdon123:
Many of us will switch to cash transactions

Basicend:
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.

Nefort:
Have you forgotten what happened when the government withdrew the old cash in circulation?

SeriouslySense:
A more progressive Personal Income Tax (PIT) regime - The NTA changes the income brackets and applicable tax rates for each bracket. Individuals earning NGN800,000 or less per annum will now be exempt from tax on their income and gains, while higher income earners will be taxed at a higher rate up to 25%. The Act also increases the tax exemption threshold for compensation for loss of employment or injury from NGN10million to NGN50million.


I like this one
VAT at zero rate on essential goods and services - The NTA expands the list of zero-rated items to include essential goods and services such as basic food items, medical and pharmaceutical products, educational books and materials, electricity generation and transmission services, medical equipment and services, tuition fees, exports (excluding oil and gas exports) etc. The impact of this is that businesses selling these goods and services can recover their VAT costs, despite the zero rate which was previously not possible by law.


Fossil fuel surcharge: Introduces 5% levy to promote clean energy, with exemptions for kerosene, liquid propane gas (LPG), compressed natural gas (CNG) and renewable energy products


Not bad, but big companies 30%
Section 56 of thes “small companies” as those with 50 million Nigerian Naira (NGN50m) or less in turnover and NGN250m or less in fixed assets, excluding professional servi NTA redefineces. Small companies are taxed at 0%, and others taxed at 30%.

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

ajalawole:
We no go die.... If we can survive buhari regime for 8yrs who is babablue.

oyatz:
Too many ignorant people in Nigeria!!!

tpain121:
Complince check abi ? So what’s with the 15% and income bracket they have been talking about?

poiZon:
Lemme tell u what we r currently experiencing now as POS agents..
I used Moniepoint POS terminal, nefore the charges was every 10k, na 50naira charge, 1k na 5naira, sonif a customer wants to withdraw 10k, we add additional 200 naira to it, our profit will be 149naira for every 10k we transact.
Today that 149naira has been taxed by Tinubu govt with 50naira.
Our profit from 10k is now 95naira.
U need to do like 20 transactions to make 1900, oru r lucky u make smaller withdrawals of 1k, 2k to 5k to be able to make something daily.
Then at the end u will transfer the money to an account that u want to go withdraw from since moneipoint doesnt run a cash bank service.
Another 50naira will be deducted from your account.
If u r using another bank card to withdraw from atm, they charge u 107.5 naira on every withdrawals.
Even if u withdraw 2k from Atm using another bank card, na 107.5naira they will charge u.
Nextyear the govt will now add up the entire sum of money that flow thru my account, and then tax me based on the accruals. Not knowing I'm running a POS business where funds enter and leaves...

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.

seunmsg:
There is a limit already to the cash transaction that you can do. Sorry buddy, the era of getting away with money laundering and illicit funds are gone.