₦airaland Forum

emmanuelewumi:
Just the same way an employer can't be forced on an employee

emmanuelewumi:
Access Bank sha. $15 million mansion is huge.

How much is that in Naira

KarlTom:
You this Osita ehn...

chimex38:
I don't think FG will make a move. Unions will still affect critical assets if welfare demands aren't met but will most likely be on other Govt involved oil n gas businesses.
PENGASSEN, NUPENG NUEE, TUC,ASUU have all held the country to ransom at one point or the other due to companies or FG failed welfarism packages to Nigeria.

Agbalowomeri:
Here goes the N1 dividend

megawealth01:
LASACO that people here will still chase when it's TIME

awesomeJ:
Someone said Seun is liking CSS now 😁😁

Also buttons at the top of the page noww have dots as some sort of dilimiter.

emmasoft:
INDEPENDENCE IN INVESTMENT

I - invest intelligently. Don't just follow what they say

N- Negotiate for a good and reasonable rate when applicable, and don't forget that rate is not everything. Safety of funds first.

D - Depend on available and accurate data to avoid wrong assumptions and investment moves.

E - Evaluate available investment options in compliance with your risk tolerance.

P - Patronize government/sec-controlled firms and products, not Ponzi schemes.

E - Evaluate your portfolio to align with the current economic realities

N - Navigate the investment arena with caution. Not all investment windows are profitable at a given time. choose wisely.

D - Determination, being deliberate and intentional, is needed when it comes to investment. It's not wishful thinking and guesswork.

E - Enlarged portfolio doesn't translate to gains; the content of the portfolio matters a lot. Prioritize quality over quantity.

N - Non-profitable investments may appear profitable on the surface until you check. Do your due diligence.

C - Clear all doubts before you venture into any investment; don't go into what you don't understand. Be convinced and let your decision be guided by accurate data.

E - Enjoy your lot or gains when you can. Investment is made for you and not you for investment.

Happy Independence Day to all Investors

SonofElElyonRet:
Euphemism and sugar coating. He gave the example of a prostitute!!!

chimex38:
My understanding:
Capital(Cost price) =148m
Turnover(sale price) = 150m
Gain= 2million
Tax on turnover: 30%
despite 1million gain, tax =CGT of 30% applies rather than applicable PIT rate-band of 15% on the 2million cuz you surpassed and grossed the 150m turnover threshold if I am not mistaken

emmanuelewumi:
They will make a move. Can you have a national strike in developed economies.

Your strike should be directed at your employer and not hold the whole country to ransom.

Why should manufacturers at Ikeja and Ilupeju Lagos be affected by the strike. At the end of the day, nothing came out of it in the real sense of it.

GeeKudi:
Did you say tax on turnover? That cannot be right.

GeeKudi:
I don't quite get your drift. Is it because he is a pastor or because he said those things in a 'church'? He was discussing tax not tithe!
If you watch the clip or listen to the audio of it, he made an assertion that the tax laws do not have the tool to verify the legality or otherwise of the source of income before taxing. Once you make an income that is taxable, the law applies. And then, he went to further to make an example to drive home his point. He even called it "an extreme case" in the process.
I am not sure there is anything to scrutinize here.

SonofElElyonRet:
Because you've taken an non-moral position. Has nothing to do with tithe. It's not only about revenue generation. Prostitutes certainly will not willingly go and pay income tax.. so how would you get them to pay? Go after them while closing your eyes to the obvious illegality of the profession? How then would crime abate in the society when it's all and only about revenue generation for the tax czar? No problem so long as money comes into government coffers? You make money yes but indirectly encourage sex trafficking industry inter alia. We already have Bob Riskys and James Browns and Mandy the self acclaimed queen of the commercial sex "practitioners" who by the way just got appointed as anti drug abuse ambassador by Lagos State.. I would not have issues of course if the offenders hide their "profession" and the tax officials are oblivious of the fact. A situation in which they know and close their eyes to the fact just for the sake of revenue is repugnant, abhorrent and loathsome. My views. Not only in the case of the ladies of easy virtue. The scope of illegal "businesses" is so wide which makes the issue all the more worrisome. Anyway like I always say, we agree to disagree

GeeKudi:
The first bolded: without the law and the consequences of flouting it, I'm not sure anyone will 'willingly go and pay tax'.

Second bolded: the implication of what Taiwo said is that the law, in this regard, does not have the 'eyes' to close in the first place. It is completely blind in this context. I'm glad this conversation is actually with a learned fellow.

Third bolded: the "society" should be a functioning system with different organs (I'm a biologist). So, some organs (EFCC, ICPC, Police etc) of the system are built with the "eyes" to see the crime (or, legality) behind the income. If for whatever malfunction, these organs are not able to see what they are supposed to see, the other organ (the tax law) will naturally just go ahead to take the tax cut.

In essesnce, as far as the operationality of the tax law is concerned, the question of morality is totally misdirected.

SonofElElyonRet:
Moral and reason are the soul(s) of the law. Society isn't just about tax collection. Can not be isolated. Lady justice is blind in order not to be bias or show favour or mind whose ox is gored. The purpose of her blindness is not to jettison morals and reason. According to you, tax officials may look the other way (just in case you prefer that to "turn a blind eye" )🤷 once a dr*g baron pays his tax, even though they know that's his trade.. dangerous for society

SonofElElyonRet:
Moral and reason are the soul(s) of the law. Society isn't just about tax collection. Can not be isolated. Lady justice is blind in order not to be bias or show favour or mind whose ox is gored. The purpose of her blindness is not to jettison morals and reason. According to you, tax officials may look the other way (just in case you prefer that to "turn a blind eye" )🤷 once a dr*g baron pays his tax, even though they know that's his trade.. dangerous for society

KarlTom:
Dear Sir, if I may

For context, in all the cities I have lived in, there are well known brothe!s and s**x alleys YET the government has not shut them down/sealed those places.

I fully understand your perspective of the morality/legality of such services but is lady Justice [or/and the law] not turning a blind eye to the continued existence of such brothels?

In the context of tax, I believe Mr Taiwo was simply passing a message that IF you offer any service, your 'fees' will be taxed accordingly. I agree that the example he used might not be legally acceptable but...

GeeKudi:
In an hypothethical perfectly functioning society (not sure such exists), the drug baron would be found out even before geting to the point of paying tax. That is why there are thresholds of bank deposits that triger an alarm to law enforcements. And so, I get your point. Administration of the tax law can be a secondary eyes to those organs whose primary function is to see these things.

SonofElElyonRet:
My final take. I just watched the tax man speaking on that occasion. He said I don't know if I should give this example in "Church" and then went on to say that the law doesn't ask you the source of your income. The impression created is the law doesn't care about the source of your income, not that the law can not tell. The law and those who drafted it, don't give a rat's a*se where the money came from.. just pay your tax. Y'all watch again. Peace!

KarlTom:
Dear Sir, if I may

For context, in all the cities I have lived in, there are well known brothe!s and s**x alleys YET the government has not shut them down/sealed those places.

I fully understand your perspective of the morality/legality of such services but is lady Justice [or/and the law] not turning a blind eye to the continued existence of such brothels?

In the context of tax, I believe Mr Taiwo was simply passing a message that IF you offer any service, your 'fees' will be taxed accordingly. I agree that the example he used might not be legally acceptable but...

zendi:
That man should have taken his sex tax messaging to those places you mentioned.
Instead, he carried his evangelism of vulgarity into the church to offend the sensibilities of innocent people of faith.

Which is not even doable.

How do you begin to follow men and women about to know when sex for money occurs?

Satanic, kpakus flippancy, inside the Church of all places.

KarlTom:
QED

zendi:
That man should have taken his sex tax messaging to those places you mentioned.
Instead, he carried his evangelism of vulgarity into the church to offend the sensibilities of innocent people of faith.

Which is not even doable.

How do you begin to follow men and women about to know when sex for money occurs?

Satanic, kpakus flippancy, inside the Church of all places.

KarlTom:
Actually I believe that the Tax man and the law are two parallel lines.
The taxman has a duty to collect tax.
The law has a duty to ensure that income is generated within the confines of the law.

PS: the church is not exclusively for holy people just like the hospital is not exclusively for healthy people...

SonofElElyonRet:
Actually e never reach court so lady justice (court) never dey involved.

O da. Mo ti gbo. Let them "tax all taxables" o. spread the tax net to all businesses.. legal and illegal.. kowo wole wa

pluto09:
You are making it sound like the tax authority will be going out to where these set of people operate their businesses and be asking them for tax.
What triggers the NRC into action is when money enters an account that breaches a certain threshold in which they have the mandate to tax.