₦airaland Forum

Note: Please correct me if I'm the one getting the new tax system wrong.

Haven't you read that your account will be charged 25% tax for receiving inflow?

Whether it is 0.25% or 0.025% will bleed many of you starting from January 2026.

I was discussing with some artisans and what they told me is that they will simply add this tax burden to their service charge. Hope you know what this means?

For example when your account inflow reaches a threshold of 800k NGN, the tax takes effect on your account immediately similar to the already 50 naira stamp levy.

Those earning legitimately on the internet would likely suffer more from this new taxes while criminal elements like yahoo yahoo fraudsters, kidnappers, prostitutes, drugs couriers, etc goes about with their businesses legitimately without set backs. Simply because their earnings are already tainted with human blood and so don't care what government takes as taxes so long as they are in business "cashing out" steadily

What about POS operators and agents? If these groups are included, this will be death of POS terminal in Nigeria.

Surprisingly Nigerians disappeared from intellectual discuss. As lousy as Nigerians are, non of them content creators make bold to talk about this?

You CANNOT be getting worked up about Nigerians avoiding intellectual discussions while displaying the height of intellectual INEPTITUDE in your own post.

EVERYTHING you wrote in your post is absolutely WRONG!

Firstly, NOBODY is going to reach into your bank account to automatically remove money when your account inflow SURPASSES #800K.

In fact, your account could receive ONE BILLION NAIRA and not be subjected to any tax other than the Withholding Tax depending on the source of income.

Secondly, NOTHING is going to happen to POS Vendors.

If you send #1 Million to them and pay charges of #10,000, ONLY the #10,000 is considered as income and potentially liable to tax.
They just have to keep records.

Plus, there is a provision in the Nigerian Tax Act 2025 that allows duly registered Small Company making less than #100 MILLION per annum with Total Fixed Assets less than #250M to be completely EXEMPTED from all taxes.

Finally, Yahoo Boys will pay TAX.
Hookup girls will pay TAX.
Pastorpreneurs will pay TAX.

Even KIDNAPPERS will pay TAX from the ransom money they collect.

There is a LOT to be OUTRAGED about in relation to the new tax laws.
But let your outrage be based on FACTUAL and CORRECT information.

Namaster:
You CANNOT be getting worked up about Nigerians avoiding intellectual discussions while displaying the height of intellectual INEPTITUDE in your own post.

EVERYTHING you wrote in your post is absolutely WRONG!

Firstly, NOBODY is going to reach into your bank account to automatically remove money when your account inflow SURPASSES #800K.

In fact, your account could receive ONE BILLION NAIRA and not be subjected to any tax other than the Withholding Tax depending on the source of income.

Secondly, NOTHING is going to happen to POS Vendors.

If you send #1 Million to them and pay charges of #10,000, ONLY the #10,000 is considered as income and potentially liable to tax.
They just have to keep records.

Plus, there is a provision in the Nigerian Tax Act 2025 that allows duly registered Small Company making less than #100 MILLION per annum with Total Fixed Assets less than #250M to be completely EXEMPTED from all taxes.

Finally, Yahoo Boys will pay TAX.
Hookup girls will pay TAX.
Pastorpreneurs will pay TAX.

Even KIDNAPPERS will pay TAX from the ransom money they collect.

There is a LOT to be OUTRAGED about in relation to the new tax laws.
But let your outrage be based on FACTUAL and CORRECT information.

Can you pls expantiate further?
Asit stands, there are businesses with considerably huge cash flow with so little profit.
You can imagine a business with cash flow of say 15m monthly where the real profit is less than 200k. In this case what happens?

Tmex:
Can you pls expantiate further?
Asit stands, there are businesses with considerably huge cash flow with so little profit.
You can imagine a business with cash flow of say 15m monthly where the real profit is less than 200k. In this case what happens?

I'm sure you know that businesses are assessed to tax on a yearly basis.

So a revenue of #15M per month translates to a revenue of about #180M per annum. That means the company/business is NOT a small company as defined by the new laws.

Therefore, the business would NOT be exempt from taxes.

However, NO business is taxed on revenue. Only profit.

So if you can prove that only #2.4M out of the #180M is PROFIT, then that's the part that would be subjected to tax.

Taxes will NOT be charged on revenue.

To use your example, the #15M will not be subjected to tax. Only the #200,000.

Finally if you are doing numbers like that, you should consider getting a professional accountant.

They will adjust and we will all be fine.