₦airaland Forum

The measurements to determine income tax is baseless. The finance minister and the firs chair person don't know what they are implementing and it's implications.

Now if a contractor handling a building project for a Nigeria in diaspora. Received 200m naira in to his account and that money's is destributed to workers and building materials

That account history will be so huge

How will they measure income tax base on cash inflow.


Another thing is if someone purchased a product let say 10m. But later returns products and ask for a refund.


This creates multi taxation. People already paid direct or indirect tax in this country.

fineboynl:
There measurements to determine income tax is baseless. The finance minister and the firs chair person don't know what they are implementing and it's implications.

Now if a contractor handling a building project for a Nigeria in diaspora. Received 200m naira in to is account and that money's is destributed to workers and building materials

That account history will be so huge

How will they measure income tax base on cash inflow.


Another thing is if someone purchased a product let say 10m. But later returns products and ask for a refund.


This creates multi taxation. People already paid direct or indirect tax in this country.

Go and study how it is done in other countries. Dont come and utter ignorance from that your gutter as wisdom

teeteepeejay:
Go and study how it is done in other countries. Dont come and utter ignorance from that your gutter as wisdom

money that was sent at a account is not income. You need to go study hard. If a male selss of 50m in a year. Thee profit is just a margin of that cash inflow. Your lord master will not see 1 naira from my money. Mark this

teeteepeejay:
Go and study how it is done in other countries. Dont come and utter ignorance from that your gutter as wisdom

you people are funny so you have been defending what you don't know about.
Why are you telling him to go and study from other countries when you can easily explain here because many are willing to learn from you but it is now obvious you guys have been defending emptiness same way you did with buhari .
Another instance is one who does a turnover business say with bank loan .
You can be doing business with 10million and making profit of #50,000 or even less in a turnover business.this business of 10million occurs daily and you buy back goods of 10milluon from your supplier everyday .at the end of the month you payback the loan with frivolous interest charges .
Mr defender of the universe how do you intend to charge tax based on these daily turnover business taking cognizance of the outrageous interest payable on loans monthly or annually.
Note also that businesses with Tin numbers have been paying Tax to FIRS all this while
In an unplanned economy with embezzlements right left center by public office holders unchecked we are heading for another round of increase in prices of goods and services not to even talk of business that will die gradually.

fineboynl:
money that was sent at a account is not income. You need to go study hard. If a male selss of 50m in a year. Thee profit is just a margin of that cash inflow. Your lord master will not see 1 naira from my money. Mark this

Still speaking arrogantly ignorant. Where the hell did they say your account will be deducted unreasonably for taxes.

Not my president has been ur president for the past how many years now? The banks that have been taking charges from your account, what have you been able to do about it? You lots would just being flexing muscle that cant move a pinch of sand.

You are as powerless as the fart that comes out of ur anus.

Dont die before your death. All this unnecessary lamenting is out of place. Go vote him out when the time comes, simply.

Nigerians and crying like a bush baby always.

fineboynl:
The measurements to determine income tax is baseless. The finance minister and the firs chair person don't know what they are implementing and it's implications.

Now if a contractor handling a building project for a Nigeria in diaspora. Received 200m naira in to his account and that money's is destributed to workers and building materials

That account history will be so huge

How will they measure income tax base on cash inflow.


Another thing is if someone purchased a product let say 10m. But later returns products and ask for a refund.


This creates multi taxation. People already paid direct or indirect tax in this country.

That's the simple truth.
Let their agents keep sticking their head in the sand.

magoo10:
you people are funny so you have been defending what you don't know about.
Why are you telling him to go and study from other countries when you can easily explain here because many are willing to learn from you but it is now obvious you guys have been defending emptiness same way you did with buhari .
Another instance is one who does a turnover business say with bank loan .
You can be doing business with 10million and making profit of #50,000 or even less in a turnover business.this business of 10million occurs daily and you buy back goods of 10milluon from your supplier everyday .at the end of the month you payback the loan with frivolous interest charges .
Mr defender of the universe how do you intend to charge tax based on these daily turnover business taking cognizance of the outrageous interest payable on loans monthly or annually.
Note also that businesses with Tin numbers have been paying Tax to FIRS all this while
In an unplanned economy with embezzlements right left center by public office holders unchecked we are heading for another round of increase in prices of goods and services not to even talk of business that will die gradually.

Still capping nonsense. You know nothing about taxes

fineboynl:
The measurements to determine income tax is baseless. The finance minister and the firs chair person don't know what they are implementing and it's implications.

Now if a contractor handling a building project for a Nigeria in diaspora. Received 200m naira in to his account and that money's is destributed to workers and building materials

That account history will be so huge

How will they measure income tax base on cash inflow.


Another thing is if someone purchased a product let say 10m. But later returns products and ask for a refund.


This creates multi taxation. People already paid direct or indirect tax in this country.

magoo10:
you people are funny so you have been defending what you don't know about.
Why are you telling him to go and study from other countries when you can easily explain here because many are willing to learn from you but it is now obvious you guys have been defending emptiness same way you did with buhari .
Another instance is one who does a turnover business say with bank loan .
You can be doing business with 10million and making profit of #50,000 or even less in a turnover business.this business of 10million occurs daily and you buy back goods of 10milluon from your supplier everyday .at the end of the month you payback the loan with frivolous interest charges .
Mr defender of the universe how do you intend to charge tax based on these daily turnover business taking cognizance of the outrageous interest payable on loans monthly or annually.
Note also that businesses with Tin numbers have been paying Tax to FIRS all this while
In an unplanned economy with embezzlements right left center by public office holders unchecked we are heading for another round of increase in prices of goods and services not to even talk of business that will die gradually.

Can you show me where it is stated in the tax law that taxable income will be determined by cash flow?