₦airaland Forum

The new tax law is even lower than the previous ones just that there will be extension on the tax payers base this time around.

If you are earning minimum wage N70k per month. Your annual wages will be N840k. The first N800k is tax free meaning you will only be taxed from the extra N40K

15% of N40K is N6,000.

Basic minimum wage annual tax is N6,000

Don't be misled, misinformed

Your calculations is wrong.

For someone earning 70k a month can't even be taxed. The first 800k will be deducted, his rent relief alone is even more than the 40k balance so he can't even be taxed.

But however , the old tax law is better. You are calculating 300k and 800k for the new tax law, but you are still wrong. 300k as of then is 4x more valuable than 800k considering the exchange rate . What 300k couid buy then , 1.5m now will struggle to have same purchasing power. So you are wrong.

If the government wants to exempt low income earners, the threshold should be moved from 800k to 1.2m or 1.5m.

The new tax law is deceptive

Pierocash:
Your calculations is wrong.

For someone earning 70k a month can't even be taxed. The first 800k will be deducted, his rent relief alone is even more than the 40k balance so he can't even be taxed.

But however , the old tax law is better. You are calculating 300k and 800k for the new tax law, but you are still wrong. 300k as of then is 4x more valuable than 800k considering the exchange rate . What 300k couid by then , 1.5m now will struggle to have same purchasing power. So you are wrong.

If the government wants to exempt low income earners, the threshold should be moved from 800k to 1.2m or 1.5m.

The new tax law is deceptive

The first 800k will be deducted, his rent relief alone is even more than the 40k balance so he can't even be taxed.

Where did you get your own information from?

The new tax law is very deceptive

Only criminals and dubious characters support the new devilish tax law. The Satanic party called APC only came to steal, kill and destroy.

helinues:
Where did you get your own information from?

that is how it is been calculated, rent relief. For those paying insurance, mortgage, debt and so many other deductibles will be deducted before the balance can be taxed

Nigerians are so selfishly unpatriotic. Obviously d new tax laws will help d country with more funds for infrastructures but due to some selfish reasons they are opposing it. But they go abroad to countries where gains of taxes are so clear. They'll carry their phones and be showing off.
Even if your arguments are based on government officials will eat your taxes, is not paying taxes d solution?.

riches4me:
Nigerians are so selfishly unpatriotic. Obviously d new tax laws will help d country with more funds for infrastructures but due to some selfish reasons they are opposing it. But they go abroad to countries where gains of taxes are so clear. They'll carry their phones and be showing off.
Even if your arguments are based on government officials will eat your taxes, is not paying taxes d solution?.

Bro, the funniest past is, those who have been paying tax regularly before, let them tell us how much they used to pay as tax per annum in the past and use this new formula to tell us how much they will be taxed now. Irrespective of category, you are paying less than the previous law.

riches4me:
Nigerians are so selfishly unpatriotic. Obviously d new tax laws will help d country with more funds for infrastructures but due to some selfish reasons they are opposing it. But they go abroad to countries where gains of taxes are so clear. They'll carry their phones and be showing off.
Even if your arguments are based on government officials will eat your taxes, is not paying taxes d solution?.

Nigerians want their country to be developed and compare infrastructure in China, USA, and Canada but are not ready to endure the sacrifice those country made.

Recently Anthony Joshua paid almost 40% tax on his earnings from his recent fight in the USA and also uk.

Pierocash:
that is how it is been calculated, rent relief. For those paying insurance, mortgage, debt and so many other deductibles will be deducted before the balance can be taxed

But you still haven't shown where you got your information from even though your deductables do reduce one's tax if true.

budaatum:
But you still haven't shown where you got your information from even though your deductables do reduce one's tax if true.

the same source where you got yours

Will this tax affect the unemployed who manage to feed themselves somehow?

riches4me:
Nigerians are so selfishly unpatriotic. Obviously d new tax laws will help d country with more funds for infrastructures but due to some selfish reasons they are opposing it. But they go abroad to countries where gains of taxes are so clear. They'll carry their phones and be showing off.
Even if your arguments are based on government officials will eat your taxes, is not paying taxes d solution?.

Point of correction . Nigerians will gladly pay taxes if they will see the money work in their favour . They will even do more for a fiacally responsible government . But we all know it will stolen or siphoned . The money we have made from oil what have we done with it ? The money given to governors since subsidy was removed what have they done with it ? Why will I power my house , pay vigilantes , pray to God for help during emergencies, public schools are worse than some public toilets , drill boreholes because no potable water , contribute for transformers , repair roads etc yet government wants to take more from me ? If i pay and I have security , water board is constant , good roads that i dont get to repair my car every other day , good public schools that my kids dont have to go to expensive private schools , good health care , it means my unneccesary expenses have greatly reduced and I will gladly pay taxes so my government can continue to provide or create enabling environment for me to continue to enjoy those things without worrying .

helinues:
Bro, the funniest past is, those who have been paying tax regularly before, let them tell us how much they used to pay as tax per annum in the past and use this new formula to tell us how much they will be taxed now. Irrespective of category, you are paying less than the previous law.

What exactly have they benefited from paying those taxes ? Do they have good roads ? Better health care ? Understand that thenissue is not paying tax that people are against . It is the fiscal irresponsibility of nigerian government. All the money borrowed , saved from subsidy removal , from our oil , what have they done with it ? You dont give a wasteful child more money. He will waste it no matter how small or big . If the government has shown they are responsible , Nigerians will gladly agree for even higher taxes .

Nevermind

What you should do or ask your chatgpt is compare the value of the naira in the old tax law with the value of the naira in the new tax law and tell me if it is the same.

You succeeded with petrol subsidy but never will you succeed with this tax thing . Nigerians are tired of toiling for political class embezzlement

helinues:
Bro, the funniest past is, those who have been paying tax regularly before, let them tell us how much they used to pay as tax per annum in the past and use this new formula to tell us how much they will be taxed now. Irrespective of category, you are paying less than the previous law.

Have been paying Payee for like 15 years now... My annual tax as at last year is around 250k per annum now using the new tax law I will be paying

Around 160k