₦airaland Forum

Rich4god:
Why are Nigerians panicking on this tax issue. If you fully understand this new tax act, you will know that it's far far better than what we have previously.

In fact a greater percentage of Nigerians are even exempted from paying tax and those who are eligible to pay have their tax reduced when compared to the previous act.

I have sat down and analysed everything, the new tax is pro Nigerians, even companies tax was reduced. Individual tax is also reduced except for those earning heavily and the difference isn't even much.

All that is need of you is to comply and that is all. Why all the outrage.

As an individual earning less than 800k, you tax is zero.

Those earning between 800k to 15/20m, your tax will reduce.

Those earning above 24m will have their tax liability increase with an amount not so significant.

Company income tax have reduced from 30 to 20 percent.

Small businesses in which a greater percentage of Nigerians fall into will not pay company income tax if their turn over is less than 50m. They won't also pay vat if there time over is less than 100m.

So where is the outrage on this tax coming from.

Rich4god:
Why are Nigerians panicking on this tax issue. If you fully understand this new tax act, you will know that it's far far better than what we have previously.

In fact a greater percentage of Nigerians are even exempted from paying tax and those who are eligible to pay have their tax reduced when compared to the previous act.

I have sat down and analysed everything, the new tax is pro Nigerians, even companies tax was reduced. Individual tax is also reduced except for those earning heavily and the difference isn't even much.

All that is need of you is to comply and that is all. Why all the outrage.

As an individual earning less than 800k, you tax is zero.

Those earning between 800k to 15/20m, your tax will reduce.

Those earning above 24m will have their tax liability increase with an amount not so significant.

Company income tax have reduced from 30 to 20 percent.

Small businesses in which a greater percentage of Nigerians fall into will not pay company income tax if their turn over is less than 50m. They won't also pay vat if there time over is less than 100m.

So where is the outrage on this tax coming from.

mrvitalis:
We are angry because the tree hold and relief are so low

Poverty threshold is 1095 dollar yet u want people that earn 550 dollars to pay tax?

500k housing relief? Like are you serious? What house can you get for 500k

These are the issues

Nigeria tax threshold should be minimum 3500 dollars

aribisala0:
But the threshold was even lower
until 2 days ago it was 300000

Now it is 800000 with a further allowance of 500000 maximum for rent
Housing relief is not for you to get a house
It is a refund or exemption on paying tax on income further or on top of 800000 if you are paying rent

So if you earn 1300000 and pay rent 800000 your tax is zero

Your statement is uninformed and ignorant

I am still waiting for the day you will say something sensible

I will kill a goat

Note I have not expressed an opinion about the tax laws here just correcting expressed falsehood

With regard to tax laws

There are actually four new laws

FOUR
that is a huge number of laws

If you are to have any sensible thing to say they you need to spend time studying them

mrvitalis:
It was 3000 because naira was ₦120 to a dollar when the tax law was made that's over 2000 dollars.. 1.3 million is bearly just over 100k per month

You really think it's sensible for someone who earns 1300,000 to pay 500k as rent? Nah menth?

aribisala0:
The main thing to say
Personal Income tax is a state tax 100% of tax you pay as a person goes to your state government
Take time to digest that point

So why is the law made by the federal government

In their wisdom those that made the constitution put it in the Exclusive list

Why?

They do not want tax competition where one state taking 5% and another is taking 7% which would create serious administration difficulties and discourage investment

Imagine a company operating in different states with staff paying different rates

So I think it is worth repeating

Personal Income tax goes to your state government 100%
Or more accurately where you work and live

Go and fact check that and think about the implications

How can you hold your state governments to account
Already we are moving in the direction of restructuring

Hedonisco:
Your PIT goes to your state of residence, NOT your state of origin. There is no doubt that part of the motivation for this nonsense is Tinubu's rabid quest to further enrich Lagos State as the most populated state in Nigeria, where much of the country's economic activities are concentrated, which in turn, indirectly enriches him and his dynasty who are firmly in control of Lagos State. Not to mention smuggled in/embedded 'hidden' provisions that will directly enrich him and his cronies via the Alpha Beta Model.

There is no other reason why a barely legitimate crook lik this, whose antecedents are well known, would assume that he is the right person to implement such a reform. As who or as what? The fact that you educated simpletons readily put yourselves to good use (ala 'useful idiots') is part of why Nigeria remains the way it is. Political crooks push out dubious policies mainly for selfish considerations, laced with hidden embedded loopholes to benefit themselves, and then goad you paid and unpaid 'h-intellecshuas' to justify and defend it with big big English and circular logic. What a pathetic joke.

Besides, the furore about the tax reform is mainly because it purports to want to force all 'qualified' Nigerians to pay tax, especially those in the informal sector (self employed individuals, hustlers, wheeler deelers, and so forth), a category to which most Nigerians in the Middle Class belong, to pay tax by fire by force to the thieves in government (by snooping into their accounts to evaluate inflows. THAT IS THE MAIN ISSUE. You don't expect government employed or formal sector employed salary earners whose PAYE is deducted at source to have anything to say about it.

Hedonisco:
I feel very bitter and frustrated with life and my father who wasted his life as a ( 'useless idiot')

Rich4god:
The only issue am seeing is the section that gave tax authority power to arrest and possibly sell off your assets in the even of failure to pay tax.

That is where I have a problem, cause our politicians will definitely use that to witch hunt their opponents.

Rich4god:
The only issue am seeing is the section that gave tax authority power to arrest and possibly sell off your assets in the even of failure to pay tax.

That is where I have a problem, cause our politicians will definitely use that to witch hunt their opponents.

aribisala0:
I will tell you why

Nigerians are not thinkers
That is why they are so religious
They allow others to think for them and then they download those ideas


The main fear is from the Northern Muslims

They mistrust Tinubu and realise that this would likely mean less free money from the South
Even though they have read the bill, deep down they feel Tinubu is smarter than they are and when the implementation begins there will be unexpected realities which will not favour them

It is not about impact on citizens but impact on revenue to the North

They have managed to transmit that fear to other ignorant Nigerians


Here is the truth
Whether in one year or ten years Nigerians will wake up
If the ONLY money government spends is tax
If it is true that government can enter your home or your neighbour's home remove your television to sell because you did not pay tax
Then you will not sell your vote . You will start to question what they do with the tax
You will shout when they live like kings and use your tax to buy homes in Dubai
Today we are silent because the money they steal we are not paying directly
When we pay directly we should be more militant and if we are not we deserve what we get

So there are many positive reforms that Tinubu has brought like this, like the local government funds issue

These are a Form of restructuring with one or two more things we will get to a point where you are very interested in your local government chairman. That is who you will have business with and the state government
When that happens no one looks at Abuja

The North fear that won't favour them

mrvitalis:
We are angry because the tree hold and relief are so low

Poverty threshold is 1095 dollar yet u want people that earn 550 dollars to pay tax?

500k housing relief? Like are you serious? What house can you get for 500k

These are the issues

Nigeria tax threshold should be minimum 3500 dollars

aribisala0:
But the threshold was even lower
until 2 days ago it was 300000

Now it is 800000 with a further allowance of 500000 maximum for rent
Housing relief is not for you to get a house
It is a refund or exemption on paying tax on income further or on top of 800000 if you are paying rent

So if you earn 1300000 and pay rent 800000 your tax is zero

Your statement is uninformed and ignorant

I am still waiting for the day you will say something sensible

I will kill a goat

Note I have not expressed an opinion about the tax laws here just correcting expressed falsehood

With regard to tax laws

There are actually four new laws

FOUR
that is a huge number of laws

If you are to have any sensible thing to say they you need to spend time studying them

WizardOfNG:
@OP.

The long and short of it is that Nigerians don't like to read or broaden their knowledge. They prefer second-hand information i.e 'dem say, dem say' or "my friend tell me sey".

Which means that those with a mission to deliberately misinform others, to achieve ulterior motives and hidden agendas, will always profit massively from Nigeria that is essentially a big sea of proudly and unapologetically ignorant individuals.

tiger28:
ONLY Social media illiterates who KNOWINGLY refuse to understand the laws.

Knowledgeable ppl know the truth!

aribisala0:
That will in the long run strengthen our democracy because people will stop selling their votes and resist rigging

aribisala0:
I will tell you why

Nigerians are not thinkers
That is why they are so religious
They allow others to think for them and then they download those ideas


The main fear is from the Northern Muslims

They mistrust Tinubu and realise that this would likely mean less free money from the South
Even though they have read the bill, deep down they feel Tinubu is smarter than they are and when the implementation begins there will be unexpected realities which will not favour them

It is not about impact on citizens but impact on revenue to the North

They have managed to transmit that fear to other ignorant Nigerians


Here is the truth
Whether in one year or ten years Nigerians will wake up
If the ONLY money government spends is tax
If it is true that government can enter your home or your neighbour's home remove your television to sell because you did not pay tax
Then you will not sell your vote . You will start to question what they do with the tax
You will shout when they live like kings and use your tax to buy homes in Dubai
Today we are silent because the money they steal we are not paying directly
When we pay directly we should be more militant and if we are not we deserve what we get

So there are many positive reforms that Tinubu has brought like this, like the local government funds issue

These are a Form of restructuring with one or two more things we will get to a point where you are very interested in your local government chairman. That is who you will have business with and the state government
When that happens no one looks at Abuja

The North fear that won't favour them

WhizdomXX:
GOD bless you. We from Delta State are very concerned because oil revenue is what is currently being mismanaged.