Tax Education Series: Credit Alerts, Income And Your Taxes - Business (2)

Tax Education Series: Credit Alerts, Income And Your Taxes - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Tax Education Series: Credit Alerts, Income And Your Taxes (17152 Views)

1 2 3 Reply (Go Down)

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Olat4421: 7:14pm On Jan 04

We are not interested in anything about dis ur tax fraud, a government dat has not in anyway provided help for d citizens still wanna tax dem, a country where corruption is d order of d day

6 Likes 1 Share

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Ameboperoo(m): 7:26pm On Jan 04

Rhado:
My question is, since our gross salaries are taxed based on PAYE, are they going to deduct tax again when the money Net lands in our accounts since it will be described as income.

No. But you can be taxed if you have other sources of income

2 Likes

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Quodseverismete: 7:32pm On Jan 04

Tinubu the tax collector is playing us before he will rope us. I told you guys that Tinubu will tax you until you start bleeding from your nose

3 Likes

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Iamajike(f): 7:43pm On Jan 04

I have a brother who's sick and not working for sometimes now, so I sent him 100k for upkeep every month, would the money be tax and is it every month or yearly?

Again, how do i stop bank sms and use mail instead?

3 Likes

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by jessicahanlo(f): 7:43pm On Jan 04

This is actually a very important topic, especially now that many people are getting constant credit alerts from POS, transfers, and online businesses.

A lot of Nigerians still think tax only concerns salary earners, but once money is entering your account consistently, it can be seen as income. Even small business owners, freelancers and online vendors are affected, whether they realize it or not.

What people should really focus on is record keeping. If you can clearly separate business income from personal transfers, gifts, or refunds, it makes life easier if questions come up later. Ignoring it completely is where problems usually start.

Good write-up. More people need this kind of tax education instead of learning the hard way.

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by SixSeven: 7:48pm On Jan 04

jmoore:
The 'description gang' again. Nobody can touch or tax money in your account.

You guys should stop using this description stuff to keep Nigerians busy.

That's untrue.

Stamp duty is a tax the government charges on certain legal documents, transactions, or agreements. It’s usually applied to things like property transfers, contracts, share certificates, leases, and some financial transactions. The government charges it to legally validate the document or transaction.

That's a typical example of what government collects that is a tax. For example, if you send fifteen thousand naira, the bank keeps fifty naira and your friend gets fourteen thousand nine hundred fifty naira. You only pay this if you send more than ten thousand naira, and the money goes to the government.

The Stamp Duties Act originally dated back to colonial law, and the Finance Act 2019 expanded the Stamp Duties Act to explicitly include bank deposits and transfers, giving a clear statutory basis for charging stamp duty on electronic transactions like bank transfers.
Before the 2019 Finance Act, banks were already deducting a N50 charge on electronic transfers above a certain threshold as an Electronic Money Transfer Levy (EMTL) going back to around 2016, after a Central Bank of Nigeria circular directed banks to implement such levies.

That practice was controversial, and in 2020 a Federal High Court ruled that some of these deductions were being collected without explicit legal backing at the time. The Finance Act 2019 and then the Finance Act 2020 gave the government a clear legal foundation to charge this levy via the Stamp Duties Act amendments, meaning that from March 2020 onward, banks had explicit statutory authority to collect a stamp duty/EMTL on electronic deposits and transfers above ₦10,000.

Under the current regime, banks collect a flat fee (commonly ₦50) on qualifying electronic transfers or deposits, which they remit to the Federal Inland Revenue Service (FIRS) as stamp duty revenue.

Stamp Duty Tax: How Electronic Stamping Will Function For Business Transactions - Director, FIRS

https://www.youtube.com/watch?v=fcGCRVCcbkQ

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by OmoOshodi(m): 8:00pm On Jan 04

binary123:
I just won N56,000 from sportybet.can I collect it in full,or I will be tax.

about to ask this.....baba dey cash it out bit by bit

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by bixton(m): 8:03pm On Jan 04

Gbadebo19:
So, can you enlighten us on how exactly the taxing authority will know what Is income? Without a transparent way, many Nigerians will lose their money to unknown debits, even from the banks themselves and will be forced to assume it is tax.

The banks will have to be very careful because people will over react and you'll hear banks building are caught up in fire when bank staffs become unnecessarily hostile and don't properly respond to questions when customers come to ask and get clarity for such debits.......

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by JobAndVacancies: 8:05pm On Jan 04

HopeGying:
A middle finger to the druggie cocaine-smoking criminal and his taxes

Please do not post adverts in this section, to avoid being banned.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by chiefolododo(m): 8:19pm On Jan 04

This tax issue is rubbish

If 1000 enters my account, you remove 20% , I send the remaining to someone else, you remove 20% ,then the remaining is sent to someone else, you remove 20%. When will you stop taxing the same amount of money?

2 Likes

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by emmy512(m): 8:28pm On Jan 04

Client pays via grey to my euro account based in uk, I convert to naira on grey and send to my opay . They can only track the money once in Nigerian bank account.

Remember money from my account to another of my account can't be taxed.

Can we discuss this scenario?

2 Likes

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by emmy512(m): 8:29pm On Jan 04

chiefolododo:
This tax issue is rubbish

If 1000 enters my account, you remove 20% , I send the remaining to someone else, you remove 20% ,then the remaining is sent to someone else, you remove 20%. When will you stop taxing the same amount of money?

After reading this post and you still don't understand only income is taxed?

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by professore(m): 8:54pm On Jan 04

Terrible

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Mandate1: 8:58pm On Jan 04

jmoore:
The 'description gang' again. Nobody can touch or tax money in your account.

You guys should stop using this description stuff to keep Nigerians busy.

the whole narration is just funny to me. Where on earth do citizens need to use narration compulsorily for transactions? Pure hogwash. There are better ways to tax businesses and citizens, not all these account credit and debit noise.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by REALretep(m): 9:07pm On Jan 04

Islie:
https://www.vanguardngr.com/2026/01/tax-education-series-credit-alerts-income-and-your-taxes/

It baffles me how a reputable news outlet like vanguard will allow itself to be used for misinformation and nairaland mods will further push the misinformation

Seun
Lalasticlala

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Zico5(m): 9:08pm On Jan 04

See the way Tinubu has made life difficult for common man. Nobody is even sure of what to come next. Tax everyday. They are coming with vehicle registration tax very soon. That one is already on ground.

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Mandate1: 9:09pm On Jan 04

Reference:
How can you describe money coming into your account. Isn't it when you send money you annotate.

This will be a recurring problem particularly amongst the less literate or tech savvy for a long while to come and trust Nigeria, at the end one side will have to give up and find another way to tax Nigerians.

In an economy where employment is low and dependency is high, a lot of transactions will remain indescribable.

rather than carryout a thorough census of businesses operating in Nigeria to determine the taxable ones, we are busy designing policies that won't work. What is difficult in creating a website for Nigerian businesses who are not registered to immediately get themselves registered withing a timeframe, then send out agents for physical verication of the claims made by these businesses.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by muyico(m): 9:48pm On Jan 04

Many banks account will be shutdown soon
Seems like you don't know Nigeria

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Orlu15(m): 10:32pm On Jan 04

drignet:
Narration everywhere. Tinubu leave us alone Na. Do your best abi worst

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by MrSly(m): 10:32pm On Jan 04

jmoore:
The 'description gang' again. Nobody can touch or tax money in your account.

You guys should stop using this description stuff to keep Nigerians busy.

So where how will it be taxed?

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by jrobbins: 10:45pm On Jan 04

Rubbish description gang. Stop creating this hoax. Description cannot save anybody

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by jrobbins: 10:50pm On Jan 04

komols856:
.

What if you have a marketing company or brokerage firm and someone paid money up to billion Naira for your company to help them buy property either house or Land from a family or from another company. Will that money be taxed? . And what should be the perfect description to avoid paying tax on it later?

Bro, Tax is at year end for corporates. You can get a chartered accountant to prepare your statements of Financial position, and profit or loss. That is what will be used to determine tax. So many false narratives on the internet.

How do you think banks, Dangote, BUA, Telecommunications e.t.c pays taxes, it's always at the end of a financial year. The thing is, How many companies registered with CAC even prepare financial statements?

Tax is not on sales, but on profit after cost of sales, Expenses, Salaries, Prepayment, depreciation e.t.c have been removed. People just don't have books in Nigeria which is a bad thing.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by jrobbins: 10:54pm On Jan 04

Rhado:
My question is, since our gross salaries are taxed based on PAYE, are they going to deduct tax again when the money Net lands in our accounts since it will be described as income.

No.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by jrobbins: 10:58pm On Jan 04

REALretep:
It baffles me how a reputable news outlet like vanguard will allow itself to be used for misinformation and nairaland mods will further push the misinformation

Seun
Lalasticlala

Seriously, this thing is fake. I wish I had time to write about this tax something and educate people. The people (High income earners, that can be proven) that should be complaining are not even talking

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Offpoint1: 12:26am On Jan 05

Psady:
if truly it all boils down to description , then the law has just been pre occupied, I trust my country people, It's now a game of catch me if you can.

If it's all about description, Nigerians are the most clever people on earth 😂

1 Like

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by JaskanFactor: 12:38am On Jan 05

all forms of tax is theft, and they will keep devaluing the money and increasing the tax, the same way they sponsor bandits.

In USA there was no income tax, during world war 2 , they created a tax to fund the war, after the war ended, they renamed the temporary war tax to permanent income tax.

To make matters worse the people they were fighting ww2 against i. e. Nazis got a large part of the funding for thier war machines from the bank of George Bush grand father prescot bush Union Bank.

So that the Americans were paying taxes to build the German war machine used to kill thier children sent over to Germany. And world war 2 ended 6th hour 6th day of 6month, 666. Where many 18 year olds (6+6+6) went to die.

All the things they cant do with thier bandits is what they will do with the taxes, every where bandits cant reach, taxes will go deep inside.

Its a thieving, mass murdering child sacrifice mafia.

All the people still posting yeye topics and football are dreaming inside fire.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by stokfrick: 12:52am On Jan 05

You don't tax your way out of poverty.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by travelzcruix: 4:29am On Jan 05

Una go see description tire. "Money for Agbo and dogoyaro, abeg no kill my patient"

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by CaptainFM1: 5:38am On Jan 05

Omo, after day 2, I got tired of writing descriptions just the same way I've already defaulted in my new year's resolution. Make Aza man just be nice with me. Biko.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by CaptainFM1: 5:49am On Jan 05

Mandate1:
rather than carryout a thorough census of businesses operating in Nigeria to determine the taxable ones, we are busy designing policies that won't work. What is difficult in creating a website for Nigerian businesses who are not registered to immediately get themselves registered withing a timeframe, then send out agents for physical verication of the claims made by these businesses.

The issue is there are so many people in the informal sectors that are within taxable bracket that are not been taxed.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by Lordpeckxy(m): 7:42am On Jan 05

emmy512:
Client pays via grey to my euro account based in uk, I convert to naira on grey and send to my opay . They can only track the money once in Nigerian bank account.

Remember money from my account to another of my account can't be taxed.

Can we discuss this scenario?

Your NIN is your new tax ID number. Your NIN was used to create your Grey Account. Whether your money is sent from Grey to OPay or whatever. All Nigerian Based Fintech reports to CBN. That money received from your OPay is taxable by default.

Re: Tax Education Series: Credit Alerts, Income And Your Taxes by SeaTrade(m): 12:54pm On Jan 05

komols856:
.

What if you have a marketing company or brokerage firm and someone paid money up to billion Naira for your company to help them buy property either house or Land from a family or from another company. Will that money be taxed? . And what should be the perfect description to avoid paying tax on it later?

Profit is taxed,not revenue.
And you can only pay what you declare as profit.
Get a good accountant and auditor,clean your books.

3 Likes

1 2 3 Reply

Forex Trade Alerts: Season 23 • Forex Trade Alerts: Season 22 • Forex Trade Alerts: Season 20 • 2 • 3 • 4

How Can I Withdraw Funds From FIVERR In Nigeria? • Buhari, Tinubu Took Nigeria’s Economy 18 Steps Backward In 9 Years - FIJ • My Sales Boys/girls Steal From Me.