₦airaland Forum

Percentage Comparisons Between the Old and New Tax Laws;

Annual: N300,000
Monthly: N25,000
Old tax: 1,750 (7.0%)
New Tax: No Tax (0%)

Annual: N500,000
Monthly: N41,666.67
Old tax: 3,583.33 (8.6%)
New Tax: No Tax (0%)

Annual: N800,000
Monthly: N66,666.67
Old tax: 7,000.00 (10.5%)
New Tax: No Tax (0%)

Annual: N1,000,000
Monthly: N83,333.33
Old tax: 9,500.00 (11.4%)
New Tax: 2,500.00 (3.0%)

Annual: N1,200,000
Monthly: N100,000.00
Old tax: 12,333.33 (12.3%)
New Tax: 5,000.00 (5.0%)

Annual: N1,500,000
Monthly: N125,000.00
Old tax: 17,083.33 (13.7%)
New Tax: 8,750.00 (7.0%)

Annual: N1,800,000
Monthly: N150,000.00
Old tax: 22,333.33 (14.9%)
New Tax: 12,500.00 (8.3%)

Annual: N2,000,000
Monthly: N166,666.67
Old tax: 25,833.33 (15.5%)
New Tax: 15,000.00 (9.0%)

Annual: N2,400,000
Monthly: N200,000.00
Old tax: 32,833.33 (16.4%)
New Tax: 20,000.00 (10.0%)

Annual: N3,000,000
Monthly: N250,000.00
Old tax: 43,166.66 (17.3%)
New Tax: 27,500.00 (11.0%)

Annual: N3,600,000
Monthly: N300,000.00
Old tax: 72,000.00 (24.0%)
New Tax: 36,500.00 (12.2%)

Annual: N4,800,000
Monthly: N400,000.00
Old tax: 96,000.00 (24.0%)
New Tax: 54,500.00 (13.6%)

Annual: N6,000,000
Monthly: N500,000.00
Old tax: 120,000.00 (24.0%)
New Tax: 72,500.00 (14.5%)

Annual: N7,200,000
Monthly: N600,000.00
Old tax: 144,000.00 (24.0%)
New Tax: 90,500.00 (15.1%)

Annual: N8,400,000
Monthly: N700,000.00
Old tax: 168,000.00 (24.0%)
New Tax: 108,500.00 (15.5%)

Annual: N9,600,000
Monthly: N800,000.00
Old tax: 192,000.00 (24.0%)
New Tax: 126,500.00 (15.8%)

Annual: N10,800,000
Monthly: N900,000.00
Old tax: 261,000.00 (29.0%)
New Tax: 144,500.00 (16.1%)

Annual: N12,000,000
Monthly: N1,000,000.00
Old tax: 240,000.00 (24.0%)
New Tax: 162,500.00 (16.3%)


"After carefully reading the New Tax Laws, to the best of my understanding, the only conclusion I can draw is this;
may Allah count me among those who will be required to pay taxes.
If you're exempted, e mean say things no really dey well for you.”

~ Bello Abibat

The old accrued taxes and new taxes in govt purse will be used to among others:
Stone spirits via hajj
Build mosques
Circumcise organs
Buy rice n rams
Pay imams.
Build mega but idle airports
Looted.
Wasted.

Iree ooo.

In other words, the new tax rate is lower than the old tax rate. Then why the unrest and social media hype seems to make it looks like the former is better than the later. Maybe I'm not getting it

Conestone:
In other words, the new tax rate is lower than the old tax rate. Then why the unrest and social media hype seems to make it looks like the former is better than the later. Maybe I'm not getting it

The misinformation noise is being amplified by social media influencers who are making millions and who doesn't pay any income tax, ask any of them to mention any section of the New Tax Law, they cant quote any part of it.