₦airaland Forum

VanuatuWycombe:
It’s true o. Even on non-taxable items. Embassy food restaurant in Osogbo has increased its eba from N200 per scoop to N300. Its beef, which was being sold at N300 a few days ago, is now being sold at N500 each. I am sure it could have increased cost of its table water. And these do not attract VAT o.

One mistake most of Nigerian traders will make is that: they won’t want to or may not know how to configure or reconfigure their retail POS terminals (not POS from banks o) to identify only taxable items and compute, separately, taxes like VAT, service charge, consumption tax etc on them.

For instance, in a food restaurant, a cold beer may be ordered, alongside a take-away pack, when buying food which may attract VAT. There will be need to separate those ones from the real meal bought, which do not attract VAT. Instead, food restaurants calculate a ‘general’ VAT on all items that appear on the sales printout. Some do not display any VAT on the printout but you will notice that all the prices have increased.
So shops need to edit their inventory master data, in their retail (vending) POS software running on their systems, to reflect this changes in tax policies. A lot of them has never configured VAT in it before.

I feel our National Orientation Agency has done a very poor job about sensitizing people on this new tax laws passed. There’s still time to correct that though. They need to take the orientation and the awareness to our grassroots. That where most people are misinformed. I admit; there are gree dy ones among our informed and educated business men and women also.

More so, this is the time shops and businesses need tax advisers, more than before, to guide them on this new tax policies. I am aware that tax firms have started recruiting more hands but it’s not going to be enough.

It is good our governments open more (temporary or permanent) area tax offices, at least, where people can go and ask questions.

In 2027, making 2026 tax returns and fillings will come with its challenges but it is good governments go out and sensitize people early , in order to minimize these filing and tax returns challenges.

Government so also try to go after all fals,e or alarmists who spread unfounded tax narratives online and be bringing down their posts. There are a lot of it out there, including those sone with AI.

olaiya2007:
Nigerians just love exploitation, looking for any simple avenue to take undue advantage of others

SmartPolician:
You cannot give what you don't have. Tinubu has nothing in his head, apart from taking from the people. This is the model he has used over the years in Lagos.

Now, Nigerians will understand that whenever a government goes boasting about a big IGR, someone is paying the heavy price.

Lovenorth:
The tax applies to everything, remember the money you withdraw must be taxed and you are a business man so what do you expect?

Omalicious1:
This is why I keep saying that we are our problem. Those not even affected by the Tax are now the one causing havoc on mostly those exempted from paying tax. Most Nigerians don't read, comprehend and are highly gullible. Smh

olaiya2007:
Nigerians just love exploitation, looking for any simple avenue to take undue advantage of others

olaiya2007:
Nigerians just love exploitation, looking for any simple avenue to take undue advantage of others

olaiya2007:
Nigerians just love exploitation, looking for any simple avenue to take undue advantage of others

dynicks:
And yet, the masses and youths are still carried away by content creation...

olaiya2007:
Nigerians just love exploitation, looking for any simple avenue to take undue advantage of others

Afolabimills:
u need to check ur brain well what level of hypocrisy is this?u are part of the problem of Nigeria ur hatred for tinubu has blinded u

Uchesis:
Tinubu has a plan...

That is, to make many Nigerians so poor that by 2027 they can sell their votes for even N500

YoungLionken:
I had an argument with a friend over this new tax law weeks ago, where he said there will be protest if BAT and his cohorts don't rescind their decision on the law..

The truth is, the APCHEAT government has weakened Nigerians to the point where they don't even have strength to protest on anything anymore, no matter how bad..

If Atiku, Obi, Kwankwaso etc do not come out and support any protest they are not ready yet. Let FG call the protest political it's not anybody's business. That is where this present politicians are failing. If it was Tinubu he will protest and if you like call it anything it's not his business.

2027, BAT and his cohorts will carefully rig the election and nothing, absolutely nothing will happen...

VanuatuWycombe:
The tax does not apply to everything, my brother.
Only ‘VATABLE’ items on that list have to be configured to attract VAT. Other non-VATABLE items have to be TAX-EXEMPT.

The restaurant owner will make VAT returns, based on monthly or yearly VAT threshold, as specified by the new tax law. Accountants and tax practitioners know more about this threshold.

It is only the restaurant owner’s profit that will be subjected to tax, at the end of the year.

Ibechris2:
I thought they say tax will not affect the poor.

141million people would become poor in this country u guys think is a joke.

The tax burden of the entire world has never been borne by the rich,it is always the poor that would suffer it.

As long as the poor will always support bad govt,this is what awaits them all.

I rented my brothers house yesterday,self contain for #1,000,000.

1bedroom for #1.7million before tax. We built the house,no govt effort from the start to finish and u come up with tax,then we increase the rent to pay u the tax no wahala. We bought our transformer,drill borehole and name it.


Who will suffer,the very poor who feels the govt is right.

SmartPolician:
You cannot give what you don't have. Tinubu has nothing in his head, apart from taking from the people. This is the model he has used over the years in Lagos.

Now, Nigerians will understand that whenever a government goes boasting about a big IGR, someone is paying the heavy price.