₦airaland Forum

mrvitalis:
Maybe you don't know how to read.. I'm saying settings a benchmark of 800k is too poor when poverty line is 1.6 million

What exactly don't u get?

mrvitalis:
I have read the tax law my issue is the tax threshold of 800k which is half of earning UN classify as extreme poverty is too low... What exactly don't you understand

How can you as someone who earns less than 3 dollars a day( poverty lines) to pay tax?

Poverty lines is 1095 dollars per year and you have a tax threshold of 550 dollars

You are asking me to read the tax laws as if what I'm saying is incorrect

creativejagaban:
It is a lie. You have not read the Nigeria Tax Act and the Nigeria Tax Administration Act.

You lie for a living.

The advantages of the new tax provision is miles over the previous one.

Even the threshold you keep lousily mouthing is better than the previous ones (800k compared to zero), so why the fuss and lies

In the previous act, if you earn one naira, you must pay tax on it. but now until you earn a NET income above 800k, you will not pay ANY tax. So why the fuss and lies.


Previous act encourages multiple taxations to the tune of about 60 different kind of taxes.

But now majority of them have been abolished. So why the fuss and lies.

You sha wan ventilate and fumilate


Nobody, and I say it again, NOBODY, and I emphasize, NOBODY earning 20 million naira, even 30 million naira per annum will PAY an annual tax under the new tax act that will be more than the tax he would pay under the previous tax act. Rather, they will pay LESS. So why the fuss and lies.


The major concern (which is not a concern) of the new tax act is the prominence of the penalties for tax evaders. This will help the FG to widen the tax net ( and not to tax the people more).

The only people that will pay more tax are those that earn above 50 million naira per annum after all deductions (reliefs: NHF, rent, pensions, nhis, insurance) have been made. So why the fuss and lies.

We expect everyone to aspire to work hard and earn more well above 50 million so they can pay more tax (that means you are prosperous). Or don't you want to be prosperous

So nobody is taxing poverty.

Although I still don't expect you to get it
Because you and your lambanus lienus from agulu get your advice from the same character



Tinubu till 2031.

creativejagaban:
What we don't get is your dishonesty and assumed ignorance of the provision of the tax act

We know you lie for a living

Tinubu till 2031.

The previous was done in 2011 threshold was set at 2000 dollars

creativejagaban:
It's not a big deal for the lambanus lienus fans to lie. It's normal for them, so we are not bothered

Tinubu till 2031.

mrvitalis:
The previous 300k was done in 2011 when 300k was 2000 dollars

Now you want a tax threshold of 550 dollars when poverty line is 1095 dollars? Una well?

Senator777:
If someone income per month is 1million naira and is paying loan of 800k naira per month. Meaning that the remaining amount of money left for him every month is 200k. Is there any provision to consider loan that people have been paying before the new tax law commence?

creativejagaban:
No. There is currently NO provision in Nigerian tax law (old or new) that allows personal loan repayments to be deducted from income before tax.

So in your example:

Gross income: ₦1,000,000 per month

Loan repayment: ₦800,000 per month

Cash left: ₦200,000

👉 Tax is still calculated on ₦1,000,000 (after you must have removed eligible reliefs: Pension, NHF, NHIS, Life assurance, Rent), not on ₦200,000.

Tinubu till 2031.