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Public Finance Bill: 10 Things You Should Know About It - Politics - Nairaland

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Public Finance Bill: 10 Things You Should Know About It by Blitz888(m): 11:23am On Jan 14, 2020
10 THINGS you should know about Public Finance Bill

1. Banks will request Tax Identification Number (TIN) before individuals are allowed to open bank accounts. Existing account holders must provide their TIN to be able to operate their accounts. #PublicFinanceBill

2. Non-residents who provide imported technical and management services in Nigeria will be taxable at a final Witholding Tax rate of 10%. #PublicFinanceBill

3. Dividends distributed from petroleum profits will attract 10% withholding tax. This will affect those with investments in oil and gas investments. #PublicFinanceBill

4. A minimum tax (mainly applies to those without profit & unable to pay CIT) provisions of 0.5% of turnover will apply to all companies and exemption will only apply to small companies (less than 25m turnover). Non-resident companies will now pay minimum tax. #PublicFinanceBill

5. Small businesses with turnover less than N25m to be FULLY exempted from Companies Income Tax (CIT) & entities with less than N25m in turnover are exempted from VAT registration. #PublicFinanceBill

6. A CIT rate of 20% applies medium-sized companies with turnover between N25m and N100m. It's a boost for SMEs. #PublicFinanceBill

7. The law will now allow use of EMAILS as a communication medium with tax institutions - FIRS & State Revenue Agencies. #PublicFinanceBill

8. Early payment of Company Income Tax is incentivised with deduction of 2% of tax payable (medium-sized companies) and 1% for large companies. #PublicFinanceBill

10. Stamp duty on bank transfers will apply to amounts of N10,000 and above. Transfers between the same owner's accounts in the same bank will be exempted. Electronic bank transfers included.
#PublicFinanceBill

https://mobile.twitter.com/budgitng/status/1198991824351846401?lang=en

Culled from BudgIT Nigeria.

16 Likes 7 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by MANNABBQGRILLS: 12:02pm On Jan 14, 2020
Early payment of Company Income Tax is incentivised with deduction of 2% of tax payable (medium-sized companies) and 1% for large companies.


Small businesses with turnover less than N25m to be FULLY exempted from Companies Income Tax (CIT) & entities with less than N25m in turnover are exempted from VAT registration.

This will move our country forward a great deal.
We are in a very safe and trusted hands.
Not in the hands of criminals, rapists and looters.

God bless our darling Daddy President Muhammadu Buhari for all the very good work he is doing in our nation.

God bless Nigeria.

one1prax:
I agree to anything to make Naija better
siraj1402:
This is really good if fully implemented.
It is always good and refreshing to see that we still have reasonable and sensible youths on this forum.
Two wise men.
God bless you guys.
Again, God bless Nigeria.
Slow and steady we will get there.
wink
tolugaruba:
looks good...
Looks so good, for the nation to move forward.

AmTruth:
You just said it all. Nigeria shall be Great again.its a matter of time. Let the Pessimist be what they have willingly become. As for we the Optimist we will continue to pray for a greater Nigeria.
God bless you.

Timekeeper:


What kind of karma.. Rubbish karma.. That somone support buhari, it's not anybody problem... Its a choice okay... U people just wanna kill ursef ontop say person like buhari,u can like whoever u wana like okay...
Fake karma
You even have time to reply those criminals.
Ignoring them kill them more.
Please don't waste your time on losers.
Thanks for the heads up man.

26 Likes 9 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by Lashist(m): 12:03pm On Jan 14, 2020
If it won't positively affect the lives of the lowest Nigerians including those ones he pays online to shout for him, then the bill is useless undecided

22 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by agulion: 12:03pm On Jan 14, 2020
Ok
Re: Public Finance Bill: 10 Things You Should Know About It by Yankiss(m): 12:03pm On Jan 14, 2020
"10. Stamp duty on bank transfers will apply to amounts of N10,000 and above. Transfers between the same owner's accounts in the same bank will be exempted. Electronic bank transfers included"
Who is sponsoring these bills should be stoned. They are tightening the noose on the common man. After all these realized are systematically looted by mindless poly-thieves. I do not support these regulations at all. Taxes should be imposed on high transactions among the elite. Anything that makes things more difficult for a 30k wager is not acceptable.

73 Likes 4 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by Isaacmacdon(m): 12:04pm On Jan 14, 2020
Well....

1 Like 1 Share

Re: Public Finance Bill: 10 Things You Should Know About It by Fuckthamods: 12:04pm On Jan 14, 2020
[s]
post=85785992:


This will move our country forward a great deal.

God bless our darling Daddy President Muhammadu Buhari for all the very good work he is doing in our nation.

God bless Nigeria.
[/s]
1 million to anyone that can provide me this rotten meat seller frequent locations.. I have his pic, what i need now is where he can be found

179 Likes 22 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by KehindeDare(m): 12:04pm On Jan 14, 2020
Okay

1 Like 2 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by Daniel058(m): 12:04pm On Jan 14, 2020
Okay
how happy are those who voted Buhari in now?
Enjoying this next level of Wickedness akwa-ya? cool

6 Likes 1 Share

Re: Public Finance Bill: 10 Things You Should Know About It by badman007(m): 12:05pm On Jan 14, 2020
Fair enough. We move!

5 Likes 1 Share

Re: Public Finance Bill: 10 Things You Should Know About It by KehindeDare(m): 12:05pm On Jan 14, 2020
Hmmm

post=85785992:
This will move our country forward a great deal.

God bless our darling Daddy President Muhammadu Buhari for all the very good work he is doing in our nation.

God bless Nigeria.
Re: Public Finance Bill: 10 Things You Should Know About It by Dpharisee: 12:05pm On Jan 14, 2020
post=85785992:
Early payment of Company Income Tax is incentivised with deduction of 2% of tax payable (medium-sized companies) and 1% for large companies. #PublicFinanceBill

This will move our country forward a great deal.

God bless our darling Daddy President Muhammadu Buhari for all the very good work he is doing in our nation.

God bless Nigeria.

No be every topic you go comment. Allow people who are vast on the subject to talk.
You have been disgracing yourself here daily by saying nothing but God bless Buhari which adds nothing to intellectual discuss.

Even if them dey pay you as NL rep, you should present reasonable arguments in support of our government not been overtly over simplistic without relevance and blocking useful space even when you don't have an iota of idea about the topic. sad

228 Likes 19 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by Laslaslala: 12:05pm On Jan 14, 2020
The problem is that the poor masses will not benefit from all the taxes being collected

6 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by OnyesomJ(m): 12:06pm On Jan 14, 2020
This one na Sidan look � oo

Me wey no get TIN how I go do am !!

*Thinking Out Loud

1 Like

Re: Public Finance Bill: 10 Things You Should Know About It by beardedboy(m): 12:06pm On Jan 14, 2020
I only know SEO, WordPress and SQL, I don't understand how all these stuffs you people wrote up there affects me.

Do you need a secure and SEO-optimized WordPress website? See my contact in the signature.

1 Like

Re: Public Finance Bill: 10 Things You Should Know About It by crestedaguiyi: 12:06pm On Jan 14, 2020
ok its cool
Re: Public Finance Bill: 10 Things You Should Know About It by Gideon110(m): 12:06pm On Jan 14, 2020
I swear no more bank saving again... We will go back to the old style of saving money...

16 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by kay29000(m): 12:06pm On Jan 14, 2020
Ok
Re: Public Finance Bill: 10 Things You Should Know About It by one1prax(m): 12:06pm On Jan 14, 2020
I agree to anything to make Naija better

2 Likes 1 Share

Re: Public Finance Bill: 10 Things You Should Know About It by FIRDAUS3(m): 12:06pm On Jan 14, 2020
Just @ the start of 2020
Okay o undecided
Re: Public Finance Bill: 10 Things You Should Know About It by cashlurd(m): 12:07pm On Jan 14, 2020
Good reforms. But what do our government use the revenue for? To improve on their corruption and embezzlement?

11 Likes 2 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by Afonjacoward: 12:07pm On Jan 14, 2020
post=85785992:


This will move our country forward a great deal.

God bless our darling Daddy President Muhammadu Buhari for all the very good work he is doing in our nation.

God bless Nigeria.

Your mumu never do you ni?

70 Likes 2 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by siraj1402(m): 12:07pm On Jan 14, 2020
This is really good if fully implemented.

1 Like

Re: Public Finance Bill: 10 Things You Should Know About It by bamasite2: 12:07pm On Jan 14, 2020
Na them o!

But the No.1 thing I know is that I will not just survive, I will thrive.

2 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by yjgm(m): 12:08pm On Jan 14, 2020
This is the way forward.
Re: Public Finance Bill: 10 Things You Should Know About It by MZrapper(f): 12:08pm On Jan 14, 2020
Buhari is working.
So they always say.

2 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by MANNABBQGRILLS: 12:08pm On Jan 14, 2020
siraj1402:
This is really good if fully implemented.
You can say that again.

2 Likes 4 Shares

Re: Public Finance Bill: 10 Things You Should Know About It by StaffofOrayan(m): 12:08pm On Jan 14, 2020
It should be called "Southern Nigeria finance bill"

6 Likes

Re: Public Finance Bill: 10 Things You Should Know About It by MANNABBQGRILLS: 12:08pm On Jan 14, 2020
MZrapper:
Buhari is working.
So they always say.


Some people ask; where are the achievements?
Well, if they are of such mindset, unfortunately they can't be helped.
We don't have the authority to mix spittle with clay, put on their eyes, and direct them to go to Siloam pool, wash, and come back seeing.
Once anybody decides to be willfully blind, no matter what you push in front of his eyes, he wouldn't see.
If he decides to be willfully deaf, even if there are thunder peals by his ears, he won't hear.
The blind claim not to know.
Good luck to them.
Those who know, really know.
And they are the millions who will stand by the President any day, any time....like Yours Truly.
Strides in security, agriculture, anti-corruption, infrastructure, and many others are evident.
When they drive on Enugu-Onitsha Expressway, Enugu-Port Harcourt Expressway, Aba Port Harcourt Expressway, and hear that early works on the Second Niger Bridge have reached about 45% completion,
and still refuse to believe, what then can anybody still do?
But thankfully, those who believe far out number the inveterate, wailing, blind cynics.


SAY NO MORE............

Here you have it!

10 Likes 6 Shares

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