₦airaland Forum

I am not passing any comment because of person to person has its own thought and living style . Every person has free for wearing clothes . I also prefer custom t shirt.

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If you want to purchase custom T shirt where you can add FaceBook Logo so there are many website which provide custom T shirts .

Gbawe: We should examine the "new" regime in perspective of per capita income.   Nigeria's Per capita income for 2010 , according to the link below, is $2,500.00 approximately N400, 000.

http://www.indexmundi.com/nigeria/gdp_per_capita_%28ppp%29.html


Well, under the new regime, a Nigerian earning per capita income (the best figure for comparison) will pay N32,000 (N21,000 for the first 300,000 at 7% and N11,000 on 100,000 pegged at 11% for the next 300, 000).

Under the old regime, a Nigerian earning circa per capita income will pay :

First N30,000 taxed at 5% =          N1,500.00
Next N30,000 taxed at 10% =        N3,000.00 covers band N30,000 up to the N60,000 salary threshold.
Next N50,000 taxed at 15% =        N7,500.00 covers band N60,000 up to the N110,000 salary threshold
Next N50 000 taxed at 20% =        N10,000.00 covers band N110, 000 up up to the N160,000 salary threshold
Above N160 000 taxed at 25%=     N60, 000. 00 covers band N160,000 to N400,000. 000 (being per capita income)

Total =  N82, 000.00 . The difference between old and new is then N50,000 for those earning circa N400,000.00. The difference is much less for those earning less than N160,000. 00 (around N10,800. 00) . That does not seem like much of "palliative" to me when hyper inflation is factored in that doubles or treble the cost of everything from food through to rent and even a haircut. 

I am no tax expert or accountant , and I certainly welcome correction, but I do my own UK tax return similar to what is laid out below that I picked out randomly and will assume the above calculation is correct.



http://www.ato.gov.au/youth/content.aspx?doc=/content/40811.htm

Taxable income


Tax on this income

$1 - $6,000                   Nil

$6,001 - $34,000          15% for each dollar over $6,000 (maximum tax in this bracket is 15% of $28,000= $4,200)

$34,001- $80,000          $4,200 + 30% for each dollar over $34,000 (maximum tax in this bracket is $4,200+ $13,800= $18,000

$80,001 - $180,000        $18,000 + 40% for each dollar over $80,000 (maximum tax in this bracket is $18,000, + $40,000 = $58,000)

$180,000+                      $58,000 + 45% for each dollar over $180,000

The first $6,000 you earn in an income year is tax-free. This is called the tax-free threshold.

I am totally agree with your answer .
Regards,

KBKG -Cost segregationFirm

Thanks for sharing job information.