₦airaland Forum

nihilistjnr:
The FG is desperate in my opinion, and this looks like (to my layman eyes) a hail mary attempt to try to at the very least pacify the citizens for a little bit, and with a bit of luck stimulate busines investments.

This very week, it was announced that FG was borrowing 2.2 billion dollars to service a deficit in the current budget. That doesn't sound like a country that can afford to give away revenue in tax cuts, especially in corporate income tax.

I have checked and seen that apparently businesses with less than 25m in annual turnover already dont pay corporation tax (so I dont know why it's included in the bill), but the current corpration tax rate is 30% for companies with 100m turnover, which the bill is proposing to bring down to 25%, which is a 17% reduction in tax revenue from eligible businesses if my maths is correct.

Then they also put a line in that I found interesting.
Notwithstanding any provision of this Act or any other enactment, where,in any year of assessment, the effective tax rate of a company is less than 15%, such company shall recompute and pay an additional tax that makes its effective tax rate equal to 15%.

Now this rule apparently only applies to MNCs that turnover minimum of 20 Billion a year. The bill is basically saying you guys must pay at least 15% of that money. But the same bill proposes that that these companies should be paying 25% (currently 30%). Apart from the fact that the 5% difference on 20 billion revenue is 1billion naira in lost revenue - now companies know they are allowed to cook their books recompute their tax liability to hit minimum 15%, and I fail to see any incentives to surpass that threshold. I'll leave you to workout the difference between paying 30% of 20billion and 15% of 20 billion in tax

I'm not a tax guy, or an accounting guy, or even a maths guy...but I can see that a couple of things dont seem to add up. I would expect a cash strapped government to be raising taxes not cutting them, unless, at least in my head, government is getting ready for a major economic decline and is trying to soften the blow.

Edit :
Having done some additional digging, I see that Small company is defined in current CIT tax act as companies with turnover of 25m per annum.

The new bill proposes to change the defining threshold to companies that earn up to 50 million naira.

Currently, the government is entitled to 20% of that 50m in corporate tax - which is 10 million naira business. This bill is proposing that the government gets none of that revenue. LOL.

Omo e go be.

Sportsweb:
Nihilistjnr, Airmark and other sensible guys knew attack was our major problem. Not Defence.

But Airmark should calm down with Jackson's hate. We all criticized Jackson last season but he's a brand new man this season. At least respect him, not always busy looking for faults, spying Senegalese pages looking for faults

raumdeuter:
These guys were trying to get Micah Richard's fired

https://www.instagram.com/reel/DC2farWxlM_/?igsh=MWM5Z3YwY2luY2tyMA==

BlueRayDick:
I never said they do, I said they "may" because ideally multinationals keep different accounts with different banks . I don't have knowledge of their financials so I obviously can't say with full conviction what they have or they don't have.

I was only correcting the impression that Multichoice placed the funds with Heritage because of Saraki or any high level person on Heritage's board. From time to time multinationals place funds with different banks either in form of investment or for just normal operational purposes.

If indeed their current cash portfolio is $39m and they banked $21m with Heritage bank, then surely it is a failure of risk management on their part.

LordAdam16:
It'll almost certainly be one or (a couple) errant staff who HB lobbied.
Interest on a $24m rolling balance in this current high rate fiscal environment is enticing.
The guy(s) who signed off on depositing with HB def made bank.

-Lord

BlueRayDick:
I don't think this has anything to do with Saraki's interest in the bank.

It's normal for companies to have funds with different banks. It's only because heritage failed that is making it seem like Multichoice was wrong having funds with them. Banks employ well paid relationship managers who run after companies' finance team for funds placement.

Multichoice may have x5 of that amount with bigger banks like UBA, Zenith, Access, StanbicIBTC, etc.

The only issue here is why does a big company like Multichoice not see heritage bank was sick and didn't pull out their funds early?

GloriousGbola:
Probably the same way Okocha was suckered into dropping 1m in societe generale.

A high level discussion with bukola Saraki.

Incidentally heritage bank is the successor to societe generale. Somehow societe general banks assets survived it's liquidation and lived on in heritage Bank. History may repeat itself again

Itsrm:
Not exactly the same. Zenith Bank unlike Heritage is publicly traded. The audited books are everywhere. It will be obvious to everyone if the bank was in distress. Banks do no just become insolvent overnight and as of today and the foreseeable future, Zenith bank is absolutely safe.

GloriousGbola:
bukola saraki has done it again

i am sure the man was lobbying in the background.

WhoDeyHause:
Fake news boss the women are not similar.


Wow, so those amount of women would allow him record their sexual escapades even when most are married without fear of consequences? And the funny thing is you can't really pinpoint it to crave for money cause several of the ladies exposed are married to the top wigs in the country's system before you say it's recorded for pornography.

WhoDeyHause:
But I wonder what they usually tell these women to get their consent for a sextape even though they know there's a likelihood of it getting leaked. Normal corruption investigation they did on this guy lead to an unrelated exposure of this guy's skeletons in the cupboards. This guy too overdo abeg.

GloriousGbola:
for corporate nigeria, reporting is snitching - because 9 times out of 10, everybody hand dey there or has dey there

i saw the equivalent when one office bully in my department was finally reported.
we were all called in to be interviewed
when i went for the interview one of the people i saw was a person who could somehow pass information back to the person reported
i sha went for it and dropped all the info i could
at the end of the day the person reported held his seat, and the person who did the reporting was victimized

and everyone watched it happen. i even heard that one oga at the top was berating our HOD for having people that reported.

i saw a case where an oga was engaging in fraud/diversion and expected those under her to sort it out. her direct report was sacked for nonperformance. the direct eport's replacement was in the same predicament, but played a long game of using third parties to report the oga. even then, management still quashed it. it was because we had a new oyibo oga who had not been nigerianized that the matter finally got traction.

no company wanst negative attention. i am sure you remeber teh case of it shall not be well with them imokuede. when it came out everyone called AIG out, mocked him. the man took the L and went and fortified company email and data protection. and all other naija corps did the same thing. also, AIG fished out the person who leaked the email and had the person sacked.

i am saying -
companies cover up all sorts of nasty shit all the time
companies want people who only pay lip service to the alphabet corporate culture, not mean it
companies are wary of people who show they are whistleblowers

raumdeuter:
Is it true that Nigeria would be awarded the points vs Libya

https://x.com/Toyin_Ibitoye/status/1850156419682623558?s=19[/quote]Looking at that disciplinary board, of course it'll only go one way

GloriousGbola:
That is unfortunately the wrong answer because 3k today is worth less than 1k in 2022.

Itsrm:
The website?

I don't think you quite understand what I'm saying or maybe I don't get your question.

My thinking is that there has to be a delay of some sort with whatever transmits results of ongoing matches to either the bookies, livescores or flashscores.

Itsrm:
I'm wondering if these bookies can update faster than someone watching a Nigerian premier league match live.

Like if I'm at the stadium watching and a player scores. I can quickly bet him as the player to score the first goal. I'm not sure whatever transmits result to the bookies will be faster than the human eye especially in our league here.

raumdeuter:
Rich man bawo? The first car I bought in the US na from betting money. The other one I suppose chop 11K na 12 game acumulator and I bet that Tunisia vs Mozambique 2010 world cup qualifier wey I bet that Tunisia will beat them away and they lost

timbros:
Anyhow this game end, I cook Airmark

3-0... I remind airmark how clean sheet is important in football. The attack continues what it has always been doing from last season.

3-1...... I remind airmark that Jackson is on 3 goal contribution in this match.

3-2.... I remind airmark how useless the defence is to nearly throw this game away.

3-3.... The rest is history

Either way, I cook Airmark at 90 minutes.

GloriousGbola:
as lonng as there is a subsidy, there will always be smuggling.

during the abacah years - petrol sold for much less in lagos than it did up north. so during scarcity, a dealer would pay 1m for a tanker of fuel, that would go for maybe 1.2m in lagos. same tanker of fuel would gp for 2m in kano. the next thing the dealer would gte a call, the tanker you ordered has been diverted - heres 1.5m. dealer has made his profit, the hustlers have made their profit, the lagos consumers are the ones fked.

there are too many failures in the system to stop smuggling

as to the govt giving dangote a subsidy, that is a very slipper slope because dangote fully intends to sell pms on the international market. it could turn out just like what is happening now, but on an industrial scale.

Itsrm:
Dangote more or less forced their hands after the last statement issued refuting their claims on pricing.

Itsrm:
Just seeing that NNPC has now responded. Dem say make Dangote give them discount if the price here is different from what he sold to them

I'm also looking at this their estimated prices across various regions. Are you thinking what I'm thinking?

popizaino:
@user09 see the bolded part from those who were active on this thread to witness all of this.

Capaldi:
Bro you shouldnt be wasting your time replying that thing.

Capaldi:
I remember mentioning that madueke should be sold when his value as high and peeps were laughing lol. The low budget dada mascot is an average and useless player with the ego of Salah. Neto should be starting in that wing

popizaino:
Stop the hypocrisy. Slow motion was under your favourite coach Thomas Tuchel. Yesterday's game wasn't even really slow and no back passes except that Bournemouth players were blocking our passing lane with too many left footed players making their passing options very obvious. Unlike under Tuchel everything was in our favour but our players would still pass back.

Ibime:
The original marketcap growth livelongnprospa brought was in Naira to claim it's Tinubu effect. I just dey clear am by saying it's only partly so and some of it is dollar effect.

Ibime:
Yes but their valuation is in Naira, so even if their Earnings stand still, if their shareprice reflects their fundamentals perfectly, it should go up by Dollar-Naira delta. Also all their costs can't be in dollars. I am sure they are paying most of their staff in Naira.

Ibime:
There are 3 elements

1. Tinubu economic liberalisation caused many stocks to go up almost double in Naira terms

2. Naira unpegging means their fundamentals are better as they earn in dollar so their valuation in Naira will go up naturally

3. Market speculation that they will get good Govt patronage now Tinubu is in power

They have 4x since Tinubu came to power. At least 70% is for the first 2 reasons

10 year trend is not that significant as oil price was in a slump from 2014 to 2021 so will reflect in their shareprice performance