₦airaland Forum

Yankee101:
But it’s a good opportunity to buy the dollar now using naira

You may end up losing massively. There is no sign that naira will loose ground early. The major driver has always been speculation and not demand and supply. Anything that eliminates speculation will give us true value of naira.

Believeintruth:
You have not answered the question has it stopped the bribe in Lagos? The answer is No

I have answered you. How did Lagos state IGR grew? I used tenement rate as example for you. Before the reforms when the local governments give you the annual bill. You just go to the local government and negotiate the amount you want to pay. They will change the valuation of your property. Once you pay the amount in cash they will issue receipt that has any amount and pocket the rest.

The land use charge is now state tax. Your bill comes and you pay. No negotiation. No kickback.

Bobloco:
Have you read the entire bill?

I have read the general principles of the bill. I have been trying to get the four bills. Someone promised to get only one of them for me.

tolexy007:
the only thing that is making me to begin to.like Tinubu is this Tax Reform bill.

The bill must b passed.

We told you that sentiments aside the man is good, focused and it's prepared for this job. He understands Nigeria inside out. I will be disappointed if he runs eight years without laying a solid foundation for Nigeria's turnaround.

Macphenson:
One of the most controversial issues in this Tax Reform Bill is that 60% of VAT to be shared by states will be given to the state it was collected from, It seems by this it will only favour mostly Lagos and Rivers State to the detriment of the Northern states who are collecting more VAT based on population.

Here is my concern, Lagos state was deliberately made the commercial headquaters of the Nation to the detriment of other states the more reason it collects more taxes.

Practically, All the cars entering the country pays their tax to only Lagos state. Even the cars to be used in Rivers, Akwa Ibom, Bayelsa, Delta and Cross River states. Now this is not fair to these states as they have their own seaports but cars are not entering them, the taxes they are supposed to get as a state goes to Lagos state.

Also, Telecom companies pay their VAT in Lagos because their headquaters are located in Lagos, If this new bill is passed, that is no longer fair to all other states where the Telcom companies operate. Telcom companies should now start paying VAT to each state they operate as you can no longer rob Peter to pay Paul.

Oil companies have their headquaters located in Lagos while they operate in different states especially in the Niger Delta. This will no longer be fair if the bill is passed becaused those states where the oil companies operate will start demanding that the oil companies pay thier VAT in those states they operate.

The truth is this bill if passed, is seriously going to open litany of issues which I dont think at the moment the bill captured or resolved it.

Another worrisome dimension, this may prompt the oil producing states to start demanding for 60% of the oil revenues from their respective states, once this happens, chaos will reign supreme in the country.

Your assertion is not true. The current situation is that vat is taxed on the headquarters of the companies. In allocation the state where the headquarters are located get more. This favours Lagos.

The new bill states that allocation will be based on where the consumption is made. This will not favour Lagos. Vat is a consumption tax therefore this is correct. This is the global practice.

For example MTN, allocation for vat paid by MTN will be based on number of subscribers in a state rather than where the headquarters is. This is in line with the theory of consumption in vat.

Bobloco:
We are asking why there is a rush to pass such an important bill that will have a far-reaching effect on Nigerians

Why the rush? Answer: it's an economic bill required urgently to reform the economy. It will increase revenue and block wastages of tax collection.

You will notice that immediately the president was sworn in this committee was one of the earliest appointments. It has taken them almost eighteen months to put together this bill.

Believeintruth:
Did it reduce bribes and padding in Lagos?

Yes.....case study is current land use charge. It used to be tenement rate collected by local governments.

Even if they kill this bill history will be kind to Tinubu for this. Nigerians will regret missing this opportunity. Have you noticed that PMS price is gradually going down through competition. It has moved from #1,300 to #1,100. I see it moving to #1,000

From OBJ to buhari this is the only president that has the will, courage, knowledge and focus to reform our system. The word reform was rarely mentioned under any of the above. Less than two years into this regime it's a popular word. Politics and name calling aside if we miss it now it will be difficult to come bye.

EXPRESSSMAN:
You are among those who did not understand what the tax bill is all about.
How did it block leakages and make collection economical?
Well, take note, I am not one of those you people can use all those propaganda and vague promises on.

Have you read the bill? Lecture us on the salient points of the bill.

Believeintruth:
How? By creating another loophole for consultants as an avenue to loot.

Your assertion is an assumption. When you centralize the collection the bribe and padding will be reduced. The cost of collection will be lower. It will be easier to ascertain.

aariwa:
If this were somebody that is trusted and loved by almost every Nigerian like His Excellency Peter Obi, this tax reform bill would not have run into obstacles because they know already he will utilize the revenue well and improve lives of Nigerians unlike tinubu illegitimate government that have many major Trust issues with Nigerians. Everything about tinubu na scam. Nobody will ever trust a mandate thief that ruined every trust in our electoral and judicial system to manage their taxes

Peter Obi's brain no reach this side. Have you ever heard him talk about reform? His own na from consumption to production. Another one is: a new Nigeria is possible.

EXPRESSSMAN:
The people supporting this bill doesn't understand the implications.
1. If you make derivation the major basis for distribution of VAT proceed, then companies like MTN will be made to pay VAT in all States where their products are consumed. Just like other companies. This will amount to confusion that will affect businesses.
2. If you exempt people earning one million and below from paying income tax, then apart from Lagos, Rivers and other oil states, how many workers in those other states earn over a million.
3. It is the same thing with companies, how many of them in those other states earn a turnover of 50 million and above.
These are what the Northern states are saying. You want to suffocate them and you don't want them to complain.
4. Taxes, including custom duties that are collected by 62 bodies, you want it to be collected by one body so that it will be easy to introduce consultants to the process. How will all these work and benefits the people and other levels of government.
5. The Economic council and other bodies advised for more time and consultations to sort out these issues, you said no.
And some people are here supporting it thinking that it is a Northern problem.

You want us to wait till eternity for a bill that the economy will leverage on? We must not generate income to run the economy. The tax bill blocks leakages and make collection economical.

Zico5:
Guilty conscience at play. You know she has not done so in Nigeria despite the level of hardship here

Do you think so? CSR is compulsory for Rccg parishes. You think that the church is the noise making type.

timibare:
How many has she empowered in Nigeria

Do your research. Do you think that it's everything that they do that they make noise.

Macphenson:
Tinubu said he removed subsidy because Nigerians wre living a fake good life, now Nigerians are living a real hard life.

I went to market today to buy things and was recieving shock all over. A 25l gallon of ground nut oil is now #92k, A bag of Rice is #105k, there's no #200 onions from Aboki again
Thats is the kind of hard life Tinubu wants Nigerians to be living.

You have got to pay the price for the fake good life of the past. Don't worry realignment is taking place. After it you will not get the old fake good life neither will you get the hard life of today. You will get a life in-between the two that reflects your productivity.

festacman:
1. Ordinarily, there is nothing bad in introducing tax reforms from time to time to reflect the REALITIES of the time.

2. Basically, taxation involves corporates and individuals paying a portion of their earnings to support government, which made it possible for them to earn.

3. Therefore, the rational thing to do first is for President Tinubu to develop short-term, medium-term and long-term plan to boost the productive capacity of the economy. Unfortunately, doing this looks like a mirage at the moment. Tax Bill without fixing the economy will impoverish Nigerians more.

4. It is when industries, factories, farmers, traders, professionals, etc are functioning well that goods and services are produced and sold and corporates as well as people have money in their pockets that taxation makes sense. You don't put the cat before the horse.

5. Apart from obvious geopolitical reasons, the fact is that introducing Tax Bill is much easier thing to do than fixing the economy. The president chose the easier task.

The tax bill is part of realignment of resources and efforts to make the sub-nationals to strive to be productive. It will block a lot of loopholes.

Extra30:
So much in a rush

Why has he not read the bill? Lazy lawmaker.

Believeintruth:
The truth is the only way the true naira value can be determined is if the CBN is sincere is advising the government to ensure that the earnings increases. You cannot have low earning potential and you keep doing tumbo tumbo with the monetary policies whereas the fiscal side is BS.
Until the CBN and Finance ministry address this, the issue will still remain the same.

Earnings cannot increase overnight. In fact it's rare to experience a quantum increase in earnings in the short term. I watched the national assembly and saw agencies assuring on the possibility of higher earnings in 2025. There is so much focus now on increased earnings. If this was done before now the situation wouldn't have been this bad. The truth is that it's very challenging to be CBN governor now.

Frigga13:
The government need her … not her needing the government

She’s already an American citizen

This Yoruba government and his people sha… always famzing

Without the government would she have occupied that position?

Arobaga:
Useless and foolish president



U never support your self finish you wan support who get wisdom pass you



Who dey fall for pulpit during October first parade wan support who galant

Hatred is not good. Ngozi okonjo-iwuala got that job because Nigeria sponsored her. If Nigeria didn't sponsor her she would not have occupied that position.

ibechris:
If u are not an economic thinker u would think the man is talking nonsense.

I have said this times without number,that u can't rax the rich and expect the poor to survive it.

The higher u tax the rich,the more the goods and services u will purchase in the market would skyrocket.

It is a give and take thing...the rich and govt officials would enjoy while the poor would suffer the consequences.

The global principle is the higher you earn the more tax you pay. Infact in some countries it's almost like after a particular threshold then you are paying as high as 50% of your next income as tax.

UK no dey for the top ten trade partners. Their is to collect.

I said it here that Tinubu is the only one among the lot that has the boldness to reform. OBJ as strong as he is didn't reform. Tinubu has been an activist, awoist and an advocate of fiscal federalism. He has the wealth, boldness and politics to do it. He's the ultimate cabal.

My worry is post 2027. Who comes in? If it's Tinubu then by 2031 Nigeria would have been firmly restructured. If it's any of the ones sponsored by the north or cabal then there will be massive reversal of the gains.

For the South and progressives this is the chance and the man that we have irrespective of tribe or party. My brother from the south east that talks about from consumption to production wouldn't have known that this is a major punch. Oil spoilt us and our leaders. We need to think and live like a none oil producing nation.

Edygrin:
The former Nigerian Minister of Tourism, Femi Fani-Kayode, has tackled critics of the Nigerian National Petroleum Company Limited upon the recent revival of Port Harcourt Refinery.


https://dailypost.ng/2024/11/29/port-harcourt-refinery-oil-business-not-selling-cement-sugar-fani-kayode-tackles-dangote/

Which industry is FFK into? A man that has never operated a biscuit and sweet kiosk is talking.

Yemmysworld91:
The north is not just happy with the tax reform. They know it will deny them a lot from the oil, alcohol, telecommunications etc goodies that they've had unlimited access to. And above all, it will weaken the stronghold at the center which they value so much. I pray this bill scale through, then we can now channel our frustration to the state governors which is closer to us than the federal government which we often do.

Irrespective of the failings of Tinubu, this is a positive one from him

Tinubu is a bold reformist. Forget about what they are saying. He's taking the issues one after the other.

yoruboid:
Tinubu is clearly the most prepared for the job no matter how you want to look at it

Nigeria will never remain the same by the time he’s done and I hope we get regional governance at the end of it



They would tax only the N70,000 above your N1m. I’m surprised a lot of folks don’t know how taxation works (or they’ve not been paying)

Majority of Nigerians don't pay any form of direct tax.

PHIPEX:
What of businessmen? At what level will their tax calculation start?

Hire us as your tax consultants. It costs us so much before we got trained.

If he had been a popular Nigerian pastor they would have mocked him to scorn.

Okoroawusa:
You will ask him if he understands what a bill is. Him fit think say na NEPA bill

Hahaha 🤣😂

vowiski:
So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

Quote one provision of the bill that you understand.

treesun:
https://www.thecable.ng/fabricated-figures-nlc-tackles-nbs-over-unemployment-rate-report/

Give your data and the source. Don't talk in abstract. The rate of inflation that you love to quote is supplied by the same NBS. It's going high therefore it's correct.

I'm not defending NBS but Nigerians must stop this mentality of once the figures don't look what I'm thinking then it's fabricated without facts.