On Hardship;
The tax reform bills increase the VAT rate from 7.5% to a 10% truly however, the threshold for exemption has also been increased from 25m to 50m..
That means for any vatable business to be required to charge & remit VAT,their turnover must be at least 50m
The new Tax bill charges 0 taxes on the first 800k of the earnings of all taxpayers..
In addition to this, the new law has introduced a new rent relief capped at the lower of 200k or 20% of annual rent paid by a taxpayer.
Mar 11, 2023 • 15 tweets • 3 min read
They combine the work Remitta does for the federal government and, the work Interswitch did for FIRS by providing an online tax management solution in the form of Taxpromax.
@seunonigbinde Before ABC came, MDAs had their own bank accounts that were also monitored by the state treasury office (STO), they collected revenue independently & reported them to the state government periodically.
Nov 24, 2022 • 10 tweets • 2 min read
Omo this is wild!!
Idris is standing trial for alleged missing N109 billion public funds under his watch. The court also heard how N84.7 billion was taken from the $2.2 billion due to the nine oil-producing states, and shared by some senior government officials.
Basically nine oil producing states complained about the lack of deductions of 13% derivation accrued to them from the Excess Crude Account (ECA).
This agitation was tabled before the Post-mortem sub-committee of the Federation Account Allocation Committee (FAAC).
Jun 13, 2022 • 15 tweets • 3 min read
For those who don’t see everything from the prism of politics,this is not true.
First of all Paye has been in the law since a 1993 decree,the law was made an act in 2004 so Lagos has been collecting Paye even before 1999.
In simple terms, personal income tax (PIT) is collected by states but for the purpose of uniformity, Nass legislates on PIT while states make regulations on how it’s collected.
PAYE (pay as you earn) is one of the ways PIT is collected, Direct assessment is another way
Feb 18, 2019 • 6 tweets • 1 min read
I know someone that was picked up for wandering during the 2007 elections but was quickly bailed by his folks, he saw some of the people picked with him that weren’t so lucky to be bailed paraded as election thugs the next day in the news..
Imagine if they were shot at sight..
In Nigeria, security forces especially the police are looking for these opportunities to overdo..
They were looking for yahoo boys; they started raiding cyber cafes,stopping young boys in cars,buses & on bikes to harass them, checking phones & laptops
