Bridget95:
How can African economies encourage investment when thye increase tax, multiple taxation scare off investors.

Nigerians should not talk about tax cos we don't pay tax...we have one of the lowest tax to GDP ratio in the world...I am willing to pay so long as I would see that money work most especially in infastructure and health care

Scam.... Why would you add VAT before? Kuku add VAT for air now

seunmohmoh:
We go dey alright las las.

look at you

Buhari de try though. The only foolish thing in this administration was RUGA

seunmohmoh:
Try using Mtn 5g

Chaii!

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

It's easy to shit on Naija youths - call them foolish, lazy, useless, and all other negative words.

We are only victims of an unjust society. Maybe you could teach us to think - explain the article in simple words. Show an example to the lazy.

Nevergree:


Chaii!

Lol

Well, these guys aren’t leaving any stone unturned.

They expect Nigerians to be very grateful for this consideration else they VAT / Tax everything. Tax is the only strategy that they know.

On a lighter note, I’m happy that these guys (PMB / APC) got their chance after all the castles they had been building in the air for years promising all sorts dramatic improvements.

Just like PDP, their time shall surely pass too!

klas:
Raw food items have never been vatable items at any time even if you buy them in supermarkets.
What is news here?

I think the budget is nice and well written but I prayed they gonna act towards this.

[quote author=klas post=82967417]Raw food items have never been vatable items at any time even if you buy them in supermarkets.
What is news here?[/] Nothing, except that the unschooled will continue to hail their oppressors. Non processed food items have never been Vat-ed so they have made no concessions to anyone. Wondering why they can’t reduce the cost of governance to reduce expenditures. Why they want to keep squeezing and squeezing already poor, hapless and hard working Nigerians is beyond me. Cut their coat according to their material, they no gree.

ursullalinda:
Good one anything to reduce cost on food. There is hunger in the land

Oh don't worry, with 12% inflation, food will cost more next month. But the removal of VAT is very very good... not that most people pay it... when's the last time you paid VAT for any food you bought in the market (not supermarket)?

ibnzubair:
Exempted? Was it VATable before?

It never was...
>

Bridget95:
How can African economies encourage investment when thye increase tax, multiple taxation scare off investors.

VAT is NOT a tax on investment (but rather on consumption)...

Nonetheless, one has strike a careful balance in respect of tax policy. It should be too high as to depress consumer spending, but properly applied and employed it could be used to direct investment in certain areas and industries, and to generate additional revenue to support investment in infrastructure (including soft infrastructure in education, healthcare, etc.) that would in turn support private investment.
>

samorobo:
Nigerians should not talk about tax cos we don't pay tax... we have one of the lowest tax to GDP ratio in the world...I am willing to pay so long as I would see that money work most especially in infastructure and health care

You can say that again...

That's why I like that the Ambode government usually puts a "Your Taxes at Work" sign on most Lagos projects!
>

Take control of your money. [url]Afriex.co[/url]

klas:
Raw food items have never been vatable items at any time even if you buy them in supermarkets.
What is news here?

the news here is bad news, for those who know.
We shud expect an FIRS circular telling us that any food item not specifically exempted from VAT becomes chargeable to VAT

DOMINGOPAPI:
Government that gives with one hand and collect with the other...

Let's wait and see how it pans out. .

Jaguda Pali

Ooh! Lord u just said my mind bro

SABA2002:
Thanks be to God for the free gift of life, oxygen and love.

oxygen is free? May God not allow you need one in Nigerian hospital!

ZombieTAMER:
Igbos should go to hell
They have been defeated since the civil war

.... Junaid Muhammad 2019
A good son of Arewa

You say you defeat Igbos yet you have sleepless nights becos of Igbos!

We must all leave you almajiris soon

They are mostly sold by abbokkis

I am guessing Meat will be next.

Food items are exempted from vat under Nigeria tax law

9jaRealist:


VAT is NOT a tax on investment (but rather on consumption)...

Nonetheless, one has strike a careful balance in respect of tax policy. It should be too high as to depress consumer spending, but properly applied and employed it could be used to direct investment in certain areas and industries, and to generate additional revenue to support investment in infrastructure (including soft infrastructure in education, healthcare, etc.) that would in turn support private investment.
>

VAT;Value added tax ,increases the value on products and services and indirectly affect investment choice.
Tanzania like many African countries for instance ,placed over 25% VAT on everything goods and services consumed there,this made everything expensive.
VAT is a micro Portion of TAX on companies spread on goods and services which is shouldered by end users.investors run away from countries with high taxation.Tax policies are often made by dept redden countries to impress their creditors that they can service their loans ,but the indirect implication is decreased foreign investment.

ursullalinda:
Good one anything to reduce cost on food. There is hunger in the land

How many of Nigeria's estimated 200 million people buy foodstuff in places where they have to pay VAT?
2%, 5%, 10%? What percentage of the people?
Why do you fall easily for cheap gimmicks and miss the real gist of heavier taxes all round for rogues to rob, steal and loot for hiding in London by their messengers?

lackren:
Nasir Danu, close associate of President Mohammadu Buhari has been arrested at Heathrow Airport in the United Kingdom with a fake Maltese passport and more than £200,000 in cash.

Nasir Danu said to be the go-between who hooks up contractors with first lady Aisha Buhari arrested at Heathrow Airport in the UK with a fake Maltese passport and more than £200,000 in cash.

Apparently, Mr Danu’s passport refused to scan at the airport, leading to security operatives, taking him into a room while his carry-on bag was searched and a cash amount of over £200,000 found on him. READ FULL STORY HERE

www.nairaland.com/attachments/10344924_20191005221644_jpeg128b40d59de98d0245ae9fa538e36823


www.nairaland.com/attachments/2529890_image_jpeg9f360c5ab7736510df54c882e9dbf188

samorobo:


Nigerians should not talk about tax cos we don't pay tax...we have one of the lowest tax to GDP ratio in the world...I am willing to pay so long as I would see that money work most especially in infastructure and health care

Nigerians are indirectly over taxed. You are made to pay for NEPA bill weather or not you used the system every month. If a company tries that in developed countries like USA ,it will pay huge amount in dollars for theft. Look at petroleum for example,are we supposed to spend that much?There are many like that.There are indirect taxation going on.

Who be this stray baboon?

ki

If I see VAT on my bread receipt wey I buy fr Shoprite.....chai......na to sue them ooo

*Buhari said he has directed the stoppage of the salary of any federal government staff that is not captured on the Integrated Payroll and Personnel Information System (IPPIS) platform by the end of October 2019.

The current administration had introduced the platform to help manage personnel costs among other reasons.

He added that the proliferation of zonal, state and liaison offices by MDAs will no longer be tolerated as part of efforts to “sustain our efforts in managing personnel costs.”

“All agencies must obtain the necessary approvals before embarking on any fresh recruitment and any contraventions of these directives shall attract severe sanctions,” he added.*

I know some govt officials won't like this part.