contigiency:
Whenever you talk Nigerians into paying tax they will go and recruit bloggers to be writing nonsense for them. All they want is free everything, but will be quick to ask why Nigeria is not like America.

if not for your beautiful comment I just want to read through ignorant point of view. But Im very happy I read urs, GOD BLESS YOU BRO

We are being governed by Cow-Animals related policy. Anything that doesn’t related to that is not welcome in this jungle country. Nigeria and startups entrepreneurship (fintech, tech, etc.) is like telling the government that herdsmen is bad! They will rather give bandits and herdsmen a pass than any other things that will benefit the country. Can someone tell me the economy benefits of Northern Nigeria to our treasury?

Nonsense write-up. They made it long so that 98% will not read it but will jump into conclusion. Why can'tt tech firms be regulated? Are they not regulated in the countries we want Nigeria to be like? What is wrong with taxing companies that make money in Nigeria?

chloride6:


What sort of false syllogism is this?

When did loans apps equal all of tech?

If you want to regulate loans apps go ahead and don't give the devil a sledgehammer to flatten the whole industry.

It appears you have no clue what these tech companies do with the data you agree to share with Them from your cyber space. If you did you would agree they must be regulated.

poiZon:

So if they regulate it, someone loan money from these app, then fails to pay at the due time, how will the regulator help recover the loan for those investors?

It's bad enough the are vested with the authority to automatically debit you once you default. Sending defaming messages to your contacts can really be defaming. I've seen this play out. The consequences are not palatable trust me.

EngrXrix:

It's bad enough the are vested with the authority to automatically debit you once you default. Sending defaming messages to your contacts can really be defaming. I've seen this play out. The consequences are not palatable trust me.

Nobody will love to default if u have money, so u think all those guys that default have monies in their account and they will want to act stupid...

poiZon:

Bros u r not enlightened at all.
What these digital loan companies do to defaulters cant be comparable to what normal financial companies do to guarantors of loanees that default in their payment.
Those people will come to ur house, abduct u, lock u in their toilet for hours till u
Pay back the loan u stood as guarantor for.
Are there no regulators regulating these other financial moneylenders? Ofcourse they are.

The loan is just and example of an unregulated tech company. Any service that is based online is classified as a tech service/company.
It appears you have no clue what these tech companies do with the data you agree to share with Them. I get your point but if you look at it technically, they only abducted you. Your friends or contacts may not know which is good and bad at same time . But sending defaming sms to all your contacts. Bro..... you have no idea how far that damage would go. Depending on who you have on your contact list.

EngrXrix:

The loan is just and example of an unregulated tech company. Any service that is based online is classified as a tech service/company.
It appears you have no clue what these tech companies do with the data you agree to share with Them. I get your point but if you look at it technically, they only abducted you. Your friends or contacts may not know which is good and bad at same time . But sending defaming sms to all your contacts. Bro..... you have no idea how far that damage would go. Depending on who you have on your contact list.

They r helping u seek help from your contacts....
A loan app sending me messages about someone in my contact will make me call the person involved and ask him questions, if i have any cash, can bail him out.
Nigeria is hard, no matter how we criticise these loan apps, they r still live savers.

EngrXrix:

It appears you have no clue what these tech companies do with the data you agree to share with Them from your cyber space. If you did you would agree they must be regulated.

Nigeria has already passed data privacy laws..

Data privacy transcends just tech and includes even healthcare. Let the government enforce its data privacy laws and not pass a startup bill.

contigiency:
Whenever you talk Nigerians into paying tax they will go and recruit bloggers to be writing nonsense for them. All they want is free everything, but will be quick to ask why Nigeria is not like America.

You think those companies don’t pay tax. I work for a fintech company as a software developer and I know how we are suffering because of CBN.They can just wake up tomorrow morning and bring out a new policy that might kick you out of business overnight.

If you are thinking of starting a fintech company, you should definitely consider setting up your head office in other Africa countries like Ghana or Kenya.

Theunbothered:


The bill is foolish and any individual who supports it has not read it.

It means anyone who operates a website in Nigeria without a government license can be sent to prison for one year or be forced to pay 3 million naira in fines.

How does that help protect anyone?

But I don't see any reason for not registering with the government if it's not shady.

I know our problems as a nation, but notwithstanding, it is good we set these standards and get it right.

On the over taxation, I stand with you, albeit it's happening all over the world too. Lien the article also mentioned, there is a clash with the tax relief law the government implemented because of startups.

Please see below link:

https://www.google.com/amp/s/www.forbes.com/sites/oliverwilliams1/2021/04/08/tech-companies-to-be-hit-with-multiple-new-taxes/amp/

CSTRR:

The tech space already undergo over-regulation under Buhari which has negative consequences.

But this is not even regulation.

This is over taxation for a sector that is still trying to grow.

I quite agree with you on the over taxation. See CSTRR I don't have a problem with taxation. The major problem I have with taxation is not using the funds for relevant infrastructures.

It can frustrate young entrepreneurs.

justmondris:
If you are thinking of starting a fintech company, you should definitely consider setting up your head office in other Africa countries like Ghana or Kenya.

Kenya over Ghana, as a first choice albeit Ghana is coming up very fast.

dfrost:


But I don't see any reason for not registering with the government if it's not shady.

I know our problems as a nation, but notwithstanding, it is good we set these standards and get it right.

On the over taxation, I stand with you, albeit it's happening all over the world too. Lien the article also mentioned, there is a clash with the tax relief law the government implemented because of startups.

Please see below link:

https://www.google.com/amp/s/www.forbes.com/sites/oliverwilliams1/2021/04/08/tech-companies-to-be-hit-with-multiple-new-taxes/amp/

As long as the website I am operating doesn't break any existing cybercrime laws what is the government's business with issuing licenses?

Do you want the government to issue a licence to piss and shit in the morning as well?

It's like the supporters of the present administration believe they will remain in power forever or these overbearing measures won't affect them in the future.

I pity the children of you lot who have to suffer generations of bad decisions.

https://www.google.com/amp/s/www.forbes.com/sites/oliverwilliams1/2021/04/08/tech-companies-to-be-hit-with-multiple-new-taxes/amp/

This measure is a temporary and "symbolic" proposal for a tax hike on digital multinationals, which will likely never pass, the article itself says as much. The NITDA bill proposes a multi million naira fine for anyone who operates websites without mummy government's permission.

Do you think I'm a child who can't read?

If true it is bad