essentialone:
A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one.

According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process.

The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

This requirement is part of broader efforts to ensure that all individuals and entities participating in financial activities are properly registered for tax purposes.

The bill also outlines that any non-resident person supplying taxable goods or services to any individual in Nigeria or deriving income from the country must register for tax purposes and obtain a Tax ID.

However, non-resident individuals who derive only passive income from investments in Nigeria will not be required to register, although they must provide relevant information as prescribed by the relevant tax authority.

The proposed legislation also empowers the relevant tax authority to automatically register and issue a Tax ID to individuals who should apply for one but fail to do so.

In such cases, the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

megawealth01:

toyeoye:


SQUEEZE every drop!!!
No one must escape the tax net

megawealth01:


Not defending them. It's a global practice anyways just that the ish is the corrupt system in Nigeria

Mpeace:
The know global practice when it comes to squeezing money off the masses but dont know it when it comes to minimum wage and responsible governance

akpumpy:
Please note and know that......After a stock dividend, the share price typically drops by the amount of the dividend paid to reflect the fact that new shareholders are not entitled to that payment.

Mpeace:
The know global practice when it comes to squeezing money off the masses but dont know it when it comes to minimum wage and responsible governance

olig:
Could you elaborate on the actual trend?
Is it after the announcement, settlement, payment....? And how close to expect a change (drop in this case).
I know nothing is absolute, just an idea is needed.

Willie2015:


Once BAT settled Governors and civil servants ...
Every other Nigerians can go to hell...
Its time for Labor to ask FG to start paying...
Unemployment benefit...

megawealth01:


Unemployment benefit is a global practice too for citizens

akpumpy:
After payment...

KarlTom:
It is already being paid to a select few

KarlTom:
It is already being paid to a select few

megawealth01:
NNPC Retail Outlets Adjust Pump Price To ₦998/Litre In Lagos, ₦1,030 In Abuja


https://www.channelstv.com/2024/10/09/nnpcl-sells-petrol-at-%e2%82%a6998-per-litre-in-lagos-%e2%82%a61030-in-fct/

rmx:



https://dailytrust.com/dangote-refinery-independent-marketers-adjust-pms-price-to-n1200/#google_vignette

Now we should have some stability based own currents rates , almost same with deregulated diesel , where they were going to all along , dangote 💪🙌

Sunrisepebble:
Lots of confusion RE: Aradel. Efforts were made to stop trading yesterday but will trade today. However, Hearing October 14th has been delayed although they are actively trying to make that date.

essentialone:
A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one.

According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process.

The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

This requirement is part of broader efforts to ensure that all individuals and entities participating in financial activities are properly registered for tax purposes.

The bill also outlines that any non-resident person supplying taxable goods or services to any individual in Nigeria or deriving income from the country must register for tax purposes and obtain a Tax ID.

However, non-resident individuals who derive only passive income from investments in Nigeria will not be required to register, although they must provide relevant information as prescribed by the relevant tax authority.

The proposed legislation also empowers the relevant tax authority to automatically register and issue a Tax ID to individuals who should apply for one but fail to do so.

In such cases, the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

Omooloriredade:


This was one of the first changes I expected BAT to introduce based on his record as Gov of Lagos state. Trading on the NGX was such a delight because of this loophole.

If the bill passes, it brings Nigeria in line with most western countries in terms of ensuring individuals are paying taxes commensurate with their income.

In my opinion, the direct implication for NSEMPA members is that you will be paying taxes for your capital gains (when you sell a stock) and dividend income (the 10% WHT will be taken into consideration). I believe this is the direction BAT is going. Your profit from the sale of any asset (stocks in NSEMPA's case) will be taxed at a rate based on your "tax bracket" determined by your income level for that year, in line with most western countries. Your total dividend income for the year, capital gains from asset sales, salaries/wages, business income and losses will all be considered in calculating your fair share of taxes.

Of course, I agree corruption will have to be dealt with seriously now. You can't tax NSEMPA 30% of profit from sale of Oando Presco loot only for politicians to embezzle it.

A new tax regime is coming for sure. I have been expecting it. Banking your entire loot may no longer be possible. Keen to see how they will be implementing this change.

Btw, my focus was NGX because this is NSEMPA but crypto, forex et al are included.

Disclaimer - This is just my opinion. I may be wrong in parts or in whole.

megawealth01:


I personally don't have P with this but they should use it to develop the lives and welfare of the citizens as it's done in other places globally

Omooloriredade:


This was one of the first changes I expected BAT to introduce based on his record as Gov of Lagos state. Trading on the NGX was such a delight because of this loophole.

If the bill passes, it brings Nigeria in line with most western countries in terms of ensuring individuals are paying taxes commensurate with their income.

In my opinion, the direct implication for NSEMPA members is that you will be paying taxes for your capital gains (when you sell a stock) and dividend income (the 10% WHT will be taken into consideration). I believe this is the direction BAT is going. Your profit from the sale of any asset (stocks in NSEMPA's case) will be taxed at a rate based on your "tax bracket" determined by your income level for that year, in line with most western countries. Your total dividend income for the year, capital gains from asset sales, salaries/wages, business income and losses will all be considered in calculating your fair share of taxes.

Of course, I agree corruption will have to be dealt with seriously now. You can't tax NSEMPA 30% of profit from sale of Oando Presco loot only for politicians to embezzle it.

A new tax regime is coming for sure. I have been expecting it. Banking your entire loot may no longer be possible. Keen to see how they will be implementing this change.

Btw, my focus was NGX because this is NSEMPA but crypto, forex et al are included.

Disclaimer - This is just my opinion. I may be wrong in parts or in whole.

ositadima1:


You weren't paying taxes before? For every share of stock I buy or sell, I pay tax on it. Even dividends are subject to a roughly 10% tax. It seems like you've been enjoying tax-free benefits alone all along. Which broker do you use?

Omooloriredade:


Hopefully you understood my post.

Now, you mind showing me the fair share of taxes of your capital gains have been paying all along? You don't have to show the value the categories will do.

Sample below:

Omooloriredade:


Hopefully you understood my post.

Now, you mind showing me the fair share of taxes of your capital gains have been paying all along? You don't have to show the value the categories will do.

Sample below:

ositadima1:
What happens when you lose money? In other countries, you can get tax deductions. Does that apply here? The taxes I pay now don't seem to consider whether I sold at a loss.