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Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:34am |
Omooloriredade: Is VAT on commission not a tax? Capital gains realized from selling stocks are subject to a flat 10% tax paid to the FIRS. So, have you been remitting the 10% capital gains tax to the FIRS? Please don't tell me you are a criminal. |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:35am |
Omooloriredade: Is it not common knowledge that we don't pay tax of stock sale and purchase? But, only on dividend? |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:38am |
GeeKudi: Another criminal!!! |
Re: Nigerian Stock Exchange Market Pick Alerts by pluto09(m): 11:38am |
ositadima1: You mean you have been paying capital gain tax of 10% to FIRS?? 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:40am |
ositadima1: Your mantra here is "facts only". You mind showing me the 10% tax from your capital gains you have been paying to the FIRS? If you can't seem to find proof, I'll understand. VAT on commission is not tax paid by the investor but by your broker. Your broker is paying the govt tax on the commission he received from your trade. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:41am |
ositadima1: What we pay is VAT on commission, not tax on capital gain from stock sale. Unless, they are just going to introduce it now, you are not required to pay tax on capital gain as an investor dealing in stock on the NSE. |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:41am |
pluto09: ositadima1: |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:43am |
ositadima1: You may need to check the info available to you very well. The stock market is exempted from paying tax on capital gain by investors. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:44am |
GeeKudi: It is but that is about to change if the bill passes which I expect it will. BAT is trying to introduce tax reforms like he did in Lagos. Since he came into power, how many bank charges (taxes) have been muted so far already? |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:48am |
Omooloriredade: I don't need to disclose my personal information to substantiate a factual discussion. I can simply provide evidence that the 10% FIRS tax has been in place for a long time. As for the VAT on commission, it's deducted directly from my account. I'm not familiar with how your broker handles it, though. |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:48am |
Omooloriredade: Yes. I am aware of this but at the moment, gains from stock trading on the NSE is exempted from income tax. Osita doesn't seem to know. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:51am |
ositadima1: From AI 3 Likes
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Re: Nigerian Stock Exchange Market Pick Alerts by Sunrisepebble: 11:52am |
Trading will stop today but hearing Thursday is likely listing date KarlTom: 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:53am |
GeeKudi: Please, be informed, you are required to pay a 10% tax to the FIRS on all capital gains, including those from the sale of property or stocks. Even the sale of your old car join. |
Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:54am |
ositadima1: Fair enough! However, 10% FIRS law is not sufficient evidence to disprove the fact that Nigerians have been getting away with paying their fair share of taxes on capital gains in the stock market which among others is what BAT is seeking to address. It's been a long time coming. This is the reason for the reform. It won't be 10% flat rate and the new regime will ensure no one can escape it. https://assets.kpmg.com/content/dam/kpmg/ng/pdf/clarifications-on-the-provisions-of-capital-gains-tax-act.pdf |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:56am |
ositadima1: NOT TRUE |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:56am |
GeeKudi: AI is prone to hallucination, Please provide a screenshot of the Capital Gains Tax Act. |
Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:57am |
ositadima1: You see the loophole?
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Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 11:57am |
Sunrisepebble: No longer Monday? Meaning we have more days to raise funds? 2 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 11:59am |
Omooloriredade: Alright. |
Re: Nigerian Stock Exchange Market Pick Alerts by emmanuelewumi(m): 12:00pm |
Omooloriredade: We are charged VAT on the commission. I got a loan from Orange One Finance on Wednesday, I paid management and processing fees which was 2% of the loan, I also paid VAT on the management and processing fees |
Re: Nigerian Stock Exchange Market Pick Alerts by Streetinvestor2: 12:01pm |
As a shareholder you are part of owner of the business 1.You collect me 30% as cooperate tax plus,vat, educational tax etc 2.When my business makes profits and pay me dividend. You collect 10% WHT 3.When I make gain as appreciation for my business. You want to collect another 10% Is this not like 50%.And at the end thr is no subsidy in anything. I provide my water,power via generator.state and local government will still collect from different way.I will still pay income tax to state government. 3 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 12:06pm |
Omooloriredade: Anyway, there will always be loopholes in tax laws. Robert Kiyosaki, author of 'Rich Dad Poor Dad,' has written a whole book on legal tax evasion strategies in the US. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Shalom428: 12:06pm |
Taxing capital gain on a market that is already fragile will only lead to the collapse of the market. Investors will leave in drones and take their money elsewhere. Q2 capital importation is nothing to write home about , we are canvassing for investors to come, yet we want to introduce stringent policies that will chase them away. It is well emmanuelewumi: |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 12:08pm |
Streetinvestor2: The matter chocke oo. |
Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 12:08pm |
GeeKudi: Actually, because a lot of Nigerians have taxes remitted to the government from their salaries, they are not too familiar with their tax obligations. The govt also can't be bothered chasing individuals for their fair share of taxes of income because of lack of sufficient data. The new bill will be addressing this loophole. You cash out from an investment, the NGX, CSCS, banks etc will share data amongst themselves and disclose this to the tax office. At the end of the financial year, the tax office will expect you to declare your ALL your income AND Capital gains and they will apply the correct tax rate. |
Re: Nigerian Stock Exchange Market Pick Alerts by megawealth01: 12:12pm |
Omooloriredade: 💯 |
Re: Nigerian Stock Exchange Market Pick Alerts by ositadima1(m): 12:13pm |
Shalom428: I've observed that many of these policies are being proposed or implemented independently by different ministries, rather than being coordinated centrally. This lack of cohesion is concerning sha. Too much chaos. |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 12:16pm |
Omooloriredade: I receive email every year to declare my income and pat tax on taxable incomes earned in my second home. I said taxable income because not all incomes are taxable. As far as Nigeria is concerned, capital gains on the nse is not taxable. |
Re: Nigerian Stock Exchange Market Pick Alerts by GeeKudi: 12:36pm |
GeeKudi:
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Re: Nigerian Stock Exchange Market Pick Alerts by emmanuelewumi(m): 12:38pm |
Shalom428: Give unto Caesar what is Caesar's. It will affect JIjoists not investors, 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Bbbwings: 12:41pm |
Wetin dey sup for Access today Dem don do 1billion. |
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