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:

GeeKudi:


Is it not common knowledge that we don't pay tax of stock sale and purchase? But, only on dividend?

ositadima1:


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.

ositadima1:


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.

ositadima1:


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.

pluto09:


You mean you have been paying capital gain tax of 10% to FIRS??

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?

ositadima1:


Another criminal!!!

GeeKudi:


Is it not common knowledge that we don't pay tax of stock sale and purchase? But, only on dividend?

Omooloriredade:


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.

Omooloriredade:


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?

ositadima1:


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.

KarlTom:
Received this mail today at 04:12 hrs...
Does this mean it is officially confirmed?

GeeKudi:


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.

ositadima1:


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.

ositadima1:


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.

GeeKudi:


From AI

ositadima1:


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.

Sunrisepebble:
Trading will stop today but hearing Thursday is likely listing date

Omooloriredade:


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

Omooloriredade:


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.

Omooloriredade:


You see the loophole?

emmanuelewumi:



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

Streetinvestor2:
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.

GeeKudi:


NOT TRUE

Omooloriredade:


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.

Shalom428:
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

Omooloriredade:


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.

GeeKudi:


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.

Shalom428:
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