Tax Reform, Tax Reform. What exactly is it ?

The News About Tax Reform is taking over medias , The North is said to be Against it . Hardly do you see where it's Vividly Explained .

What Exactly is this Tax Reform?

Enlightened Abeg , No be Everybody Know this.

Don't Bother to tell me to Ask Google .

I wan Make Google Rest for now, Biko..

Nothing much
Just a distraction to make it look as if the govt knows what it's doing

It's a bill to tax everyone in Nigeria the more. Be it rich or poor.

Ok, let me just put it in a nutshell, Fg will allow every states to manage their resources and then each states send just 15% of the revenue generated to Fg. It means that governors have alot of work to do by looking for ways to generate more money to run the their states, No more money from Fg to finance any state. States in the south-south will have more money because of crude oil, while the north will have to find ways to generate more money to survive. BUT THE TRUTH IS, NO STATE/REGION IS POOR IN TERM OF RESOURCES, WE ONLY HAVE LAZY GOVERNORS WHO ARE TOO POOR TO REASON OUT WHAT THEY CAN DO.

viyon02:
Ok, let me just put it in a nutshell, Fg will allow every states to manage their resources and then each states send just 15% of the revenue generated to Fg. It means that governors have alot of work to do by looking for ways to generate more money to run the their states, No more money from Fg to finance any state. States in the south-south will have more money because of crude oil, while the north will have to find ways to generate more money to survive. BUT THE TRUTH IS, NO STATE/REGION IS POOR IN TERM OF RESOURCES, WE ONLY HAVE LAZY GOVERNORS WHO ARE TOO POOR TO REASON OUT WHAT THEY CAN DO.

Thanks so Much @viyon02, Hmm ! I Understand better now.

No Wonder Some States especially the North have been Kicking against this . Chai !

But I think Crude Oil have been discovered in Some Northern state As well , Abi Na Lie we dey read for news in that Aspects ?

But This Baba Tinubu Na waooo

The Baba No Care whether a state has Crude oil or not ,But I think each State in Nigeria is Blessed with natural Resources which is truly the Governor's are Hard working ,They Can Bring in foreign Investors to Heavily invest on whatever Natural Resources they have ,Produce in Abundant and even Take to other states and as well exports out of the Country self .

But the Notion that Only Crude Oil should be Focused on is Really a Wrong Thought .

Agriculture is another Investment any state can Invest and Generates lots of Revenue .

Again, But wait ooo ,I hear say Crude Oil Monies Generated in the Niger Delta Are Mostly used to Develop the North even the States those Monies are Generated from ,They hardly Develope those states.

Well ,If that is the Case,Abeg North ,Make Una Remove Una Eyes from Crude Oil and Focus on the Natural Resources God gave You and starts Investing on it so you can Generate your own revenue as well.

Make Una leave Niger Delta Oil Oooo.

rightopdeep:
Thanks so Much @viyon02, Hmm ! I Understand better now.

No Wonder Some States especially the North have been Kicking against this . Chai !

But I think Crude Oil have been discovered in Some Northern state As well , Abi Na Lie we dey read for news in that Aspects ?

But This Baba Tinubu Na waooo

The Baba No Care whether a state has Crude oil or not ,But I think each State in Nigeria is Blessed with natural Resources which is truly the Governor's are Hard working ,They Can Bring in foreign Investors to Heavily invest on whatever Natural Resources they have ,Produce in Abundant and even Take to other states and as well exports out of the Country self .

But the Notion that Only Crude Oil should be Focused on is Really a Wrong Thought .

Agriculture is another Investment any state can Invest and Generates lots of Revenue .

Again, But wait ooo ,I hear say Crude Oil Monies Generated in the Niger Delta Are Mostly used to Develop the North even the States those Monies are Generated from ,They hardly Develope those states.

Well ,If that is the Case,Abeg North ,Make Una Remove Una Eyes from Crude Oil and Focus on the Natural Resources God gave You and starts Investing on it so you can Generate your own revenue as well.

Make Una leave Niger Delta Oil Oooo.

Now you got the whole point.

viyon02:
Now you got the whole point.

Thanks Bro

viyon02:
Ok, let me just put it in a nutshell, Fg will allow every states to manage their resources and then each states send just 15% of the revenue generated to Fg. It means that governors have alot of work to do by looking for ways to generate more money to run the their states, No more money from Fg to finance any state. States in the south-south will have more money because of crude oil, while the north will have to find ways to generate more money to survive. BUT THE TRUTH IS, NO STATE/REGION IS POOR IN TERM OF RESOURCES, WE ONLY HAVE LAZY GOVERNORS WHO ARE TOO POOR TO REASON OUT WHAT THEY CAN DO.

My understanding is a bit different but the bottom line is states are no longer going to receive a lot of money from Central government as a matter of course. There will still be money from Central government, but it will be much less than now.

The more you do to attract organisations and people to your state, the more you will have to use to govern it.

Lazy state governors (of which there are plenty all over the country, not just North as some might think) will soon be found out and hopefully turfed out. And if they are not, their citizens can continue to enjoy their suffering.

Dynamic and forward thinking state governments, such as demonstrated by President Tinubu in Lagos state (love him or hate him) will reap a lot of rewards.

Ojuntana:
Nothing much
Just a distraction to make it look as if the govt knows what it's doing

Fact!

aswani:


My understanding is a bit different but the bottom line is states are no longer going to receive a lot of money from Central government as a matter of course. There will still be money from Central government, but it will be much less than now.

The more you do to attract organisations and people to your state, the more you will have to use to govern it.

Lazy state governors (of which there are plenty all over the country, not just North as some might think) will soon be found out and hopefully turfed out. And if they are not, their citizens can continue to enjoy their suffering.

Dynamic and forward thinking state governments, such as demonstrated by President Tinubu in Lagos state (love him or hate him) will reap a lot of rewards.

You did make sense until the bold

What exactly did he demonstrate?

It's a bill to reduce the tax fee but increase the tax base

rightopdeep:
Thanks so Much @viyon02, Hmm ! I Understand better now.

No Wonder Some States especially the North have been Kicking against this . Chai !

But I think Crude Oil have been discovered in Some Northern state As well , Abi Na Lie we dey read for news in that Aspects ?

But This Baba Tinubu Na waooo

The Baba No Care whether a state has Crude oil or not ,But I think each State in Nigeria is Blessed with natural Resources which is truly the Governor's are Hard working ,They Can Bring in foreign Investors to Heavily invest on whatever Natural Resources they have ,Produce in Abundant and even Take to other states and as well exports out of the Country self .

But the Notion that Only Crude Oil should be Focused on is Really a Wrong Thought .

Agriculture is another Investment any state can Invest and Generates lots of Revenue .

Again, But wait ooo ,I hear say Crude Oil Monies Generated in the Niger Delta Are Mostly used to Develop the North even the States those Monies are Generated from ,They hardly Develope those states.

Well ,If that is the Case,Abeg North ,Make Una Remove Una Eyes from Crude Oil and Focus on the Natural Resources God gave You and starts Investing on it so you can Generate your own revenue as well.

Make Una leave Niger Delta Oil Oooo.

Unfortunately you believed his lies
What is the relationship between tax and resource sharing
A lot of people just add to the tax bills their own imagination and run with it

helinues:
It's a bill to reduce the tax fee but increase the tax base

Which of the four bills does that and how does the bill achieve it

aswani:


My understanding is a bit different but the bottom line is states are no longer going to receive a lot of money from Central government as a matter of course. There will still be money from Central government, but it will be much less than now.

The more you do to attract organisations and people to your state, the more you will have to use to govern it.

Lazy state governors (of which there are plenty all over the country, not just North as some might think) will soon be found out and hopefully turfed out. And if they are not, their citizens can continue to enjoy their suffering.

Dynamic and forward thinking state governments, such as demonstrated by President Tinubu in Lagos state (love him or hate him) will reap a lot of rewards.

What part of the tax bills will do this your claim

Ojuntana:

Which of the four bills does that and how does the bill achieve it

Sebi some of you have been arguing blindly about the bills without having details about it.

The bill is not increasing the current taxing but reducing it on business and individual

helinues:


Sebi some of you have been arguing blindly about the bills without having details about it.

The bill is not increasing the current taxing but reducing it on business and individual

I think it is you who is arguing blindly here

The bill increases VAT from 7.5 to 12.5. How does that reducing tax on businesses

Ojuntana:

I think it is you who is arguing blindly here

The bill increases VAT from 7.5 to 12.5. How does that reducing tax on businesses

Yes it does but when you consider other reductions in Tax, they will pay less than what they have been paying before annually

Food items and some basic commodities are exempted from the bill

Buying pencil for the school children is much as buying garri.

helinues:


Yes it does but when you consider other reductions in Tax, they will pay less than what they have been paying before annually

Food items and some basic commodities are exempted from the bill

Buying pencil for the school children is much as buying garri.

Only food. And VAT will enter food that is transported from one part of the country to another which will further drive up the cost
Pencil will go up by 20% which means the present N50 Pencil will become N60. By the time you buy 10 pencils, you've lost N100
If you buy indomie for your children with one pack presently at N15,000 and 20% VAT increase, it will go to N15,300. If you factor in the cost of transport to buy it, you'll end up spending extra N1,000 on indomie you presently spend N15,000 to buy and which you buy N5,000 before Tinubu happened

Ojuntana:

Only food. And VAT will enter food that is transported from one part of the country to another which will further drive up the cost
Pencil will go up by 20% which means the present N50 Pencil will become N60. By the time you buy 10 pencils, you've lost N100
If you buy indomie for your children with one pack presently at N15,000 and 20% VAT increase, it will go to N15,300. If you factor in the cost of transport to buy it, you'll end up spending extra N1,000 on indomie you presently spend N15,000 to buy and which you buy N5,000 before Tinubu happened

Again, stop arguing blindly. Go and read the bill

Go and listen to the questions and answers posted to the person in charge. All what you are insinuating above have been clarified

Ojuntana:

Only food. And VAT will enter food that is transported from one part of the country to another which will further drive up the cost
Pencil will go up by 20% which means the present N50 Pencil will become N60. By the time you buy 10 pencils, you've lost N100
If you buy indomie for your children with one pack presently at N15,000 and 20% VAT increase, it will go to N15,300. If you factor in the cost of transport to buy it, you'll end up spending extra N1,000 on indomie you presently spend N15,000 to buy and which you buy N5,000 before Tinubu happened

You're just wasting your time explaining to an ediot. The cretin doesn't know that he should be more worried of the effect of VAT on goods he buys rather than the tax government takes out from his minimum wage salary.

Bobloco:

You did make sense until the bold

What exactly did he demonstrate?

I am not going to indulge you.

If you don't think President Tinubu, as governor of Lagos state, showed the type of dynamism that current governors should try and emulate, that is OK.

Ojuntana:

What part of the tax bills will do this your claim

You tell me what you understand by the Tax Reform Bill first so I know exactly what I need to explain to you.

aswani:


You tell me what you understand by the Tax Reform Bill first so I know exactly what I need to explain to you.

Why are you asking what I understand about it and how does it relate to your claim about what the bill will do in terms of sniffing out lazy governors and heaping rewards on dynamic governors

Ojuntana:

Why are you asking what I understand about it and how does it relate to your claim about what the bill will do in terms of sniffing out lazy governors and heaping rewards on dynamic governors

So you want me to explain without telling me what you already understand?

You go wait tìre.

helinues:


Again, stop arguing blindly. Go and read the bill

Go and listen to the questions and answers posted to the person in charge. All what you are insinuating above have been clarified

But you were writing as if you understood anything
Why were you arguing with me when you don't have a clue what is being talked about
I think you should go and take your own advice

aswani:


So you want me to explain without telling me what you already understand?

You go wait tìre.

I'm telling you to explain what you already claimed
I'm not seeking for new knowledge from you cause it's obvious you don't have any

Here in this same thread, someone already misconstrued tax reform with resource control.

So many ignoramus litter the internet. You also claimed now that tax reform will expose lazy governors. Now explain how that will happen you start deflecting.

Ojuntana:

But you were writing as if you understood anything
Why were you arguing with me when you don't have a clue what is being talked about
I think you should go and take your own advice

Let me just ask you a simple question

If the new tax reform bill increasing the tax currently being paid by individual, business owners and corporation or reducing?

helinues:


Let me just ask you a simple question

If the new tax reform bill increasing the tax currently being paid by individual, business owners and corporation or reducing?

It reduces only income tax for low and middle income earners and small businesses
For large corporations and the wealthy, it increases tax
The problem is that the large corporations control trade and manufacturing and will simply push the resultant increase down the line to the middle and low income earners who form the large base of consumers.
Also VAT increase will reduce disposable income in this Tinubulation era where cost of goods have gone up by over 300% from may 2023.
It's like giving with one finger and taking back with nine.
Do you understand this ripple effect or you need to go back and watch videos to understand it?

Ojuntana:

I'm telling you to explain what you already claimed
I'm not seeking for new knowledge from you cause it's obvious you don't have any

Here in this same thread, someone already misconstrued tax reform with resource control.

So many ignoramus litter the internet. You also claimed now that tax reform will expose lazy governors. Now explain how that will happen you start deflecting.

Ọ ma

I've also noticed that a lot of southern Nigerians think of poverty when they think of northerners not knowing that those northerners you're seeing have more money than you can dream of. They only have a sedentary lifestyle where they live far below their means.

In the north today, most farmers from thick villages are coming into their towns and cities to buy solar panels and pumps worth millions of naira to engage in dry season farming.

Most of these people WILL NOT pay any tax. Who is going to go into thick villages to collect tax? They also live outside the banking system which makes it difficult to get them to pay all these useless bank charges you southerners are already burdened with.

Worse still, when southerners start jacking up prices of manufactured goods and fuel price, they will in turn increase price of agric produce which are tax free!!

So who gains at the end? Their governors will never tax them! Be there shouting IGR and VAT. Southerners only read book. They do not read sense!!

A southern president killed Ariel and Omo leaving southerners to use Viva that's made in the north!!

Chai!! Book with no sense!!

aswani:


I am not going to indulge you.

If you don't think President Tinubu, as governor of Lagos state, showed the type of dynamism that current governors should try and emulate, that is OK.

Were you in Lagos before and after his tenure, and then subsequently up until Ambode's tenure?