Latest topics | » NATIONAL GAME . by ROTMANLUV 2023-07-08, 17:34
» hosue, pls post sure game for National Ghana game by ROTMANLUV 2023-07-07, 23:41
» NATIONAL GAME TOMORROW!!! by ROTMANLUV 2023-07-07, 23:34
» Greeting. by ROTMANLUV 2023-07-07, 23:31
» Buying/selling gift - visa - mastercards and crypto coins online! p2p trading! by kcalvin 2022-04-01, 18:50
» Buying/selling gift - visa - mastercards and crypto coins online! p2p trading! by kcalvin 2022-04-01, 18:49
» Trade your visa/master/Gift cards-bitcoins/litecoins/ethereum here ! by kcalvin 2021-12-11, 13:12
» Top 20 businesses you can start in Nigeria with very low capital by 9jatician 2021-03-21, 12:09
» All about Yayi TV; frequency, polarity and position by 9jatician 2021-03-08, 00:36
» Lautech girl leaked a sex video with her boyfriend online by 9jatician 2021-02-04, 20:59
|
| | Nigerians Will Start Paying More Tax .. See Details | |
| | Author | Message |
---|
ancl Master
Posts : 17355
| Subject: Nigerians Will Start Paying More Tax .. See Details 2016-01-25, 06:38 | |
| Against the backdrop of the economic crisis plaguing Nigeria amid falling global oil prices, the Government is considering changes to the nation’s tax regime in a bid to shore up dwindling revenue.
There are indications that the government will increase Value Added Tax, as suggested by the International Monetary Fund, whose Managing Director, Christine Lagarde, visited the country weeks back.
But financial experts are insisting that the move to increase VAT would put further pressure on Nigerians, as it would cause increase in the prices of goods and services, among other implications.
VAT is a consumption tax on the goods and service consumed by any person, whether government agencies, business organisations or individuals. It is currently levied at the rate of 5% in the country.
The sharp drop in crude oil revenues, which provide 95 per cent of the country’s foreign earnings, has led to significant depletion of the nation’s foreign reserves.
Oil prices have fallen in the last few days to their lowest levels since 2003, trading about $10 lower than the oil price benchmark of $38 proposed by President Muhammadu Buhari for this year’s budget. Oil prices staged a rebound on Friday, trading around $32 per barrel on Saturday.
The Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government plans to borrow up to $5bn from multiple sources, including the Eurobond market, to plug its budget deficit.
Buhari had in December presented a total budget size of N6.08tn, with a deficit of N2.22tn to be financed by both domestic and foreign borrowings of N1.84tn.
He put the revenue projection for the year at N3.86tn, adding that over the medium-term, the government expected to increase revenues and reduce overheads, to bring the fiscal deficit down to 1.3 per cent of Gross Domestic Product by 2018.
Vice President Yemi Osinbajo, who said changes to taxation were being considered, told CNBC in a television interview, “We are looking at increasing our tax coverage.
He added, “VAT, for instance — we have been doing just about 20 per cent coverage. We think that just by increasing coverage, we could do much more, and so we could earn more in terms of local resources,” he said.
Increasing VAT from 5 per cent, among the world’s lowest VAT rates, and broadening the tax base were among suggestions put forward by the IMF boss during her visit.
During her visit, Lagarde also said the IMF did not support foreign exchange restrictions.
The Central Bank of Nigeria, whose monetary policy committee will meet on Monday and Tuesday, imposed forex restrictions last year aimed at conserving foreign exchange reserves and there have been calls from investors for these to be eased.
“We know that the central bank will just have to do the right thing at this time. The central bank has told us, and it was announced even in the president’s budget speech, that they intend to take a flexible approach and deploy whatever tools are necessary to ensure that we stay competitive,” Osinbajo had said.
A Professor of Financial Economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, described the move to increase taxes as ill-timed, saying any increase in VAT would lead to declines in consumption and investment in the country.
He said, “It is not that it is bad to increase taxes; what is bad is increasing it at the wrong time. When the economy is going through recession; when we are not producing; when unemployment is high, that is not the time to raise any tax. In fact, the opposite is the case: it is a time you cut taxes so that you can stimulate consumption and investment.
“Increase in VAT is going to destroy the economy more. Consumption of goods and services will drop because you’re taking money away from people, and investment will drop. Overall, it is going to have negative effects on the economy, households and businesses.”
But Professor Sheriffdeen Tella of the Department of Economics, Olabisi Onabanjo University, said there should be increase in taxes to capture more people and organisations.
He said, “There are a lot of people and organisations that are not paying tax, particularly in the informal sector. The government has to work out a way to capture the informal sector taxes.
“It is not as if they want to impose taxes generally. Let us look at VAT, for example; there are some assets that can be regarded as luxury items. They can increase the tax regime on those assets. People hardly pay tax on wealth in this country. They need to capture those people (the wealthy).”
| |
| | | smile2012 Ultimate
Sex : male Posts : 20755 Location : lag
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-25, 08:59 | |
| | |
| | | ancl Master
Posts : 17355
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-26, 05:36 | |
| Money they this country but we don't no how to spend it | |
| | | SUREMAJESTY Senior
Sex : Male Posts : 964
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-26, 08:19 | |
| | |
| | | ancl Master
Posts : 17355
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-26, 12:17 | |
| Na so bro Some peoples turn our money to meat Cutting it any how God dey ooo | |
| | | Mummiesboiii Senior
Sex : male Posts : 927
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-26, 19:18 | |
| | |
| | | ancl Master
Posts : 17355
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-27, 05:33 | |
| | |
| | | smile2012 Ultimate
Sex : male Posts : 20755 Location : lag
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-27, 07:36 | |
| | |
| | | ancl Master
Posts : 17355
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-27, 17:03 | |
| - smile2012 wrote:
- Ancl u don pay before
Am not 18years yet | |
| | | The author of this message was banned from the forum - See the message | awogbemiawise Novice
Sex : male Posts : 10 Location : IJEBU OGUN STATE
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-27, 18:12 | |
| TRADITIONAL HERBALIST.FOR ALTERNATIVE MEDICINE THERAPY.......... WHY HIDE YOUR SICKNESS??? CALL BABA AWOGBEMI AWISE ON THIS NUMBER IF YOU HAVE ANY PROBLEM:: 08067194275 08067194275 Some want you to be alive, but not all wants to see you happy and successful. You have to find a solution to every spiritual or financial problems in your life by yourself, they wouldn't help you. Some will take advantage of this while some will just overlook it. There are different ways to be successful, it doesn't just come and meet you in your Bed. Our speciality is as follows: * Be-witched people problem * performing sex on dream * Spiritual Husband * Financial problems * Court cases * Job promotion * Playing Lottery * Delaying of Visa * Diabetes * Bad luck * Stroke * Business development * Bring back stolen properties * Protection of properties and Business * Bring back lost lover * pregnancy problems * Women with menstrual problems * Body & Chest pains * Star reading * painful womb * Penis erectional problems * Ejaculation problems * Winning a voting position You don't have to look further, You don't have to wait until you are informed, Seek Help from the Elders. The use of Herbs in supported in every Holy Book.God has shown us the importance of herbs,Even the Bible said "And by the river upon the bank there of on their side and on that side grow all trees for meat and the leaf there of for medicine" - Ezekiel 47 V12. It shall be well with you...Contact us today for help and be rest assured,Free Treatment also Available...you will never regret your actions and you will be glad you did. Location isn't a barrier, we ship and send herbal medication to any part of the world. Location : IJEBU ORU,OGUN sTATE , NIGERIA CALL BABA AWOGBEMI AWISE ON THIS NUMBER:: 08067194275 08067194275 CALL BABA AWOGBEMI AWISE ON THIS NUMBER:: 08067194275 08067194275
Email...awogbemiawise@gmail.com | |
| | | ancl Master
Posts : 17355
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details 2016-01-27, 20:13 | |
| | |
| | | Sponsored content
| Subject: Re: Nigerians Will Start Paying More Tax .. See Details | |
| |
| | | | Nigerians Will Start Paying More Tax .. See Details | |
|
Similar topics | |
|
| Permissions in this forum: | You cannot reply to topics in this forum
| |
| |
| Most active topic starters | |
|