Speaker 1: Welcome to another Money's me. My name is Calu Alohos.
Speaker 1: On this space we can economy. We're talkis and of
Speaker 1: course we attain your right. So welcome guys. This week
Speaker 1: we are gonna do how to legally write avoid taxes.
Speaker 1: That's a topic, right, and it's because the tax lays
Speaker 1: out there. You know, the taxloyd is out there, so
Speaker 1: we've got to understand it so we can then know
Speaker 1: how to apply it. Taxes are gonna be, I would say,
Speaker 1: one of the largest expenses that you're going to make
Speaker 1: right most space, they're gonna make maybe going forward. So
Speaker 1: you've got to understand what the tax laws are and
Speaker 1: of course how you can then sort of navigate that
Speaker 1: tax law and be a better citizen. Now. To be clear,
Speaker 1: paying taxes, paying taxes is a patriotic thing to do.
Speaker 1: Avoiding taxes is also a patriotic thing to do. Why
Speaker 1: taxes are not just about revenues. Taxes are not just
Speaker 1: about revenues. Taxes are also how the government redirects you
Speaker 1: to spend your money. So when the government says, for instance,
Speaker 1: that we want to tax cigarettes, the government is trying
Speaker 1: to make revenues off you. If you smoke cigarettes. There
Speaker 1: are mainly image of discourage you from smoking cigarettes, so
Speaker 1: that way their cost of health does in legal to
Speaker 1: when they're treating you down the line. Same with this
Speaker 1: tax with you know, going to spat and the government says,
Speaker 1: for instance, that we are going to tax you, but
Speaker 1: we will give you a tax rebate or tax exemption
Speaker 1: if you pay into your sing this account. What the
Speaker 1: command is essentially saying is that listen, if you contribute
Speaker 1: money for your retirement today, if you contribute into your
Speaker 1: activity's account today, then of course we're going to support
Speaker 1: that because you are saving it for yourself into the future.
Speaker 1: So the government supports you saving money for yourself into
Speaker 1: the future. That's that's essentially what it is, and that's
Speaker 1: what we're trying to do today. So I've got YouTube
Speaker 1: up and running. I'm gonna share the slides on YouTube, Twitter,
Speaker 1: and I'm going to try to do a presentation more
Speaker 1: to that where we can sort of follow some great
Speaker 1: visuals I have done. Let me find that. That's gonna
Speaker 1: do YouTube so you guys can actually follow. So there
Speaker 1: it is, and then we can start talking about power
Speaker 1: point slides here. I'm gonna share so YouTube folks, just
Speaker 1: give me a terms up or so, if you're on
Speaker 1: a space on you on YouTube's let me know if
Speaker 1: you can see the slides, and I'll also share so
Speaker 1: here on Twitter, so we can essentially start, guys. Yeah,
Speaker 1: so what I'm gonna do is on Twitter, I'm just
Speaker 1: gonna go and share the same sort of like do
Speaker 1: a trend if you may, so we can start. So
Speaker 1: give me a second to get that all sorted out,
Speaker 1: and then I will take you guys on this journey
Speaker 1: about taxation. Right, So, the very very firsting to say
Speaker 1: that tax avoidance, guys, is legal. If you are avoiding
Speaker 1: tax that us a perfect legal decise to do. If
Speaker 1: you are evading taxes, that's a different matter entirely right,
Speaker 1: because you don't want to evade taxes. Mister al Capone
Speaker 1: was arrested for evading taxes, so we don't want anyone
Speaker 1: to evade taxes. We basically want you guys to learn
Speaker 1: how to legally avoid taxes. Let's go on my next slide.
Speaker 1: This is not investment advice. I dont know if you
Speaker 1: guys YouTube considers well, essentially it's not investment advice. I'm
Speaker 1: not your investment advisor. I'm not trying to show you
Speaker 1: or sell you a new product. Speak to you an
Speaker 1: advisor before you do anything, and don't rely on this
Speaker 1: presentation as financial advice. So talk to your tax professional.
Speaker 1: And this is not investment advice. So let's go straight
Speaker 1: into it. Right, Tax upporinances legal, tax vision is illegal.
Speaker 1: The tax reform offers medilegal pathways to avoid taxes. So
Speaker 1: everything I'm going to show you today, everything I'm going
Speaker 1: to talk about today, is all in that Tax Reform Act.
Speaker 1: It's nothing new. We're doing. Everything we are ashamed with
Speaker 1: you today is all going to be in the tax
Speaker 1: reform past. So there's no calories inventing in from the air. No, no, no, no,
Speaker 1: we are shared with you what is already in the Act,
Speaker 1: and of course that's what we're going to talk around.
Speaker 1: So yeah, I don't know if YouTube, folks consider is
Speaker 1: the Twitter. Guys. I just showed you in my first lide.
Speaker 1: YouTube folks, let me come back to you. You guys
Speaker 1: see my slides? No you're not right? Yeah, I don't know.
Speaker 1: Help you folks. Right? So are you seeing those slides? Yeah,
Speaker 1: let me see chat let me know on the chat
Speaker 1: if you can see them. But the first thing we
Speaker 1: want to talk around is who is going to pay what? Yeah,
Speaker 1: you can see my slides now, so tax is yeah, YouTube,
Speaker 1: we can see it. So let's start off, guys, let's
Speaker 1: start off. So first of all, the first thing you
Speaker 1: help to understand is this who is going to pay
Speaker 1: taxes in Nigeria. It is going to be Nigerian residents
Speaker 1: and they're going to be paying taxes on their income.
Speaker 1: So first of all, have five two things here. Number one,
Speaker 1: who is a Nigerian residence. That's a very very first thing, right,
Speaker 1: because you've got to say, excus You've got to say,
Speaker 1: first of all, who is a Nigerian Nigerian doesn't mean
Speaker 1: who has the passport Nigerian means as a tax mall
Speaker 1: as they find it, who is in Nigeria and residents.
Speaker 1: The first thing is that if you spend one hundred
Speaker 1: is three days in Nigeria, you are in Nigeria on
Speaker 1: that tax purposes. That means if you're an American citizen
Speaker 1: but you spend one un three days in Nigeria, or
Speaker 1: you maintain a permanent home in Nigeria, or you have
Speaker 1: significant economic or family ties in Nigeria, right, or you
Speaker 1: have employment elsewhere, you don't do any of that. You
Speaker 1: don't live in Nigeria. I'm a permanent home in Nigeria.
Speaker 1: But the economic activity that you are being your any
Speaker 1: income in Nigeria, you are not being taxed in your
Speaker 1: home country. If that applies to you, boys and girls,
Speaker 1: Essentially you are a taxpayer in Nigeria. So that's the
Speaker 1: first thing. So let's say you live in Canada and
Speaker 1: you have homes in Nigeria, right, and you are earning
Speaker 1: rental income in Nigeria. As long as you do not
Speaker 1: spend all nitted three days in Nigeria, or you do
Speaker 1: not have any substantial quote unquote business in Nigeria, or
Speaker 1: you don't mean it any permanent from in Nigeria, then
Speaker 1: you're not a tax person for all a Nigerian purposes.
Speaker 1: They're not going to be a tax person. That's essentially
Speaker 1: what they're saying. So your taxes will not follow should
Speaker 1: we say the other ways that we will tax Nigerian's.
Speaker 1: We will tax Nigerians based on their income in Nigeria.
Speaker 1: But you are not a resident in Nigeria. So if
Speaker 1: you have a double tax arrangement, that's what would apply
Speaker 1: to you. If you don't have a double tax arrangement,
Speaker 1: then you're not residents in Nigeria. The income you're making Nigeria,
Speaker 1: if it goes to your back account, show file taxes,
Speaker 1: but you are not a Nigerian, so that income stream
Speaker 1: is not applicable to personal income tactic. They're saying, we
Speaker 1: won't tax a foreigner if a foreigner had homes in
Speaker 1: Nigeria below over Amionia the same way, you're not a residence.
Speaker 1: So the key thing here is this. If you spend
Speaker 1: one five days that's half of the time in Nigeria,
Speaker 1: but you are also living in the US on the UK,
Speaker 1: then you're in Nigerian. So if you are in Nigerian,
Speaker 1: then you have to file taxes in Nigeria. You cannot
Speaker 1: claim the foreign status and then say you will not
Speaker 1: pay taxes. You can say I have an American passport,
Speaker 1: thus I will not pay taxes for income I have
Speaker 1: earned in Nigeria. It will work that way if you
Speaker 1: spend more than one hundred three days in Nigeria. So
Speaker 1: what's the way to avoid this. You've got to count
Speaker 1: the days you spend in Nigeria. If you're gonna spend
Speaker 1: a lot of time in Nigeria, be a weather The
Speaker 1: magic number is one eighty three days in Nigeria. If
Speaker 1: you spend one do in Nigeria, you were permanent from
Speaker 1: in Nigeria, you have a signer in the community in Nigeria.
Speaker 1: And if you are not, you don't live in Nigeria
Speaker 1: and you do a contract in Nigeria, but you don't
Speaker 1: pay tax when you get back to your home country.
Speaker 1: And of course you will also be taxed in Nigeria
Speaker 1: because that economic activity happens in Nigeria. So the first
Speaker 1: way to look at it is to say, listen, if
Speaker 1: you're going to be if you have a foreign passport,
Speaker 1: be aware of the number of days that make you
Speaker 1: a resident of Nigeria. But once your resident of Nigeria,
Speaker 1: then this law applies to you resident of Nigeria. Then
Speaker 1: this laws will not apply to you, right because you're
Speaker 1: Nigerian by birds or you're an American citizen or kind
Speaker 1: of citizen by passport. But if you're a Kandon citizen
Speaker 1: and you spend two hundred days in Nigeria, then for
Speaker 1: the purposes of taxation, you'll be taking us in Nigeria,
Speaker 1: and of course you will then pay those tax i
Speaker 1: hope that that's particular how we want to differentiate that? Right, excellent,
Speaker 1: So let's now go to the second thing the world's
Speaker 1: going to talk around, right, which is going to be
Speaker 1: how then to let's now go into the business say
Speaker 1: how can we then avoid the first thing. That's what
Speaker 1: we'll call the income strategy. Income strategy, the law says,
Speaker 1: I'm going to share this lading with you guys on
Speaker 1: on Twitter. The law says that if you end less
Speaker 1: than eight hundred thousand, then you will not pay any
Speaker 1: tactically end less than eight or in thousands. But that's
Speaker 1: the only good strategy for us. I mean, who wants
Speaker 1: to have a strategy that says I want to end
Speaker 1: less than eight hundred thousand. That's nothing, right, we want
Speaker 1: to end more. We're basically going to end a lot
Speaker 1: more and then find out the legal ways not to
Speaker 1: pay tax on that. Now, I did look at all
Speaker 1: the all the provisions. The one that I do like
Speaker 1: that I think makes more sense for us to talk
Speaker 1: around is the one where you go around the pension
Speaker 1: from Act. That's the one I think that makes more
Speaker 1: sense to us to really focus on how to speak around.
Speaker 1: So again on Twitter, guys, I'm sharing the slides. I've
Speaker 1: just said the second one. Now now we're on the income.
Speaker 1: So if you are earning more than eight hundred thousand,
Speaker 1: I wanted to really look at your retirement sivis account
Speaker 1: as your key account to avoid taxes legally. And this
Speaker 1: is what we call above the line deductions, because what's
Speaker 1: happening is this, if you end a million MIRA and
Speaker 1: you are able to contribute, able to contribute three hundred
Speaker 1: thousand MIRA into your retirement sivings account, then your income
Speaker 1: is no longer one million is seven hundred thousand IRA.
Speaker 1: So anything you contribute to your retirement servings account, you
Speaker 1: deduct that from your income, not as an expense, not
Speaker 1: below the line, but really above the line. You are
Speaker 1: saying your income is going to get one million, your
Speaker 1: income is seven hundred thousand because you've taken away three
Speaker 1: hundred thousand to your retireing sivens account. So now remember
Speaker 1: that your arrests, your time sients account is based on
Speaker 1: eighteen percent. That's the statutory limit ten percent. It's based
Speaker 1: on your housing, your basic housing, your transport, and of
Speaker 1: course your basics.
Speaker 2: Right.
Speaker 1: You want to make sure that if you work in ninetia.
Speaker 1: You are getting a pay slip and that pace they
Speaker 1: should break down your income into basic housing and transportation.
Speaker 1: So just don't get a payslip. Just don't get say,
Speaker 1: oh I pay you, here's a check. Insist to get
Speaker 1: a payslip, and that pactive should break down your income
Speaker 1: into basic housing and transportation. That's what you want to
Speaker 1: essentially get because once you get that, you've qualified then
Speaker 1: to then pay eighteen percent of that basic housing and
Speaker 1: transportation right as your start to treat allowance, but want
Speaker 1: to go more than that's a tree allowance. This is
Speaker 1: where we now talk about the real avoiding taxes. We
Speaker 1: want to avoid taxes. You know what we call the
Speaker 1: additional voluntary contribution that you can make all a pension
Speaker 1: is the way use the additional contribution right in excess
Speaker 1: of that eighteen percent, you take that off your income.
Speaker 1: If you don't end edit income, then you're not paying
Speaker 1: the taxes. So as much as one your salary is
Speaker 1: available for it to contribute as additional volunteer contribution. Look
Speaker 1: at the cool part of this here, right, any amount
Speaker 1: of money you contribute to your additional vunture contribution, you
Speaker 1: can take away in five years and it's completely tax free.
Speaker 1: So let's say I'm working today and I keep on
Speaker 1: contributing ten percent in excess of my eighteen percent ten
Speaker 1: percent in excess my eighteen percent into my additional voutry contribution.
Speaker 1: First of all, I'm reducing my tax income by accessible profit.
Speaker 1: What they will tax me, I'm reducing that. But in
Speaker 1: six years, if I want to buy land, I want
Speaker 1: to jack bar, I want to get married, whatever I
Speaker 1: want to do, I can take away the contributions I
Speaker 1: have made fifty percent to my additional ventucumption, I can
Speaker 1: take it away tax free. The order fifty percent is
Speaker 1: going to be added to my pension benefits. So this
Speaker 1: opens your mind to planning. Any income you save in
Speaker 1: your RS as additional vunture contribution, you can remove in
Speaker 1: five years without paying taxes. So if you're high income ENNA,
Speaker 1: this is very very good for you in quote because
Speaker 1: you are able to plan this out. If you say
Speaker 1: you are going to retire in fifteen years, right, you
Speaker 1: can start to deduct those fonts today and put it aside,
Speaker 1: because after five years, all those contributions are tax exem
Speaker 1: Remember your total income, you are paying the tax on it,
Speaker 1: but the deductions from additional vuntry contributions, you are not
Speaker 1: going to pay a tax. So what are we saying
Speaker 1: if you transfer your income Remember we talked about passive income.
Speaker 1: If you transfer your income streams from your salary to
Speaker 1: your additional vuntry contribution, you have shielded that from taxation
Speaker 1: after five years. I like this one because it gives
Speaker 1: you the power to plan how much you want to
Speaker 1: deduct or withdraw after five years. Now the question is
Speaker 1: going to be if you are self employed, can you
Speaker 1: do this? Of course you can. Of course you should
Speaker 1: write because if you are then working for yourself, Let's
Speaker 1: say you are a lawyer, or you are you're a
Speaker 1: hostile or you are a content creator, you have to
Speaker 1: go and open a retimin stements account. Then you have
Speaker 1: to put that relents account the money that you're making
Speaker 1: pay yourself a salary, the excess put it there or
Speaker 1: ones you can invest, put it there. Because in five
Speaker 1: years time, it comes like that all the money you're
Speaker 1: going to make, you can take out that. If fifty
Speaker 1: persent on that ANBC, you can take out after five years.
Speaker 1: So if you put ten million there, you can take
Speaker 1: out five million after five years. If you ladder it properly.
Speaker 1: You can receive tax free income after five years. If
Speaker 1: you ladder properly. Ask your advisor what ladder means. Right,
Speaker 1: you can do it properly and you can get that
Speaker 1: tax free incentive. So we've talked to Abroun one about
Speaker 1: number one. Where you live determines if you pay taxation.
Speaker 1: So you have an American passport, but you do business
Speaker 1: in Nigeria for more and one in the three days,
Speaker 1: or you do substantial business here, or you maintain a
Speaker 1: permanent home in Nigeria, be careful. You're going to be
Speaker 1: exposed to paying taxes in Nigeria, so watch out that
Speaker 1: one of the three day limit. That's the first we
Speaker 1: talked about. Now we're talking about your retirement in stements accounts,
Speaker 1: how you can use attenative's account to take your active income,
Speaker 1: push it through there and bring it out additional country compsion.
Speaker 1: Don't say five years is too long. It's five years
Speaker 1: to ensure the money gets to you tax free. Right,
Speaker 1: very important distinction there for you. So there are other
Speaker 1: tax benefits that you get, but like I said, I
Speaker 1: looked through them and the pension one was and it
Speaker 1: gives you more bang for your book. The other ones,
Speaker 1: guys are going to be around your life premium for
Speaker 1: you and your spouse. Now, this one why didn't like
Speaker 1: it too much in terms of bank for the book
Speaker 1: was because it's just the premiums that are going to
Speaker 1: be deducted from your your paycheck. So it's you buy
Speaker 1: life insurance, what you pay as premium and what you
Speaker 1: pay for your spouse as premium, you dedoctor also above
Speaker 1: the line from your income. So if you buy a
Speaker 1: life insurance policy of maybe five million and annaira, whatever
Speaker 1: premium you pay for yourself and your wife, you dedot
Speaker 1: that from your income. Right, that's essentially what's going to happen.
Speaker 1: So this doesn't give you that bank. You don't you
Speaker 1: don't put the money in insurance and then when insurance
Speaker 1: pays you it is No, it doesn't give you that bank.
Speaker 1: But still it allows you reduce your taxes. Look at
Speaker 1: it this way. If you're in a high tax bracket
Speaker 1: and one miller will make you qualify from say paying
Speaker 1: eighteen percent tax to pain twenty five percent tax, it's
Speaker 1: work well for to buy life insurance and reduce where
Speaker 1: you fall on the tax table. This high want uses
Speaker 1: like surance policy, the annuities. The NHR is the NHF.
Speaker 1: This is how you want to use it. If you
Speaker 1: look at the tax table, guys, you see your first
Speaker 1: eight thousand is you don't pay anything. Then you see
Speaker 1: your next amount, your next amount, your next amount. You
Speaker 1: see the taxes you pay on the right inside. If
Speaker 1: you are a million dollars million mirror between one tax
Speaker 1: bracket and the tax bracket, it makes no sense to
Speaker 1: take that wollion error in US income and then qualify
Speaker 1: for the higher tax bracket. So it makes us look
Speaker 1: at your income, look away from the tax back. Then
Speaker 1: say can I buy my way into a lower tax
Speaker 1: bracket by buying digity deductibles. So the point is, don't
Speaker 1: look at the insurance premium and say if I buy
Speaker 1: insurance premium whatever I'm buying, and you see my taxes,
Speaker 1: this is a above the line reduction. If you eard
Speaker 1: a million and you pay one hundred thousand for insurance premiums,
Speaker 1: your income is now nine hundred thousand. Very key. So
Speaker 1: if your income if one million, guys pay ten percent
Speaker 1: income tax, but nwe hundred percent guys not to na
Speaker 1: guys pay five per cent income you want to see
Speaker 1: if you can use these deductions and buy yourself into
Speaker 1: a lower tax bracket. So live insurance premiums, deferred annuities,
Speaker 1: which are like you you go to an insurance company
Speaker 1: and you say, I'm going to give you money today,
Speaker 1: and I want you to give me back this money
Speaker 1: in five years time. All that money you buy, all
Speaker 1: those fundings you buy with them, is going to be deferred.
Speaker 1: The income is going to be deferred or the purchase deferred.
Speaker 1: Once you pay for that premium for defered annuity or
Speaker 1: life insurance premium, you pay no taxes. I either reduce
Speaker 1: your income based on what you pay. You're able to
Speaker 1: write off your income to the amount that you pay
Speaker 1: as a premium for life insurance and for defered annuities.
Speaker 1: NHI is National Insurance Scheme. Anything you pay as premium,
Speaker 1: you also deduct Niger Housing the fund You can pay
Speaker 1: this studtory two point five per cent off your income
Speaker 1: to NHF. If you pay interest on a mortgage on
Speaker 1: a home that you live in primary residents, you can
Speaker 1: also dropped that prime residence as income that you will
Speaker 1: so you dedoct that from your income to reduces your income.
Speaker 1: The rants is kind of different. Rents is just going
Speaker 1: to be a twenty percent of whatever rent you pay
Speaker 1: is not top one or bottom line, it's just going
Speaker 1: to be twenty percent of whatever rent you pay is
Speaker 1: capped at five hundred thousand. So whatever number you get,
Speaker 1: if it's one on five hundred thousand, you cap it
Speaker 1: back to five hundred thousand. So if you pay a
Speaker 1: rent of ten million, twent ten done is two million,
Speaker 1: you only claim five hundred times. So nolready that is
Speaker 1: to reduce your taxable what you pay as tax, But
Speaker 1: you're not going to reduce your above the line. We
Speaker 1: are interested in above the line deduction, which is your pensions,
Speaker 1: your life pillions, your annuities, your NHS, and your natural
Speaker 1: housing front while we interested in those months because they
Speaker 1: reduce your taxes above the line with mean that your income,
Speaker 1: the income you end in reduced with them, means that
Speaker 1: the taxes you pay, your tax fit is going to
Speaker 1: be a better tax because you are reducing your income.
Speaker 1: So I'm indy ten million, but I'm paying tax as
Speaker 1: if I end five million. That's what I'm saying. You
Speaker 1: are going to use these deductions to reduce your taxable
Speaker 1: income to give you a more preferential tax bracket. That's
Speaker 1: what hardly want to use. This was sorry, we're gonna
Speaker 1: take I'm going to take your questions once I'm done
Speaker 1: with this. So just if you have a question, just
Speaker 1: park it. Not if you want to speak, I will
Speaker 1: allow everyone to speak out of your question. I'm going
Speaker 1: to run through this presentation, and then we'll just take
Speaker 1: all those questions. Not to worry, guys, not to worry
Speaker 1: now that the next one I want to talk about
Speaker 1: now is going.
Speaker 3: To be.
Speaker 1: This is now we're not getting into the meat of
Speaker 1: the presentation, right, We're get into the resentation. I call
Speaker 1: this the passive income strategy. And this should we say
Speaker 1: laws that have or should say opportunities that are in
Speaker 1: the act that the Attaxment House told us that listen, guys,
Speaker 1: if you do this, we will not charge you a tax.
Speaker 1: That's what these are. If you invest this way, we
Speaker 1: will not charge your attacks. And I don't know, just
Speaker 1: want to make sure the guys on Twitter are following
Speaker 1: or seeing the power point slides that I'm sharing. I've
Speaker 1: shared about three now if you can see it on Twitter,
Speaker 1: just give me a what's it called?
Speaker 4: It?
Speaker 1: Terms up that you are following and you can see
Speaker 1: the slides I'm sharing just to make sure I'm carrying
Speaker 1: you guys a lot of figures I want to. Don't
Speaker 1: give me a TOMS. If you're on Twitter and you
Speaker 1: can see those slides that I'm sure I really would
Speaker 1: appreciate that. Yeah, I know the YouTube guys can see it. Well, perfect,
Speaker 1: Thank you so much. Let's come to our income passive
Speaker 1: income strategy. What is this? Is this if if you
Speaker 1: earn income, you pay tax on your income. That's how
Speaker 1: taxes work. You earn income, you pay tax on your income.
Speaker 1: But the taxman is saying, now we are going to
Speaker 1: give you setting incomes are exempt from taxes. That's what
Speaker 1: we're talking around. What incomes are going to be exempt
Speaker 1: from taxes? If you are a Nigerian taxpayer in Nigeria,
Speaker 1: taxpayer doesn't mean you have a Nigerian passport. It means
Speaker 1: you are making money in Nigeria for more and more
Speaker 1: than into three days, there are permanent from in Nigeria.
Speaker 1: You have substantial that's Nigeria. That's a taxpayer in Nigeria.
Speaker 1: Number one. If you earn dividends, interest, ran royalties outside
Speaker 1: Nigeria and you bring it into Nigeria to invest. Then
Speaker 1: you will not pay tax on the income that you
Speaker 1: generate from those especially if you bring it approved channels.
Speaker 1: What are they saying. Let's say you work in Nigeria
Speaker 1: and you make one hundred million Mira a year. If
Speaker 1: you take if you take fifteen million or that round
Speaker 1: million fifty million, Let's say you take thirty million and
Speaker 1: you take it outside Nigeria. How you buy You go
Speaker 1: to your app in Nigeria and you buy a money
Speaker 1: market fund in the US and the UK. That money
Speaker 1: market's fund pays you a dividend. You take that dividend,
Speaker 1: you bring it back to my gad the next year.
Speaker 1: You know this first year you end naira. You took
Speaker 1: your naira converted to dollars, pounds, Canadian or whatever. You
Speaker 1: invest in the foreign asset class. That point asset class
Speaker 1: paid you dividends. You took that dividends, brought you to
Speaker 1: approved channels. The money came up to you in legos.
Speaker 1: You don't pay tax on that income. So if you
Speaker 1: start to do a process, you are taking money from
Speaker 1: your Nigerian account, buying a foining assets, bringing the money
Speaker 1: back to Nigeria. The money go about to Nigeria becomes
Speaker 1: income to you, but it's not taxable. So the first
Speaker 1: year thirty you do it. You do a table, next
Speaker 1: year thirty, next year thirty. What would happen is that
Speaker 1: these streams of income that are going to be an
Speaker 1: it from your dividends, your passive income are no longer
Speaker 1: taxable to you. If you buy property in the UK,
Speaker 1: they pay you a dividend, or they paid you rental,
Speaker 1: you bring that rental back to Nigeria, it's not going
Speaker 1: to be taxable to you. Dividends, interest, rents, royalties derived
Speaker 1: from outside Nigeria brought into Nigeria through APPROOP channels tax
Speaker 1: exempt for you. That's the first one there. So your
Speaker 1: mind is now thinking, oh wow, I can take naira
Speaker 1: buy something foreign that's gonna pay me dividends that point
Speaker 1: evident paid me back in come to Nigeria. Even having Nigeria,
Speaker 1: I don't pay tax on it. Your mind is thing
Speaker 1: like I can see your mind working. What else if
Speaker 1: you have a Nigerian company that is doing export, remember
Speaker 1: holy exports. If all they are doing is exporting any profit,
Speaker 1: that company makes zero taxes on it. Right, Or if
Speaker 1: you export cock and you bring the cocoa proceeds back
Speaker 1: to Nigeria. That money from coco back to Nigeria, you
Speaker 1: don't pay tax on that money. So what if I
Speaker 1: had one hundred million Ira today and I went to
Speaker 1: acquim if I could get go it's better hard to
Speaker 1: get cocoa today. I got to acquire on my bi
Speaker 1: cocoa and I take that whole a million Eira and
Speaker 1: I export cocoa out. They bad cocoa in Holland. They
Speaker 1: pay me uros. Maybe I don't know how much. It's
Speaker 1: going to be ten thousand euros. The turns on euros
Speaker 1: come back to my dorm account. Nigeria is saying that
Speaker 1: you will not pay tax on that ten million. Remember,
Speaker 1: you don't want to pay tax on the first on
Speaker 1: your own error because you aren't that money to do
Speaker 1: a business to export the cocoa to go comes back,
Speaker 1: you don't pay tax on that. Also, if somebody is
Speaker 1: selling vegetable to Everanon in Canada and you say, okay,
Speaker 1: I want to invest in your business. This business is
Speaker 1: going to be only set up to export vegetables to Canada.
Speaker 1: Whatever profit you guys make on that business, you don't
Speaker 1: pay tax on it. So the way to do is
Speaker 1: that it again, you have income, you have to invest
Speaker 1: that income in this activity. Export activity. It has to
Speaker 1: be only exports. They can be doing export and import,
Speaker 1: but no import Expert's got to be only exports. So
Speaker 1: this just tells you that the government is telling you
Speaker 1: that for you to be a patriotic Nigeria and they
Speaker 1: won't you to go on export. The more you export,
Speaker 1: the revenues you get from export as now that you
Speaker 1: bring it back to Nigeria true approved channels of course,
Speaker 1: this tax exempt are for you. So again your mind
Speaker 1: is now working. That means that all those you can
Speaker 1: get up a few boys, set a company up and
Speaker 1: say what I think guaranteetings and I just want I
Speaker 1: can export. I can export Mollywood movies. I can export
Speaker 1: Nigeria uncles. I can export palmholder, I can expok Okay,
Speaker 1: whatever it is, I go to export. Take your naira,
Speaker 1: do that export, bring way back to Nigeria. It's tax free.
Speaker 1: It's tax free, guys. Is the law. Everything we're quoting here,
Speaker 1: everything here is in the tax law. That's why I
Speaker 1: said it's a patriotic thing to do. Because the government
Speaker 1: wants to do exports, and the more you export, the
Speaker 1: more you're gonna make money for Nigeria. That's what they
Speaker 1: make it to your tax free. So your brain is working. Yep.
Speaker 1: You you are married, your husband is in. Your husband
Speaker 1: is not elay. You are a breadwinner. You take money,
Speaker 1: You set up a company owned by yourself and your husband.
Speaker 1: That company does exports. That's it. All the money you
Speaker 1: make goes to that company. The problem you guys, make
Speaker 1: is tax free. The costs of the company are tax free.
Speaker 1: The digner the company pays you, it's tax free. Your
Speaker 1: brain is working. Dividends distributed by an authorized collective investment scheme.
Speaker 1: What are collective investment skins? Mutual funds? You need trust?
Speaker 1: You see you go to your stomp guys you see
Speaker 1: invest in mutual funds or invest in ETF that venture capital, pees,
Speaker 1: private equity. Any funds you invest and then you get
Speaker 1: dividends back from this company is tax free. Again, your
Speaker 1: brain is working. You get your line. You're gonna salary.
Speaker 1: You say, okay, how much you wrying to spend spend
Speaker 1: money on food? Okay, the excess we do, the excess
Speaker 1: I buy. You need trust schemes from nineteria I buy
Speaker 1: money markets, I buy equitive trust schemes. As long as
Speaker 1: it is authorized by the Nigerian Security and Exchange Commission.
Speaker 1: They pay you back your dividends. It's tax free, at
Speaker 1: least say with told in tax. It's tax exp it's gone.
Speaker 1: You're gonna get that money back from them without paying taxes.
Speaker 1: Why the government wants to encourage you to participate in
Speaker 1: the capitol market, so you're giving you a tax free
Speaker 1: way to do it. If you put one in the
Speaker 1: PE firm, they pay you back returns is tax free.
Speaker 1: Let your capital out, they pay you back is tax free.
Speaker 1: ETFs exchange funds you put money, they pay you back
Speaker 1: is tax free. The easiest one for me is you
Speaker 1: take your money, you buy a money market phone. Money
Speaker 1: market phone pays your back interest. Sure, you have to
Speaker 1: put in a one hundred millions to get a ten
Speaker 1: million a BI, but that ten millie is tax free.
Speaker 1: So every year test trains go up, your tax return
Speaker 1: is also increasing. You don't pay tax on that income.
Speaker 1: It's income. By not paying tax on that income, it's
Speaker 1: a law. Fantastic guy. It's thanks for so everyone knows.
Speaker 1: We don't worry world's big our profits on a company
Speaker 1: engaged in sporting activities. If you have a company, let's
Speaker 1: say again the wife is working, Harman is not working,
Speaker 1: husband is follows Chelsea, do something around Chelsea or something
Speaker 1: around a BA, and the profits that company is making
Speaker 1: it's not going to be taxicle. Now, I controfess, I
Speaker 1: don't know what they mean by sporting activities. It's a
Speaker 1: beer power where you watch Chelsea beats as not it's
Speaker 1: sporting activity. It's making shoes in a bar, sporting shoes
Speaker 1: in a BA, sporting activity. I don't know, but this
Speaker 1: is what they are saying that if you have a
Speaker 1: company engaged in sporting activities, then that company is going
Speaker 1: to be end income that's going to be tax free
Speaker 1: from you. And of course the one that we all know,
Speaker 1: if you buy federal government and state government bonds, you
Speaker 1: get a tax exempts because the income that's don't come
Speaker 1: to you now lend them went to the governments or
Speaker 1: log a tax they want to encourage you lend to them.
Speaker 1: My disappointment here is that they did not include local
Speaker 1: government bonds. Why state, federal and local governments at the
Speaker 1: federation local government should be able to borrow doesn't mean
Speaker 1: if you're going to give them money, but they not
Speaker 1: including them as well. But any income that you make
Speaker 1: from a state, a federal, or local government is going
Speaker 1: to be exempt from taxes. So guys, what are we
Speaker 1: saying here, right? We are saying that if you are
Speaker 1: able to invest in any of these activities, if you need,
Speaker 1: the income you are making is going to be tax exempt. Remember, guys,
Speaker 1: the whole idea is convert your active income into passive
Speaker 1: income that is tax exempt. That's the game. Convert your
Speaker 1: passive in your active income into passive income that is
Speaker 1: tax exempt. That's what you want to do. Convert your
Speaker 1: passive income into active income that is tax exempt. Right,
Speaker 1: let's go to our next slide. Next slide next life
Speaker 1: is going to be all the things that you can
Speaker 1: do with real estate, especially I like this for my
Speaker 1: real estate. We'll gon't talk about this on my relative. Well,
Speaker 1: how you can also transfer money and avoid taxes, and
Speaker 1: how you can also invest also to avoid taxes. Now,
Speaker 1: overall capital gains means if you buy a car for
Speaker 1: one for one hundred ERA and you sell that car
Speaker 1: for two hundred error, you have made a profit of
Speaker 1: one hundred as capital gains. You bought something, you sold,
Speaker 1: you make a profit. Government wants to tax that profit.
Speaker 1: But the government is saying that if you don't, if
Speaker 1: they puss at less than one fifty million, they won't
Speaker 1: tax you. If the game is less than ten million
Speaker 1: in twelve months, they will also not tax you. So again,
Speaker 1: if I buy shares and I sell my shares and
Speaker 1: my profit is not up to ten million, I make
Speaker 1: two million. Next time I make four million. As long
Speaker 1: as I've not crossed ten million, I don't pay tax
Speaker 1: on that capital game, the capital gain itself, I don't
Speaker 1: pay tax. Why I buy land and I sell land
Speaker 1: in less than one year, it's not normal will ten
Speaker 1: million there? I don't pay taxes. They process to me
Speaker 1: should be less than one So the whole transaction should
Speaker 1: less than one fifty and I don't gain let's more
Speaker 1: than ten million in twelve months, so you don't pay
Speaker 1: tax on that. So if you don't like something, if
Speaker 1: you've bought something, you want to sell it very very quickly.
Speaker 1: If you allow you to accumate interest, of course you
Speaker 1: can then go into paying taxes on that, which is
Speaker 1: not bad. It made your profit, so you will see
Speaker 1: the tax on the private If you don't pay tax
Speaker 1: at all. Dispose early because it's gonna be once it
Speaker 1: gets on one million, then it's exposed to captial games.
Speaker 1: But again, it's not a bad day. You made money.
Speaker 1: That's fine. But what about private residencies. The law says
Speaker 1: that even if I sell a private residence for more
Speaker 1: than that is one fifty million, right, it's my private residence.
Speaker 1: I don't pay tax on the sale of my private residence.
Speaker 1: I don't pay tax on instead of my private residence.
Speaker 1: So let's say I have a house in a Quali,
Speaker 1: it's worth a million era, I can give that house
Speaker 1: to my daughter because it's a gift. My daughter will
Speaker 1: not pay tax on that gift. My daughter is now
Speaker 1: instantly word one and fifty million an era. What if
Speaker 1: you sell that house? What if you sell that house
Speaker 1: where it's not gonna pay against tax because it's a
Speaker 1: personal residence, you have to think leave that house. I
Speaker 1: would certainly five years, right, So because it's a personal house,
Speaker 1: how did she get a house capital true a gift?
Speaker 1: I would say hold it for five and sell because
Speaker 1: it's your personal home. Your castle is tax fish not
Speaker 1: gonna pay tax on that. So again, if you have
Speaker 1: this asset you can just only once. You can't give
Speaker 1: gifts every year. This is a one time exception. So
Speaker 1: if you have this big house di you're not going
Speaker 1: to use and you have kids, I only give them
Speaker 1: money today. Think about this. Give them the house. They
Speaker 1: have to live in the house as a primary residence.
Speaker 1: If they sell that house and go to Canada or
Speaker 1: go to the bility, it's their money because if they're
Speaker 1: presonal residence they're selling, they are not going to pay
Speaker 1: tax on that transaction. Captaal against tax on that transaction.
Speaker 1: So that's not the way for you to structure gifting assets.
Speaker 1: Not just to do we not give that free where
Speaker 1: you know that, but because the person you are getting
Speaker 1: too can dispose and get that income tax free because
Speaker 1: the CAP is the prime cident, it's just the house
Speaker 1: and it's of course going to be tax free. Then
Speaker 1: the last one here is going to be your pension company.
Speaker 1: So if you want to work for another Niger today,
Speaker 1: you want to make sure you work for a company
Speaker 1: that's going to pay you a pension because again, like
Speaker 1: we talked around the first one, if you don't get
Speaker 1: a pension account with additional voultual contribution you are losing.
Speaker 1: A way to get money is washed through the pension
Speaker 1: system for tax prey returns. So if you have two trustes,
Speaker 1: one pays you pension, one doesn't pay your pension. Acts
Speaker 1: a guy, why not paying pensions? Even if they don't
Speaker 1: pay your pensions, You've got to get that pace. So
Speaker 1: that's this basics transport. Everyone has got to insist on
Speaker 1: this from the guy in planet. But if you don't
Speaker 1: do it this way, you can't get that tax break.
Speaker 1: You've got to file your basic, your house and your
Speaker 1: transportation to be able to get that relief. All right,
Speaker 1: let's go to the next one, which is going to
Speaker 1: be copy it in con TAXI. So I'm now assuming
Speaker 1: that we've sort of gone through the personal incoside, right,
Speaker 1: and you guys have seen a lot of innovative Who again,
Speaker 1: there's nothing innovative here. These things are all in the
Speaker 1: tax law. They are all in the tax But I
Speaker 1: just waited on Twitter. I was sending anyone do how
Speaker 1: to avoid taxes? So I said to do it. But
Speaker 1: I'm not giving you any revelation. It's all in a
Speaker 1: tax law. But tax avoidance is legal. The government is
Speaker 1: telling you if you do this you will not pay taxes.
Speaker 4: Not me.
Speaker 1: The governments are telling you. If you do this, you're
Speaker 1: not paying tax. A lot of other things. Is how
Speaker 1: to do it. I'm showing you the forest, right, but
Speaker 1: I'm not showing the tree. You don't have to go
Speaker 1: in and say, Okay, I'm gonna find this tree in
Speaker 1: this forest and I'm going to take advantage of So
Speaker 1: let's share corporate income taxes again. Lets just make this point.
Speaker 1: This space is only for personal taxpayers and small and
Speaker 1: medium enterprises. If you're a POC big boy, gonna hire
Speaker 1: your own tax lawyer, you have lots of ways to
Speaker 1: have to do those things there. But this for the
Speaker 1: small guy, the guy employing ten people, small firm that
Speaker 1: wants to know also, how can they apply if you
Speaker 1: the things that title to reduce their taxable income. This
Speaker 1: is who this space is, right, not for the guys
Speaker 1: that can have for the lawyer and all that. Right.
Speaker 1: So I think this first point really tells you all
Speaker 1: you need to do to avoid tax as a personal person.
Speaker 1: All you need to do any profits or gains of
Speaker 1: any company, any company or enterprise dedocted all expense for
Speaker 1: the period why and exclusively incured in the production of income.
Speaker 1: In other words, any income that any company can show
Speaker 1: was used wholly and excusingly to make income is tax deductible.
Speaker 1: That's that's what it means. If you work for a
Speaker 1: fan in a farm and you buy disy to run
Speaker 1: your immigation machine, whatever I used to run that machine,
Speaker 1: it's tax deductible. If you as if you're a content
Speaker 1: cream and you buy a camera, you pay a borrow
Speaker 1: for the buy to film, you pay for boxes, you
Speaker 1: pay for launch. All those things are tax deductible because
Speaker 1: you are using them to create income. In the production
Speaker 1: of income. If you are the video give example many
Speaker 1: times and you buy a Lamborghini, that Lamborghini is tax
Speaker 1: deductible because there's Lamborgames do videos for your home, for
Speaker 1: your music videos, which generate income for you. So any
Speaker 1: company at all that is using any expense holy and
Speaker 1: the screen to generate income, you can write that income off.
Speaker 1: This is of course in line with our agricultural export
Speaker 1: we said before. If you export anything in Nigeria, you
Speaker 1: don't pay tax. If your billion money back. If you
Speaker 1: export a culture you get a tax ext for five years.
Speaker 1: This is a separate for that. If you start up
Speaker 1: farming Nigeria. You get tax break for five years. The
Speaker 1: first five years no taxes, but this is in after
Speaker 1: that five years, any expense that you use to make
Speaker 1: income in that farm is also going to be adoptable.
Speaker 1: Now in the tax law, we define this small compaign
Speaker 1: as turnover or a hundred million or below and fixed
Speaker 1: assets not exiting two hundred and fifty million, there's fifty million.
Speaker 1: There's the tax Act. Mister t I will have clarified
Speaker 1: that hundred billion is the right numbers. We go with
Speaker 1: one hundred million. So for me, I would say, hire
Speaker 1: your accountants, look at to watch you're your operations and
Speaker 1: say okay, hey, how can I legally avoid taxes again?
Speaker 1: But they afore give you the answer. Any expense you
Speaker 1: used to make income you had a doctor, including the eating.
Speaker 1: If you're going to talk around now write any income
Speaker 1: you make you used to make your income. Any experence
Speaker 1: used to make your income you can deduct from your taxes.
Speaker 1: So we're gonna going to talk around some settin exemptions
Speaker 1: as well that you can also add to deduct as
Speaker 1: well some incomes. We're going to the second to the
Speaker 1: last slight guys. So yeah, we're nearly there copy. I'm
Speaker 1: not gonna share with my folks on Twitter who have
Speaker 1: always been with me all year. Merry Christmas to all
Speaker 1: my Twitter folks, love you all like mad. So now
Speaker 1: we are talking around a few exemptions, right that just
Speaker 1: I want to just highlight this exemptions for the business
Speaker 1: with love death. If you pay any intro or on
Speaker 1: debt employed to generate income for the trade business profession,
Speaker 1: you can write that tax off. So if you borrow
Speaker 1: money and you are any interest on debt is right,
Speaker 1: you can write that off. Right, so the will continue
Speaker 1: to grow by taking in credits and to expand your operations,
Speaker 1: and of course the interest you in cure with that
Speaker 1: expansion you can write off. This says business profession of vocation.
Speaker 1: So if you're a if you're making skits, if you're
Speaker 1: a YouTube guy, you're making skits on the roots of
Speaker 1: love of a bar and you borrow money from a
Speaker 1: bank to do that business, the lawyer is saying, you
Speaker 1: can write off the interest you use to buy that camera,
Speaker 1: to buy the drone, to pay all those people, you
Speaker 1: can write it off your taxes. That's what the lawy
Speaker 1: is saying. Any expense in the repair of plans equipments, fictions.
Speaker 1: Yet all this is all good. So when you do
Speaker 1: your repairs, keep you your bills. You got to vocanize
Speaker 1: and keep your receipt. You call it legion and keep
Speaker 1: your receipt. That's the point. It's a small enterprises. Now, Yeah,
Speaker 1: any contribution you make to your staff pension prevedent retireing
Speaker 1: benefits are food. But the pension from art is also
Speaker 1: taxing exempt. So again, if you know this, guys, why
Speaker 1: would you have employee employees and not pay them pension.
Speaker 1: If you pay employees pension, you write it off your taxes,
Speaker 1: and your employees are happier, they stay more because they
Speaker 1: can also then do additional lunt your contribution. You are gaining,
Speaker 1: your employees are happy. Why would you not pay pensions
Speaker 1: to your employees? Doesn't make any sense to avoid or
Speaker 1: to ignore this exemption for you rent. If you pay rent,
Speaker 1: you can also write that off. And it says in
Speaker 1: residents of land and building occupy for the purpose of
Speaker 1: getting in. So even a farmer and I rent land,
Speaker 1: I can paid by that rent out of my tax income.
Speaker 1: So you've got to have an account on talking to you.
Speaker 1: You can't do it by yourself. Because then I was
Speaker 1: going to tell you more of This is just what
Speaker 1: I brought out on power point. Your counter is going
Speaker 1: to tell you more about things like this. Any salary
Speaker 1: you pay, you can't write off any cost to the company.
Speaker 1: You can't write you own your employee salaries. Because your
Speaker 1: pain a salary, you write it off. But very good
Speaker 1: thing is here, guys. You can see, like I said,
Speaker 1: to pay your taxes is patriotic. Only patriotic nature has
Speaker 1: paid salaries right. So nothing we have said here is illegal.
Speaker 1: Everything we have said here is part of the pension
Speaker 1: reform at everything we have said here now as second
Speaker 1: to the last slide, we're going to talk around some
Speaker 1: awesome special exemptions there. I just want you guys to
Speaker 1: be aware of that this is going to be an
Speaker 1: export zone. You'll pay taxes, that's fine, but you're V eighty.
Speaker 1: Please make sure going forward to track all V eightyes,
Speaker 1: bety going out, viaty coming in. Why because there is
Speaker 1: this impute tax you can clan back. So if you
Speaker 1: have a company and you buy un instance diesel, right
Speaker 1: and the company charleges U V eighty, just assuming and
Speaker 1: assume they charges V eighty on the diesel now you
Speaker 1: can claim that in putebat you can claim it back
Speaker 1: and say that was a cost, So big big beigchen
Speaker 1: for you there. Captain allowance says, of course I'm still there.
Speaker 1: If you invest in an in an equipment, you can
Speaker 1: clean that allowance over the years and say, oh I
Speaker 1: want the narrator, I want to clean that gator as
Speaker 1: capital allowance in run of my business, there's not this
Speaker 1: economic development taxing incentive it is. It's not replaced in
Speaker 1: the pioneer taxes. So before the pioneer taxes, if you
Speaker 1: invest in the rural area where there's no w or power,
Speaker 1: you can actually play one hundred percent of alt of investments
Speaker 1: out of your taxes. So let's say you are to
Speaker 1: make you want to manufacture socks. If you manufact your socks,
Speaker 1: an example in Legos labors has water, power and roads
Speaker 1: no exemption. But if you go to your village where
Speaker 1: there's no power, water roads are a socks factor in
Speaker 1: your pleage, you are able to clean a lot of
Speaker 1: those kinds out of your proca. There's no road there.
Speaker 1: So going to say, because they give you power, we're
Speaker 1: gonna allow you claim a lot of that as tax insancty.
Speaker 1: That's what they're saying. Your guys, Yes, guys, you guys
Speaker 1: speak if you have all those questions. Finally, guys, I'm
Speaker 1: just closed by saying most of what I've said here,
Speaker 1: even before the tax laws past, already had the stage
Speaker 1: in our in my book. Right this was reading my book.
Speaker 1: Somethings have been rehashed to increase the amount, or they
Speaker 1: will say it when it was to have been there.
Speaker 1: And if you've gotten the book, which i'm now shameless
Speaker 1: is plugging, you have seen most of these things in
Speaker 1: the book already. I would have also prepared yourself for this,
Speaker 1: because you want to get ready minting about this tax
Speaker 1: better that manyting that you have to do implementation. If
Speaker 1: you do not file any tax return, whether you make
Speaker 1: one mira or one billion, you're going to pay taxes
Speaker 1: because you have not filed. You've got to file taxes
Speaker 1: to be able to get the exemption. So don't assume
Speaker 1: I'm not in the file. I end fifty K a year. No,
Speaker 1: don't tax your ass because you've got the file. So
Speaker 1: knowledge is very important, more knowledge, implementation of that knowledge
Speaker 1: is very very important. So like I said today, I
Speaker 1: have shared with you guys a lot of things right.
Speaker 1: It's going to be recorded. These lines are there. I
Speaker 1: want to show your tax account and ask a tax
Speaker 1: account and hey, this guy said this, is it true?
Speaker 1: How can I take sto make sure you also do
Speaker 1: your own vertication. I'm not unhuman. I could be wrong
Speaker 1: at the very big I put the disclaimer there. I
Speaker 1: could be wrong, So make sure you also ask the
Speaker 1: tax guy before you. That isn't the generics that most
Speaker 1: people know. The idea is this, if you don't pay taxes,
Speaker 1: you have more money to consume. The more you consume,
Speaker 1: the more the economy is growing. So don't think it's
Speaker 1: a bad thing that you're not paying taxes. You are
Speaker 1: helping the government to improve the GDP and the consumption
Speaker 1: by avoiding tax That's why you're a patriot. With that,
Speaker 1: let me go back to the to the flower. Let's
Speaker 1: get just Josey. How are you? Thanks for hiring there?
Speaker 1: What's your question? Thanks for your.
Speaker 3: Question, compliments of the season.
Speaker 5: I just wanted to answer, does it make financial sense for.
Speaker 4: Let's civil sybums to view of their their pension plan?
Speaker 5: You said they can't save up to one todd of
Speaker 5: their income. It doesn't make financial sense because my space
Speaker 5: was already If we look up and I discovered dinar
Speaker 5: has lost an average of thin st annually in the
Speaker 5: past five years. So just to you know, save up
Speaker 5: only on maybe five to seven percent tax taxations in
Speaker 5: the financial sense to increase one's pension fune, just to
Speaker 5: save up bone on that.
Speaker 4: I don't know.
Speaker 1: If you get my I complete, you're basically saying, hey, well,
Speaker 1: am I posibly deny when I write falling And it
Speaker 1: doesn't make sense to deny consumption when I look at
Speaker 1: it this way. First of all, because the law is
Speaker 1: start to treat to eighteen percent. If you don't do
Speaker 1: your person, you for the lost ten percent income. So
Speaker 1: first of all, everybody here no arguement, make sure you
Speaker 1: do your own eight percent for retirementating's account. Why because
Speaker 1: then the company can give you ten percent whether you
Speaker 1: lose it. They don't lose it. You're gonna get at
Speaker 1: this ten percent. Let's now go back to the contributions
Speaker 1: to your question. Just just remember those those phones are invested.
Speaker 1: We don't take the cash and bury it. We take
Speaker 1: those phons and we invest it. In the last ten years,
Speaker 1: the Niger stock market has lived up the largest return
Speaker 1: in the world for two years after the last ten years.
Speaker 1: I think those twenty twenty two folks can check for
Speaker 1: me now just talk like was the best performance stock
Speaker 1: back at the entire world. Folks can do a quick
Speaker 1: fact check. So the market is not a bad market
Speaker 1: to invest in niger stock market. If instalk buying don
Speaker 1: go to, you are buying Nigerian banks, you are buying
Speaker 1: a few solid companies their setbacks. It's very that five.
Speaker 1: So it's better. Like I said in the example, you're
Speaker 1: eighteen percent, you start to treat do to get your
Speaker 1: ten percent? Do it? If you do ABC's, I just
Speaker 1: not want yours and you take the money out after
Speaker 1: five years. If if the market crashes, pull money out
Speaker 1: after five years, it's your tax free. That's the point
Speaker 1: I'm taking again with that. The ABC's fifty percent of
Speaker 1: your ages can be as it means, additional can be
Speaker 1: pulled away when you retire. So essentially, if you don't
Speaker 1: like the market again, or you want to travel, I
Speaker 1: want to start up a new business, there is no
Speaker 1: or that better I give you tax free compounded savings
Speaker 1: than the retirement news account. That's wy you want to
Speaker 1: take advantage of that of that ABC, Sir, does that
Speaker 1: make sense? And does the returns? But that you can
Speaker 1: get fifty percent tax free? Where else can you get
Speaker 1: like an offer? Right, Jose? Does that make sense? Yeah?
Speaker 1: Sense the fantastic. Let's get you the money.
Speaker 4: I agree with you.
Speaker 6: Thank you very much for this session. Just the contribution rights.
Speaker 6: And I think you've done a good job in terms
Speaker 6: of summarizing some of the points in the NCA and
Speaker 6: at least what small businesses and people people that's not
Speaker 6: income US rights. That's something you mentioned, and I think
Speaker 6: it's important. People's tax or your finances might be different rights.
Speaker 6: So you need to still consider regionality to an accountant
Speaker 6: or a tax professional and some of the things you've measured,
Speaker 6: like you know, deduction of life insurance premium.
Speaker 7: Or interest or mortgages. It depends on the states that
Speaker 7: you're in, right, it doesn't the person states. It doesn't
Speaker 7: the states. It's just if you contribute to insurance outside.
Speaker 4: Yeah, you get the doction. What I'm saying is that
Speaker 4: to get the deduction.
Speaker 6: The administrative procedures right the states gives clarity. For example,
Speaker 6: LS will tell you that all it should be people
Speaker 6: now occupied, right, so als will tell you that you
Speaker 6: need to be staying in that property that you see
Speaker 6: is yours so that you can get the interest on deduction.
Speaker 1: Yeah, that's why I said it has to be older
Speaker 1: occupied because the.
Speaker 6: Market is going so that I said, it's peculiar. Sometimes
Speaker 6: if it's if the if you need to you know,
Speaker 6: finance multiple proper.
Speaker 1: Sometimes I don't want I wanted to go. I'm not
Speaker 1: I'm not deviating.
Speaker 4: I'm not deviating.
Speaker 6: What I'm just saying is that you know you need
Speaker 6: to be careful.
Speaker 4: I'm not saying wrong. What may I believe is.
Speaker 1: What you said that.
Speaker 6: The interest on the property to get a deduction for
Speaker 6: it is fine, but you need to be careful. We
Speaker 6: need to check what are the issues.
Speaker 1: With your own states?
Speaker 6: Right because person time in contacts to speak to the states,
Speaker 6: same as interest from mortgage, which.
Speaker 1: Is hold on, hold on the personally contact is paying
Speaker 1: the deduction. The deduction is about the line. So they're saying,
Speaker 1: if you do do this, you get deduction. I want,
Speaker 1: like I said, I'm feeling the forest, go and look
Speaker 1: for the tree. So I get you very good point
Speaker 1: of making, but just know we can detail out tax
Speaker 1: complicities down down.
Speaker 4: To the I'm not didn't what you mentioned everything.
Speaker 6: Then the second bit is, you know, trying to know
Speaker 6: at your document everything. If you're a small business owner
Speaker 6: like you mentioned documents.
Speaker 4: Every day, your receipts, if you're doing.
Speaker 6: Transferst like i'd advice you, you know, you separate your
Speaker 6: accounts personal accounts and the business accounts, get your your receipts, ensure.
Speaker 1: That you you know, you have.
Speaker 6: A good narration and intensity a transferring money you guys,
Speaker 6: also be expenses that you know are related to your
Speaker 6: business will be deducted.
Speaker 4: So those are some of the key things. But most
Speaker 4: importantly after I talked.
Speaker 6: To you professionals to help you, you know, look at
Speaker 6: your accounts, file your returns, and.
Speaker 4: I think you've I think.
Speaker 1: You've you've you've done a good a good summary.
Speaker 6: And I think if people just you know, try to
Speaker 6: you know, seek some.
Speaker 4: Advice, then I don't think they will have any story.
Speaker 1: Yeah, I comment to highlight what you said very important,
Speaker 1: just to highlight the point you've made. Make sure you
Speaker 1: are separating your individual from your business and we'll talk
Speaker 1: about it some time on the space. Do not put
Speaker 1: any personal transactions on your business account. When we had
Speaker 1: the space was a pookeem and said, hey, CALU, in
Speaker 1: my company, they pay me money to pay salaries. I'm
Speaker 1: the fore money in my construction company. So I get
Speaker 1: all the salaries into my account. Then I paid the
Speaker 1: salaries to the people. No more. From twenty six, don't
Speaker 1: do that anymore. The companiesh open up a business account
Speaker 1: and make you a signer, so they will pay money
Speaker 1: to the business account. Then you, as a signer, can
Speaker 1: go to that business account and pay people's salary. Whatever
Speaker 1: money you are saying on your own line on your bank.
Speaker 1: Do a memo. If you are giving your mother in
Speaker 1: the village and gives it, give for mama's birthday memo,
Speaker 1: write it and said it because you forget. If you
Speaker 1: are giving your run Scale money, put money for run Scale.
Speaker 1: Put it there. You will forget what it's for. You're laughing,
Speaker 1: but you forget. Write everything the detailed to have a budget.
Speaker 1: So Gibla very very good. Good points to reminder that
Speaker 1: we have to document. We have to feel. Like I said,
Speaker 1: talk to a tax professional. I'm only human. I want
Speaker 1: to make sure that whatever I've said is you agreeble
Speaker 1: to the tax question before you whatever. Yeah, bad I've
Speaker 1: got bed ben could be so.
Speaker 8: Thank you so much for the insight from your I believe.
Speaker 3: It will be able to watch the video on YouTube.
Speaker 8: A game also here couldn't see. But I just have
Speaker 8: maybe four questions, Uh, if it could happen, whats.
Speaker 9: On how we could personally found taxes.
Speaker 8: For those who are resiling from convince. I think that's
Speaker 8: quite but if you could ever work as through how
Speaker 8: that will work to file. The second question, which is
Speaker 8: a shootout from that one.
Speaker 3: So if I if I work for the.
Speaker 8: Company and I do side housles, how do I how
Speaker 8: do I how do I reconcile that money when it's
Speaker 8: that they should above Let's say let's think it gives
Speaker 8: the the way I could reconcile that and take some
Speaker 8: of this avoid that you said, because it's going to
Speaker 8: be income from pay and that on the side housle,
Speaker 8: how do you reconcile that?
Speaker 4: How can then?
Speaker 8: Also can you file separately if you get side housle
Speaker 8: closer and normal paid that organizations paid for on your behalf.
Speaker 3: That's one question.
Speaker 1: Hold on, hold on, so one thing. If you want
Speaker 1: to file your file personally state by state, that's what
Speaker 1: you bol trying to exercise. You file state by state.
Speaker 1: So in Abya state you go to Abbya States Internal
Speaker 1: Revenue Service you file your personal income tax. It's only
Speaker 1: federal co being in contact that you then file to
Speaker 1: the federal government which is going to be the Niger
Speaker 1: Revenue Service former fire respect. Okay, any income, we don't
Speaker 1: differentiate between gig income, side, hustle or salary. Any income
Speaker 1: is taxable, any and all. If you do bitcoin, you
Speaker 1: get air drops is taxable. If your boyfriend gives you
Speaker 1: money is taxable. If it doesn't say it's a gift
Speaker 1: is taxable. Any income that your accounts is looked as
Speaker 1: as income. However, from that income you only then go
Speaker 1: buy deductions and you file. So, for instance, if you
Speaker 1: get your salary, your company might say, okay, hey, we
Speaker 1: paid your money. We're going to file for you for
Speaker 1: the income we're paid. It's left to you to then
Speaker 1: go and file your own personal assessment to show I
Speaker 1: bond life insurance, I did NHF, I did investments. You
Speaker 1: have to go do that yourself with your state. Your
Speaker 1: state tax author is to claim due deductions, so you
Speaker 1: don't have a tax payment at the bottom.
Speaker 8: I'm sure you're sure if I cry, it's gonna do
Speaker 8: that independent of what.
Speaker 3: Are your organization is doing.
Speaker 1: And it's correct. Remember that in the past, the way
Speaker 1: I druants paid taxes, that you got a twenty percent tax.
Speaker 1: What's what's the word now when you pay when you
Speaker 1: got your income, The government says twenty perent is a
Speaker 1: tax free income automatic. So what is happen in the
Speaker 1: past that I've got your company's paying your salary, they
Speaker 1: simply take twenty percent automatic, apply as your tax break,
Speaker 1: and you get a tax free They just file for
Speaker 1: you because it's from twenty percent of your consultary remedue,
Speaker 1: which your company is paying on your behalf. So that
Speaker 1: was what was happening in the past. Now there's no
Speaker 1: more automatic twenty percent. Nothing is automatic. Even the eight
Speaker 1: hundred thousand nine is not automatic. You have to file
Speaker 1: to say you end seven hundred thousand, then you don't
Speaker 1: pay tax. If you end seven hundred thousand and you
Speaker 1: don't file, you will pay tax. Because tax man will say, hmm,
Speaker 1: I've not got the attacking turn from you. I'm going
Speaker 1: to assume you end a million, and now tax you
Speaker 1: isn't the law. They can assume income and they can
Speaker 1: tax you I think Section ninety one. So you're going
Speaker 1: to make sure you file every year those taxes. Yeah,
Speaker 1: you have to file time says yearly. You have to
Speaker 1: find more. That's gotta be too much for you. So
Speaker 1: what you can just to have an account, open an account,
Speaker 1: call that account tax account. Every month, countult your tax pit,
Speaker 1: your tax account. End of the year, cut a check
Speaker 1: to your your tax authorities, and you have your schedules.
Speaker 1: You know, you have scanners all your receipts for that month,
Speaker 1: scan them, attach you on to your your report, skanter,
Speaker 1: keep it five match you keep it. End of the year.
Speaker 1: You cut one check to your tax authorities. You have
Speaker 1: your record, you get come back to you. You have
Speaker 1: everything scan save on the cloud. It can never get lost.
Speaker 1: That's how you want to do it. So you can
Speaker 1: you can accrue monthly and pay once to Listen, all right,
Speaker 1: it's not messy. It's not messy.
Speaker 3: What I mean by that, a lot of people are
Speaker 3: not savvy.
Speaker 1: Well you have to be. You have to be.
Speaker 8: The mess in the first year because a lot of
Speaker 8: this is new for a lot of people.
Speaker 4: But that's fine.
Speaker 1: So just a real quick you have to expo questions
Speaker 1: real quick manicons to speak, real quick. Last question, real.
Speaker 4: Quick, the last question. So I was also going to
Speaker 4: ask you.
Speaker 8: Talk about making taking your active.
Speaker 3: Income to become a lot more passive.
Speaker 8: So you receive money and you move it to mutual fund.
Speaker 3: What you said was it you get from that would
Speaker 3: not be.
Speaker 1: It's not it's not that taxable income. There's no in tax.
Speaker 1: It's no just no tax. If you take non error
Speaker 1: by mutual funds mutual fund company bas you one hundred
Speaker 1: thousands intro is your interest? You are getting that. The
Speaker 1: key is tax extems. It's not income. It's not taxable
Speaker 1: income to you. Okay, So let me just play the
Speaker 1: last have to go your well to go. Let's get
Speaker 1: what's get wins. We knows we know see w N
Speaker 1: O s C at G Baden we know see I
Speaker 1: don't we know that the co C K O s
Speaker 1: I co C. How are you doing?
Speaker 3: Okay?
Speaker 2: And question yes, sir, let's say you live abroad, you
Speaker 2: don't pat money from Nigeria. Boy, you have proper in
Speaker 2: Nigeria that keeping in valid?
Speaker 1: Yes, sir?
Speaker 4: Do you pay that for having properties in Nigeria? Although
Speaker 4: that you're gonna making money.
Speaker 3: From them board the valley.
Speaker 1: No, so you don't because we don't tax assets with
Speaker 1: tax income. So if the land value just keeps on
Speaker 1: going up, the asset that is going up, there's no
Speaker 1: income and from that land, so you won't pay any
Speaker 1: tax on an asset. You only pay tax if you
Speaker 1: have If maybe a farmer comes to that land and
Speaker 1: it's paying you rent, then you're making income from the land.
Speaker 1: But if you're not in Nigerian i e. You are
Speaker 1: in Nigerian born, but you're an American passport holder and
Speaker 1: you don't stay in Nigeria for one three days, then
Speaker 1: for tax proposality Nigerian tax payers to give you the
Speaker 1: full answer, fantastic, You're welcome. That's okaypho o Hiphoe YouTube guys,
Speaker 1: you can that's the chatter answer. Yes, go ahead.
Speaker 10: Well as to only define what we mean by in home, grant, scholarship,
Speaker 10: give family and prince.
Speaker 4: I not listen to people.
Speaker 1: What it's not income, they're very nagle. If you have
Speaker 1: a gift, it's not income. If you have a grant,
Speaker 1: it's not income. Income, it's anything that is. I don't
Speaker 1: have to defining income. They did instead of what income
Speaker 1: was they didn't define it, so salary bitcoin interest did it? Then?
Speaker 1: Both those are all income. That's how they They just
Speaker 1: say what income is they in definan say income is this?
Speaker 1: So does answering? You're good? Yeah, so we give this
Speaker 1: gift is a very very funny thing, right. I would
Speaker 1: say this. If your father gives you ten narrative gift,
Speaker 1: you're fine. But let's say your father is giving you
Speaker 1: ten on or one on her every month as a gift.
Speaker 1: You're frown on that because that can be a gift.
Speaker 1: You can't have perpetual gifts in eternity and quality gift?
Speaker 1: What is a gift one time? Huge can be two times,
Speaker 1: but not every time. So use your intuition. I say,
Speaker 1: is this a gift? If I'm paying my girlfriend salah
Speaker 1: and my quality gifts, They'll say it's not a gift.
Speaker 1: It's income to her. So I'm giving her every month.
Speaker 1: I can't give her a guitar every month? What is this?
Speaker 1: Lottery is also income? I think sports winnings there's something
Speaker 1: are not taxable. Lottery is taxable? Yes, just to be
Speaker 1: clear that. All right, thank you, So let's get the
Speaker 1: Big George. The Big George. I read the UK.
Speaker 11: Okay, yeah, I'm fine, I'm fine.
Speaker 3: Thank you.
Speaker 9: Also about really you guys now for example, jobs and
Speaker 9: all because you.
Speaker 12: Know it tax like they collected into the amount of percentage.
Speaker 13: You know it's not paying tax on buyers or mom
Speaker 13: by beats and other pat platforms.
Speaker 3: Then start paying Islamic on tax again.
Speaker 1: So let's just because it was like, I'll just big jobs,
Speaker 1: big joy see what I don't use technical words and
Speaker 1: computer the tax man. It's a very simple thing, right,
Speaker 1: the activity you are doing. Are you any income from it?
Speaker 1: That's that's a simple question. If you convert, if you
Speaker 1: have money in your bitcoin wallet, Let's say you have
Speaker 1: ten bit coin in your bitcoin wallet. Will you pay
Speaker 1: tax on that ten bitcoin?
Speaker 4: No?
Speaker 1: Because an asset, right, What if you sell one? If
Speaker 1: you sell one, will you pay income on that? Yes,
Speaker 1: because you have sold it and you have received income.
Speaker 1: What if you get air drop, is it income? Yes,
Speaker 1: because that's an asset that you're going to sell tomorrow.
Speaker 1: So it's an asset you've got income. Yes, you pay income,
Speaker 1: remember your income when you sell. If you receive it,
Speaker 1: it's just income. If you sell capital against may apply
Speaker 1: if it's above that fifty right, So they just sort
Speaker 1: of cover all those two poles. Really, yeah, makes sense,
Speaker 1: makes sense, big joys. Very good. Sorry, Oh my lord, okay,
Speaker 1: all right, fantastic, let me get those again. We know
Speaker 1: you're welcome, sir, We know w n ossage at Guy Baden,
Speaker 1: we know. So you're ready to speak now a fantastic
Speaker 1: Let's get why m D, why m D esquire y
Speaker 1: m D. How are you doing? Man, I'm going yes,
Speaker 1: I am. Thank you so much for asking.
Speaker 4: Okay, I have a few questions for clarification purposes.
Speaker 14: So you spoke about like some ways you can get
Speaker 14: because of as like a limited to your income.
Speaker 4: So if you have that, if you get a million eire, you.
Speaker 14: Could put two million and two hundred thousand ERA as
Speaker 14: a gay life insurance and then you pay taxes within
Speaker 14: the eight hundred thousand.
Speaker 4: So I also ask, if you get that one.
Speaker 13: Millionaire and you use two hundred thousand to pay and
Speaker 13: so buy into your mutual phones, do you used to
Speaker 13: have to pay for the one millionaire that's bracket or
Speaker 13: eight hundred thousand.
Speaker 1: That's a good, good question. So let me just explain again, right,
Speaker 1: if you earn eight hundred thousand IRA by default in
Speaker 1: the law, that's eight hundred thousand is not taxable income.
Speaker 1: Your first eight hundred thousand is not taxable income. So
Speaker 1: let's say you end one million IRA, or let's say
Speaker 1: end one point eight million MIRA, and you get paid
Speaker 1: one point eight million, and you take eight hundred thousand error,
Speaker 1: and you say, I'm going to survive with eight hundred
Speaker 1: K for the whole year. And you take your one
Speaker 1: million and you take and you go buy a mutual
Speaker 1: fund and approved sex mutual fund. Then your tax income
Speaker 1: is zero because you've both taken that income put the
Speaker 1: mutual fund. Right, So the income you make from that
Speaker 1: mutual fund, it's not taxable. The eight hundred k is
Speaker 1: tax free. The one million that extra you paid income
Speaker 1: tax on that right for the first year. But when
Speaker 1: you invest that money into your mutual fund, the money
Speaker 1: you get on the mutual fund is tax free. So
Speaker 1: the first year you get the money right and not
Speaker 1: above eight hundred k, you pay tax. But if you
Speaker 1: take that one million you buy a mutual fund, the
Speaker 1: next year when they pay you, the income is tax exam.
Speaker 1: Does that make sense what I'm saying, Yeah, So eight
Speaker 1: hundred KA is automatic. Anything you add tax on it.
Speaker 1: But when we say a above the line, you can
Speaker 1: reduce your taxable income for above the line items. When
Speaker 1: you buy a mutual phone, it's not above the line.
Speaker 1: It just means the revenue you're getting back it's not taxable,
Speaker 1: but you pay tax on that income you're using you
Speaker 1: to buy the mutual phone. Hope that makes sense? Yes?
Speaker 4: For this International investments from international investments like if if
Speaker 4: you invest in stomach.
Speaker 1: I don't think it counts for international, but it counts
Speaker 1: for registered sex Collective Investment scheme. So because it's Nigeria,
Speaker 1: it don't count for international, but it will count on
Speaker 1: that is SEC registered scheme. Does that makes sense? Yeah?
Speaker 1: That make that makes sense.
Speaker 4: For this. Exports businesses.
Speaker 3: If you if you maybe you want to.
Speaker 4: Go into processing and the equipment is used for processing.
Speaker 12: Are not available with and you and you worts the equipment,
Speaker 12: will it still be an export for business?
Speaker 1: Export A great question. I think when you import for
Speaker 1: agriculture is tax exempt as well. I believe so. I
Speaker 1: could be wrong, but I think when you import tractors
Speaker 1: you don't pay tax on it. I have to check that.
Speaker 1: I think that is covered under import of agricultural products.
Speaker 1: You don't pay tax on that. Yeah. So again, remember
Speaker 1: if you if you do agriculture right, for the first
Speaker 1: five years, you don't pay tax. So let's say you
Speaker 1: wants to export corn and you are important in corn machine,
Speaker 1: in the first five years, you won't pay tax. So
Speaker 1: that's going to be covered generally under that. Yeah, makes sense, fantastic.
Speaker 1: Thanks appreciate tanks for colling. Yeah, okay, young, let's y
Speaker 1: young yang p particlarly you are good even thank you.
Speaker 1: So I have a question.
Speaker 3: Now we bat coined binance.
Speaker 1: Try you.
Speaker 15: Sometimes you have money in binance and when you redeew,
Speaker 15: your retrain at the negative, so.
Speaker 3: Your ten thousand becomes four thousands in the end.
Speaker 15: So I hope you did that. Guys should tax you
Speaker 15: for god? Now, in other places, I know what her posis.
Speaker 4: They have.
Speaker 15: Bitcoin words that the tire gouldy. So if you trade,
Speaker 15: for example, I trade one key. Once I'm redreined, the
Speaker 15: task gar ready knows if I'm being profit or not,
Speaker 15: so he takes his money.
Speaker 1: Good point.
Speaker 3: Yeah, it's from there. So that's like I know what
Speaker 3: coin is.
Speaker 1: All of them great, all of them. So that was
Speaker 1: one called tax loss harvesting. All firms in the US,
Speaker 1: do it so a loss you don't pay you can
Speaker 1: use those losses to write off your taxes. Ye, yes,
Speaker 1: but I think in Nigeria's case it is restricted. You
Speaker 1: can only use passive income to write off passive income.
Speaker 1: So for instance, if you have active income which is
Speaker 1: your salary, then you you make bitcoin loss, you can't
Speaker 1: use that passive income to write off active income. I
Speaker 1: believe you can have to you also use that loss
Speaker 1: to only write off profits in your bitcoin wallet. I
Speaker 1: think I can have to be to show this, but
Speaker 1: I think that's what law is say. You can't use
Speaker 1: it in your total tax to reduce your total taxes.
Speaker 1: You can only use passive income to reduce passive income.
Speaker 1: And my head coming in US and answer, but I
Speaker 1: think that's the that's the the law. Yeah, you.
Speaker 15: Three days or one into sixties three three, okay, you're
Speaker 15: not okay, You're not going to be taxed for example.
Speaker 1: That's not That's not what I said. So what I'm
Speaker 1: saying that if you go back what I'm trying to say,
Speaker 1: this is a Nigerian tax law. Nigerian tax law. So
Speaker 1: the question is that who is going to be taxed,
Speaker 1: is going to be in Nigerian. So who is in
Speaker 1: Nigerian in Nigerian according to the taxman, his song that
Speaker 1: spent one into three days in Nigeria minimum, or has
Speaker 1: a permanent from in Nigeria or has a significant presence
Speaker 1: in Nigeria. Or if you don't live in Nigeria at all,
Speaker 1: but you're not going to be taxed in Canada, then
Speaker 1: you'll also be taxed as in Nigerian. Does that make
Speaker 1: sense that you're saying you can come to Nigeria with
Speaker 1: US passport, make one billion and say I'm an American
Speaker 1: and run back to America. That's what I'm trying to avoid.
Speaker 3: Okay, So.
Speaker 4: So how we'll go. I just don't know how to be.
Speaker 1: I can't tell you this. If you're in Nigeria for
Speaker 1: one of those days, then count the days. That's what
Speaker 1: I was saying, count the days, of course, Okay for me,
Speaker 1: I'm not saying Nigeria for those days.
Speaker 3: So well, I know I get money from the Nigeria
Speaker 3: that he's my country, So will I be that since.
Speaker 1: No, because you're not in Nigerian. So if your business
Speaker 1: in Nigeria is making taxes, the business will pay company
Speaker 1: in come tax. But you as an individual is not
Speaker 1: paying personal income tax because you are not residents in Nigeria.
Speaker 1: That's residents does not mean company residency.
Speaker 4: You have.
Speaker 1: You have four flats in Nigeria right, those four flats
Speaker 1: are owned by Patrick Company. Patrick company pays Patrick dividends.
Speaker 1: What they are saying that Patrick Company will pay company
Speaker 1: in contactless Nigeria, but the divia that goes to Patrick,
Speaker 1: it's not taxes because Patrick is not in Nigeria. According
Speaker 1: to how to define in you, you've not spent today
Speaker 1: and night. You are you have a permanent to me night.
Speaker 1: You remember you might have a home, but not your
Speaker 1: permanent home. That's what.
Speaker 3: Thank you.
Speaker 1: You're welcome. Hey, I sell land, so sub me to hide.
Speaker 3: I'm doing very well, good, good even guys.
Speaker 4: So I have two questions and the very first one is.
Speaker 3: A situationally scenario, way someone who was in debt to
Speaker 3: you refund a fund of debt. How does that how?
Speaker 3: How was the implication of attack on that? Ay fund
Speaker 3: of death?
Speaker 15: That's probably a cruel time and maybe you've made lots
Speaker 15: yourself understand So how does that appear?
Speaker 3: So that's the first question I have.
Speaker 1: Can I answer first? Yes, that's my brother's income or
Speaker 1: that's income. Because you know why, when the person owed
Speaker 1: you and did not pay, you can write off that
Speaker 1: bad debt as an expense and reduce your taxes. So
Speaker 1: let's say you lend moneyto somebody. They person not not
Speaker 1: pay you back that bad debt, you can write it
Speaker 1: off as an expense and be So let's say you've
Speaker 1: written out that loan as an expense, and then the
Speaker 1: person now became born again and came back and paid you.
Speaker 1: Those those that what he was going you that income
Speaker 1: to your fresh income to you which you not have
Speaker 1: to pay tax on. All right, So ask your seld question.
Speaker 1: All right.
Speaker 16: So the second question has to do with the mode
Speaker 16: of any For example, scenario where income maybe a foreign
Speaker 16: accounts before then moved to local accounts.
Speaker 17: How does that imply remote workers, freelancers who residing Untia
Speaker 17: bonds you know, m hm, the income.
Speaker 1: Doesn't hit Yeah, they won't tho, those are the people
Speaker 1: were targeting. If you work in Nigeria, you work in
Speaker 1: the Alta state, you work for Amazon. Amazon is paying
Speaker 1: you money to your American bank account. What Nigeria is
Speaker 1: saying is that if you receive dividend, interest, rent, royalty.
Speaker 1: They didn't say salary, dividend, interest, rent, royalty from outside
Speaker 1: Nigeria and you bring it into Nigeria true approved channels.
Speaker 1: That money you're bringing to Nigeria is tax exempt. That's
Speaker 1: what Nagera is saying. So that means that because they
Speaker 1: didn't say salary, I won't imply salary, but I think
Speaker 1: I'm sure if you bring your salary, then my not tie.
Speaker 1: I don't want to say what's not the act, but
Speaker 1: they're basically saying dividend, interest, rent and royalty derived outside
Speaker 1: Nigeria and brought into Nigeria is not taxable. That's what
Speaker 1: they're saying. Maybe maybe you can ask for authentification and
Speaker 1: say does that include salary or doesn't. Many person has
Speaker 1: to take his salary and then buy a bond and
Speaker 1: then take the bond in comeback Nigeria. But that's what
Speaker 1: the lawyer is saying. I don't want to imply outside
Speaker 1: with the lays saying mm hmm.
Speaker 4: All right.
Speaker 3: That's interesting from that. So thank you very much.
Speaker 1: Yes sir that you had a second question real quick,
Speaker 1: I asked two questions. Fantastic, thank you, so I appreciate you,
Speaker 1: Masis Massift. You guys have what's yes? Your answer?
Speaker 8: All right, very much for holding space meaningful that I'm communities,
Speaker 8: but I'm just serious.
Speaker 3: I just want to ask because it's something that is
Speaker 3: something that improves I do.
Speaker 4: I am a.
Speaker 18: Forestry that and we all know how how mistidy business is.
Speaker 18: I make losses, I make wing so and I'm thinking
Speaker 18: it's so unfair that when I make losses, ideally losses,
Speaker 18: you mind that you cover my losses.
Speaker 1: Then you talk to me. It's not making sense to me,
Speaker 1: And I just want to act like, oh, what do
Speaker 1: you mean? If you're trading, you have a trading problem.
Speaker 1: You have a trading book. So okay, if you make
Speaker 1: a profit, you pay tax. If you make a loss,
Speaker 1: you don't pay tax. They're not taxing you daily, they're
Speaker 1: taxing your annually. So what they expect you to maintain
Speaker 1: a book of accounts daily or whatever that will show
Speaker 1: every day you made a loss of profits, you're going
Speaker 1: to pay tax on the net net the losses, less
Speaker 1: the positives. That's your profit isn't.
Speaker 3: Oh okay, it makes sense, makes sense, makes sense.
Speaker 1: Yeah, fantastic, bonafide, butterified. I don't bona fide, bona fide
Speaker 1: is not. Let's get mister ian and the man of this.
Speaker 2: Here.
Speaker 1: You go ahead, all right, So I.
Speaker 3: Wanted to ask them.
Speaker 4: What to asked the question what effect to this?
Speaker 17: And right, particularly on price will not complete price and services.
Speaker 4: And my second question is.
Speaker 3: Be better for us to trans that money to loch
Speaker 3: in transacting on the ended up transacting and move our
Speaker 3: major money.
Speaker 4: Then, fans watching from back on the blockchain, we still.
Speaker 1: Still can you buy? Can you buy my mar pull
Speaker 1: to the blockchain? Yeah? So while you're asking the question,
Speaker 1: because you can't buy mappo to blockchain. So when I's
Speaker 1: on blockchain, you have to pay grunted with Nayralan not
Speaker 1: doing here on my blockchain. That's number one, so it's
Speaker 1: not practical to move to a blockchain. Number two. I
Speaker 1: don't know the relationship between inflation and taxes. I actually
Speaker 1: don't know if anything. You're just sing your taxes allow
Speaker 1: you to spend more, which is what the economy needs.
Speaker 1: So there's no dilations. She has an economic topic on
Speaker 1: its own, which you have to go into. But at
Speaker 1: least I've answered the other question, right, all right, all right,
Speaker 1: let's get chair Michael. Thanks when if.
Speaker 4: You're going into a commission from your salary.
Speaker 1: If your okay boss base okay, yeah, yeah, it'll be taxed.
Speaker 1: Now it's income.
Speaker 4: Your salary, and that's the commission from you.
Speaker 12: Know, do.
Speaker 1: Taxes if yes, it will be taxed. If you if
Speaker 1: you if your company gives you a car to use
Speaker 1: to do trade, it will be taxed. Your company gives
Speaker 1: you a house to live in while you're doing trade,
Speaker 1: it will be taxed. If your company gives your bonus
Speaker 1: that your salary, it will be taxed. Box. Thank you
Speaker 1: so much, mamie. Right, yeah, let's get bred. Are your
Speaker 1: in date? Dot E T H. What's up?
Speaker 3: So my question is I said on eschange, so I
Speaker 3: use assets to take a loan on esage.
Speaker 17: Now we draw this.
Speaker 11: This liquidity back to money engineer comes, Am I going
Speaker 11: to be back because I say I've been going to
Speaker 11: pay back? Do I use it assets on the or
Speaker 11: maybe on there for whatsoever? I'm talking of turtle now
Speaker 11: to take a loan?
Speaker 3: So am I going to be tapped on the money?
Speaker 4: You know?
Speaker 1: Did you could live withdraw?
Speaker 4: You know? Eschage back?
Speaker 1: I get a question is is it for a company
Speaker 1: or an individual individual? So there's no way you can
Speaker 1: you can file that transaction you just said now on
Speaker 1: your tax return. There's no way you can go on
Speaker 1: your touch re term. For an individual, it's not like
Speaker 1: interest income reversal. There's nothing like that there. You see
Speaker 1: what I'm saying. For a business, there's something called you
Speaker 1: did you take a loan? Did you pay interest? Okay,
Speaker 1: file it here, But for an individual, nothing like that there.
Speaker 1: So even if you are correct that yes, you're supposed
Speaker 1: to get a tax break on taking the loan, it
Speaker 1: doesn't show up on your tax. For the personal what
Speaker 1: shows up is your interest you pay for a house
Speaker 1: prime residents, but there's no interest payable on the loan.
Speaker 1: You see what I'm saying. So advice is, if you're
Speaker 1: doing that as a as a thing, set up a
Speaker 1: company and then do it on the company because then
Speaker 1: when you take that income, it's income to the company. Correct,
Speaker 1: But then you can write off the interest on the
Speaker 1: loan you've taken on the expensive side, so you just
Speaker 1: paid the net taxes on the net of that displacement
Speaker 1: from the loan.
Speaker 8: Okay.
Speaker 19: My last question is that for this new year, now
Speaker 19: the we're going into SEW, it means that by March six,
Speaker 19: we are mentally concern all the January they are looking
Speaker 19: that they will like, Okay, this is a new GM
Speaker 19: and we're starting it afresh.
Speaker 1: Yeah, so by twenty twenty seven, that's where I'm gonna
Speaker 1: pay taxes twenty twenty seven. You are gonna pay taxes
Speaker 1: on the Transactional Accord in twenty twenty six.
Speaker 4: Okay.
Speaker 11: So my question is that so it mays that everything
Speaker 11: that happened till the Zebra twenty five they are not
Speaker 11: looking into that apparently until they are starting afresh from
Speaker 11: and lit that happened between twenty twenty six to Zebra
Speaker 11: twenty six, We're starting to pick tax by twenty and seven,
Speaker 11: by March, that is correct. Okay, thank you so much.
Speaker 3: That's my Questmas.
Speaker 1: You welcome. Let's get a cheez warrior Warrior princess Hi
Speaker 1: do okay, thank you so much. Hold hold on, hold on,
Speaker 1: hold on, Brabody else speaking rivers, hold up, work is
Speaker 1: go ahead? Worried? Yeah, okay, thank you.
Speaker 20: So I just to clarify this passive income and strategy.
Speaker 20: It talks about profits of in respects of goods and
Speaker 20: services exported from Nigeria.
Speaker 4: Yeah, okay, So I'm an online educator. Some of my
Speaker 4: clients are overseas and some of Nigeria.
Speaker 20: So the clients that I that considers as an export and.
Speaker 1: Is that there for exempt Yeah, it says. Let me
Speaker 1: read what they say so we can learn together. It
Speaker 1: says dividend, dividend received. It comes here in respect of
Speaker 1: goods and services exported from Ninetieria. If you teach folks abroad,
Speaker 1: that's an export, so you have to justify that. So
Speaker 1: I would I would be very careful in how I
Speaker 1: draft my invoices so it shows that that person I
Speaker 1: am building is bringing money from abroad. So either paying
Speaker 1: you either paying you, Oh learn do it magitive. I
Speaker 1: can't give you money. I wouldn't take it. I would.
Speaker 1: I would rather pay me that through pay power or
Speaker 1: to my account in America because it has to come
Speaker 1: in throue an official channel. So they can't pay you
Speaker 1: from abroad into your nighte. You know how I'll pay
Speaker 1: you niger You can't accept that because you can't use
Speaker 1: that asset. Yeah, that's what you have to be clear
Speaker 1: about here.
Speaker 20: Yes, okay, and so that is therefore I can exclude
Speaker 20: that from a tax conversations.
Speaker 1: If you got money, yes, if you got money from
Speaker 1: a client, because it says in respect of goods or services,
Speaker 1: services exported from Nigeria and repatriated through official channel. That
Speaker 1: what it says. So if they buy you your training
Speaker 1: program from Canada and they pay you by sending money
Speaker 1: to throu why are your money the why you went
Speaker 1: to Nigeria said that's an official year, then that forms
Speaker 1: that dividendsyid what you're saying all so well, they were
Speaker 1: on all the profits of a non oil and company
Speaker 1: in respect of you are in the right path. It's
Speaker 1: just measure the money s paid to you from the abroad. Correct. Yeah,
Speaker 1: thank you, very welcome, Thank you having I was I
Speaker 1: was speaking what's man, what's my what's man? Wow? Thanks
Speaker 1: for opening here.
Speaker 4: Thank you.
Speaker 21: I just want to make a clarification of this. Actually,
Speaker 21: I think listen to what said, it'll be different. I
Speaker 21: am true assays. I'm a YouTube so.
Speaker 3: I'm through assays and I don't know.
Speaker 4: I just I don't need any just generous like what
Speaker 4: news what what?
Speaker 1: What they're saying is that if you receive money from
Speaker 1: abroad and you bring the money to Nigeria true official channel,
Speaker 1: then it's fine. You don't be That's what I say,
Speaker 1: So measure the money is coming from a sense. Why
Speaker 1: what's your true, true official channel. That's fine, that's what
Speaker 1: That's what I'm really saying.
Speaker 12: Yeah, uh huh okay okay, okay, okay, okay, okay, okay,
Speaker 12: question because that's.
Speaker 4: Question.
Speaker 1: Okay sell my tempt answer. All right, let's get let's
Speaker 1: get cann it. Can I dig do?
Speaker 2: Can?
Speaker 1: I thank you very much? What's up? I can hear you, sir?
Speaker 4: Okay?
Speaker 22: My question is because over the days I will see
Speaker 22: people send different type of That is the first that
Speaker 22: if you if I won by.
Speaker 4: Company like that and that and.
Speaker 3: Now is the advice.
Speaker 1: So when you start, are you.
Speaker 12: No?
Speaker 1: So are you doing business?
Speaker 4: Living? So?
Speaker 1: Are you doing business? Yes? So are you doing business?
Speaker 3: Actually?
Speaker 1: But are you doing are you engaged in the business?
Speaker 4: No?
Speaker 1: What do you mean? Non? So let me just give you.
Speaker 1: I don't know what you want. I don't know what
Speaker 1: you want to say. If you are engaged in any
Speaker 1: business that you're going to get income, you should open
Speaker 1: up a business account because it allows you to doctor
Speaker 1: to dedoct the expenses that you have used to generate
Speaker 1: that business. It makes no sense business right under your
Speaker 1: company name on that your personal name, because you cannot
Speaker 1: deduct expenses under your personal name that are not those pension,
Speaker 1: life insurance, and you can't dedoct generating money or for
Speaker 1: your personal name, but you can dedoct generator money for
Speaker 1: your business. So once you are doing business, it's advisable
Speaker 1: you have a business registration and then a buildest account
Speaker 1: so you can track it. And yeah, I know it's
Speaker 1: more expensive. You can't do an enterprises name. You will
Speaker 1: still pay taxes on your personal name, then pay the company.
Speaker 1: You can also clue those expenses even enterprises you can
Speaker 1: see use that, but it's also going to be on
Speaker 1: the personal side. So look at it this way. If
Speaker 1: you want the expenses, you've got the rest of the company.
Speaker 1: If you say you are fine, I don't need the
Speaker 1: expense guard back then operators, your personal they are both legal.
Speaker 1: It's not illegal to do it. It's just that you
Speaker 1: won't get those expenses.
Speaker 4: As a promotional services.
Speaker 1: The Yeah, but if you're a lawyer and the rest
Speaker 1: I'm professional people don't have the same. If you're a lawyer,
Speaker 1: you can't clean those things that we clean. You can't
Speaker 1: go and clean pension. That's a law firm. They have
Speaker 1: their own specificing that they can't do, but a role.
Speaker 1: If you're doing business not professional business, then of course
Speaker 1: you have to step in second yep, all right, rivers
Speaker 1: hiding rivers.
Speaker 4: Also, I believe there everyone, thank you for this concis,
Speaker 4: thank you for this space.
Speaker 12: Okay, I have business and counts understand by business, and
Speaker 12: I'm also open the business.
Speaker 3: Account because when I out also you.
Speaker 4: Know myself, I also have.
Speaker 3: First accounts with different brands.
Speaker 1: What I was doing is if I get mone if
Speaker 1: I do my business with my business.
Speaker 23: Accounts, are we able to fight for out of that
Speaker 23: all this isle with companies?
Speaker 4: But then what happens if I end to other things,
Speaker 4: maybe as sues of income, and I end through other
Speaker 4: means I donnely come through my personal accounts?
Speaker 3: Will I be taxes from commerlys of.
Speaker 4: In other means of income?
Speaker 3: You know, income that comes through.
Speaker 4: My personal account part from the business accounts.
Speaker 18: Since I also, since a business owner is practically dividien
Speaker 18: guess from this company, how are we going to starting balance?
Speaker 1: So I'm not sure you're going to ask the question
Speaker 1: to make it sound to support what you're doing. It's
Speaker 1: a simple thing. Any income you make a be taxed.
Speaker 1: Any income you make up it taxed. You don't have
Speaker 1: deductions that you can avoid those. I'm giving the deductions.
Speaker 1: The space is called how to legally avoid tax. I've
Speaker 1: given us how to avoid them. On the personal side, pensions,
Speaker 1: nhis life insurance, interest on a mortgage, you avoid them.
Speaker 3: Do that.
Speaker 1: Rents up to five hundred twenty rents. That how you
Speaker 1: avoid personal On the business side, if it's expense to
Speaker 1: create the income for the business, you can exempt. We
Speaker 1: talked about also, if you any money from abroad you
Speaker 1: bring it to a channels, you don't pay tax. If
Speaker 1: you buy creative bestness schemes, you don't pay tax. If
Speaker 1: you export, you don't pay tax. Those are the things
Speaker 1: you have to walk around. So when you start to
Speaker 1: ask the question I'm doing this, I'm doing that, you
Speaker 1: are twistings into a press. Al right, try to follow
Speaker 1: what they've acted to do. If you have a business account,
Speaker 1: then you are going to pay tax on income that
Speaker 1: come to an account. We don't tax transferst to your account.
Speaker 1: If you receive income come to your bank account, it
Speaker 1: doesn't mean it's going to be taxed. It simply means
Speaker 1: it is income. That income. So it doesn't miss it,
Speaker 1: just miss the transfer. The problem is that the taxman
Speaker 1: sees that transfer. I will not ask itself. How can
Speaker 1: you get transfer of a million naira? But you say
Speaker 1: you're only making any tax of one, so it makes
Speaker 1: them to ask questions. It doesn't mean every transfer is business.
Speaker 1: So I would have sent money to your mother in
Speaker 1: courte right and it came through your account, it's not
Speaker 1: a business transaction. Or there was a legal settlement and
Speaker 1: it came through your account. Maybe you had an injury
Speaker 1: legal segment. That's just not taxable. But you've got to
Speaker 1: keep records and try to avoid I have to account
Speaker 1: I'm going to pay to here if it's a business
Speaker 1: account only business transactions, personal account only personal transactions. Yeah,
Speaker 1: try to keep it that way, sir.
Speaker 4: In other of us, I'll pay times for my body
Speaker 4: out of my own personal acts.
Speaker 1: If you make personal. If you make personal, you are
Speaker 1: not your company. So if you own your company, you
Speaker 1: are not your company. The income your company receives pays
Speaker 1: company in compact when your company pays you is salary.
Speaker 1: You pay income on that income, and your company has
Speaker 1: paid to you, your company will deduct the salary. Thats
Speaker 1: paid to you. So let's say someone gives me a
Speaker 1: check and I did that check to my own company.
Speaker 1: My company will pay corporate income tax or that check
Speaker 1: just business income. Well, my company pays be the owner
Speaker 1: is salary. My company will deduct my salary from the
Speaker 1: business as sign to myself, I am not my company.
Speaker 1: I simply own it. So there are two separate people.
Speaker 1: Because you own it to hundred percent, doesn't make it your.
Speaker 4: Double double taxation.
Speaker 1: No, it's not able tax. It's and the company you listening.
Speaker 1: It's a deduction. Is a deduction. If you own a
Speaker 1: reverse company and your name is mister reverse, the check
Speaker 1: was given to reverse company, so reverse company will pay
Speaker 1: income tax on the reverse income tax. Reverse company in contact.
Speaker 1: Reverse company then write you a check to pay you
Speaker 1: his salary. Reverse will doctor what they are paying to
Speaker 1: you as salary from their income. So reverse company will
Speaker 1: reduce their taxes by paying you a salary. When you
Speaker 1: get that income, you would then go and pay to
Speaker 1: the government's income tax for revenue you see it from
Speaker 1: reverse company. There's no double tax session what revers paid
Speaker 1: the deduct what you end you also pay tax on.
Speaker 1: Eventually somebody want paid tax you can't avoid it. The
Speaker 1: only way you can avoid that tax is to do
Speaker 1: what I does too. Just do okay.
Speaker 4: So, in summary, my company was fired from guys.
Speaker 1: Income perfect. I'm not sure if you'll listen to what
Speaker 1: I'm saying. It's not a double taxation. You are only
Speaker 1: paying one tax. Many Nigerians do business with their personal name.
Speaker 1: If you do this your personal name, you're going to
Speaker 1: just pay personal income tax. If you do this your
Speaker 1: company name. Your company receives that check. You can go
Speaker 1: to that company and say, okay, my company, give me
Speaker 1: a tex So that company will give that check as income.
Speaker 1: Your company will write off that payent you as a
Speaker 1: cost of doing business, So your company will not pay
Speaker 1: a tax anymore. Who will pay attack you because you
Speaker 1: have collected the money. So it's not a double taxation.
Speaker 1: You are simply shaping who the ultimate tax payer would be.
Speaker 1: That's all you're doing. All right, that's the one that's
Speaker 1: that's got I've got.
Speaker 3: The last question that run. I'm back again.
Speaker 1: You just want to ask one very technical question in
Speaker 1: your ampordance. I want to ask if my company was
Speaker 1: separate from me lose money?
Speaker 24: Is it piple if comment to loan some load an individual. Yes, okay,
Speaker 24: if that is possible. You area said that if the
Speaker 24: loan is not paid back, that could be written as
Speaker 24: a banda right.
Speaker 1: Yes, So if you're a company and if money, if.
Speaker 8: I'm the the look from my company, do I pay
Speaker 8: tax on the loan receive?
Speaker 1: No, you pay tax on the interest you are paying,
Speaker 1: but the loan is is not income to you, right.
Speaker 4: Right?
Speaker 3: Okay, that's fine that that looks to me.
Speaker 1: That's just so people don't get confused. If you do that,
Speaker 1: the tax is gonna come up your ass because I
Speaker 1: don't know. You cannot take a company and take all
Speaker 1: the money off your own company. That's what it's called
Speaker 1: the same party transactions. It's not it's not it's not
Speaker 1: at arms. Let You cannot buy your own house at
Speaker 1: one NIRA and say oh the house is what one
Speaker 1: and I won't pay tax and they won't agree with that.
Speaker 1: So keep that in mind. When you do a transaction,
Speaker 1: it must be it must not be personal or it
Speaker 1: must not be tainted by your own personal When you
Speaker 1: borrow my from your company, it's not ambslent. So in
Speaker 1: America they are very very clear the IRESs would impute
Speaker 1: interest and charge on that transaction. If you if you
Speaker 1: give if you sell the house to your son and
Speaker 1: you give that house to your sons below market price,
Speaker 1: i als will charge you at the market price and
Speaker 1: ask your son to pay that has taxes to them.
Speaker 1: To be very careful about trying to do these transactions.
Speaker 1: You can't they're not You can't deceive them by saying, well,
Speaker 1: I'm going to borrow money. Just be careful because you're
Speaker 1: asking me yes or no, I'm swing, but I'm telling
Speaker 1: you be careful. They look at this transaction if it's
Speaker 1: not if it's a if it's a same party transaction,
Speaker 1: some rules coming to play there. You can't borrow money
Speaker 1: or say a house is what one nira, then buy
Speaker 1: it for one mira and then pay taxes on one
Speaker 1: one house? What's a billion? It doesn't. Yes, sir, I'm
Speaker 1: opening a had been what we'll been the who the
Speaker 1: all right? Okay, Mike, Gangs of London, Gangs of I
Speaker 1: can hear you go ahead, Yeah, thank you very much
Speaker 1: for me.
Speaker 12: And I just have one question and let's as you
Speaker 12: really live abroad and then you have account maybe saying
Speaker 12: or your father, you rightly send months to your father
Speaker 12: to buy your property. What becomes of that account in Angela?
Speaker 12: I mean, who would like my own kids.
Speaker 1: Or my father will be taxed again? Set up again,
Speaker 1: Just understand where you're going to start on the talk.
Speaker 12: I regularly buy properties in an I sent the money
Speaker 12: to because he is my father.
Speaker 4: Normally mixed people chased.
Speaker 12: So I'm asking who the tax man and see the
Speaker 12: cash flow in my accounts as a tax leble income.
Speaker 1: You're jumping. So you're jumping. So who is buying the property?
Speaker 1: Whose name is by the property? Who you are?
Speaker 7: Is?
Speaker 12: My is in my name, but it doesn't go from
Speaker 12: my account in Nigelia account.
Speaker 4: He goes off from my father's account.
Speaker 1: So your fathers buy the who has the type of
Speaker 1: the of the property?
Speaker 4: Me?
Speaker 1: So okay, so you have the company and then you
Speaker 1: have a third party giving you money to buy the property.
Speaker 4: No, no, no, that's okay.
Speaker 1: So now I'm saying as you mean you you are,
Speaker 1: you're living.
Speaker 12: Abroad again and you you want to buy the property
Speaker 12: in Angelia.
Speaker 4: You don't.
Speaker 12: Let's just assume you don't have NA. You don't it
Speaker 12: through someone's soon's is your father's account?
Speaker 4: If you say the letting me and then if your
Speaker 4: father buys that property in your name. Okay, So the TAXI.
Speaker 3: The cash your father's account as.
Speaker 4: A tax level income.
Speaker 1: No, but it's not I hear. It's not income right,
Speaker 1: it's just a transfer. It's not income. So the money
Speaker 1: came in to buy something, it's not income. Your father
Speaker 1: making income from it. It was used to buy property.
Speaker 1: So when your father is fighting taxes, your father's gonna
Speaker 1: say I made income of ten I raby. The tax
Speaker 1: would say way, so we saw TEXTIVI DOT come to
Speaker 1: your account, they will sell come and explain this. He said,
Speaker 1: all that money was for someone to buy property. It's
Speaker 1: not it's not I don't recommend it. That's what I'm saying.
Speaker 1: Have your own transactional account. But you will pay taxing
Speaker 1: because you can explain what it is for. When you
Speaker 1: send them one of my America you put to buy
Speaker 1: house in Nigeria. That's what you put on the wire.
Speaker 1: What you got to Nigerian bank that to buy money
Speaker 1: Nager would be stored in the bags wire instruction. Your
Speaker 1: father will also say this money is to buy a
Speaker 1: house in Niger. That's why you have to memorize your transfers.
Speaker 1: So in your father fight. If your father does those
Speaker 1: file taxes, the tax man can see, okay, you got
Speaker 1: testy million, come and pay tax on testy million. But
Speaker 1: when you file taxes you say I got a tax
Speaker 1: of ten era. Okay, But there's when they print you
Speaker 1: because in America again the print was called the ten
Speaker 1: ninety nine. That would show the interest you have on
Speaker 1: your bank account. If they do that, they can tell that, okay,
Speaker 1: this money war. Was you end that interest on that
Speaker 1: or you did not. But the point I'm making is
Speaker 1: as long as your father file's income with the correct narration,
Speaker 1: if the money is not going to got the title
Speaker 1: of the property is not his right, the title is
Speaker 1: not his, then then why would he pay tax on that?
Speaker 1: But I don't encourage you to do that. You can
Speaker 1: open up your own account buy directly. Why are you
Speaker 1: doing to their account? Do does the company have money
Speaker 1: to have an account? Pair to the company that is
Speaker 1: that has the property, because they the owner of the property,
Speaker 1: has to pay tax. The owner that you are buying
Speaker 1: the property from is a person that don't pay the tax.
Speaker 1: The president is receiving income. If you don't have an owner,
Speaker 1: of course they wouldn't. They would impay it to you. Yeah,
Speaker 1: So that's Lember answer YouTube. Real quick clarify if this
Speaker 1: tax is on income or turnover the losses? Turn over
Speaker 1: the losses? What is said for business jeezh over it
Speaker 1: says toll over the intimation income. They said turnover. I
Speaker 1: don't know what tournament means, but they said turn over
Speaker 1: not income turn over. What about remote workers? Can they
Speaker 1: to export their services and since they are paying in effect,
Speaker 1: do they need to pay tax on this income? You know,
Speaker 1: we just talked about it is that age and we
Speaker 1: said the lord of Laci income. The law says if
Speaker 1: you get dividends, rental royalties, that that's where you are
Speaker 1: going to pay at tax. So we're assuming that you
Speaker 1: have to take that income end abroad and then converted
Speaker 1: to passive income and when that passive becom comes back
Speaker 1: to Nigeria, then you don't pay tax on it. That's
Speaker 1: what we're assumed because a lord of Nazi salary, he
Speaker 1: says rent royalties, dibidends. So just just the answer going
Speaker 1: to what is written in the law. Then along Nigeria
Speaker 1: says income on exports are tax exempt, but it's exporting
Speaker 1: talent inclusive. Yes, if you export talent because there's royalties there.
Speaker 1: It's also tax exclusive. How do individual consultants how culate
Speaker 1: their expenses before carpeting the income the same way? Take
Speaker 1: an Excel sheet, Put your income, put your expenses. The
Speaker 1: net is what you're going to be taxed on. If
Speaker 1: you're about to do it, hire a consult and go
Speaker 1: to university. All those nd students that do accounting. Ask
Speaker 1: for the best students. Bring him and say, do my
Speaker 1: account to me. It's a small business. He can do
Speaker 1: it for you before launch pay him money. The students
Speaker 1: you will love me. So don't try to do your
Speaker 1: taxes by yourself if you don't know how to do it.
Speaker 1: All right, you've got the floor.
Speaker 3: Okay, thanks a lot. I just want to be if
Speaker 3: you contribute to some of the questions I've had, I am.
Speaker 1: Fantastic. So so I have my own question.
Speaker 3: You cannot on the loans if I am taking your
Speaker 3: financial statements and you told me that this is a loan.
Speaker 3: The fact going to ask you for is the agreement.
Speaker 25: If you do not have a contract, you if you
Speaker 25: do have a contract, as for stan To says, on
Speaker 25: that contract, so you cannot just wake up until the
Speaker 25: taxman that oh, look, I give myself twenty million alone.
Speaker 4: If you did that the contract with sputies.
Speaker 3: Payment on that, I'm not allowing it at all.
Speaker 13: On taxes, somebody said, so government's way to look away
Speaker 13: on a twenty twenty five taxes. No, there is a
Speaker 13: law that's currently running and you will have to abide
Speaker 13: by that law and pa taxes based on that law.
Speaker 4: Twenty twenty six.
Speaker 3: New law is forty year twenty twenty six.
Speaker 1: So he's asking so to be cless. So he's saying
Speaker 1: that this new law will start from twenty twenty six.
Speaker 1: That means that they will not use this new law
Speaker 1: for twenty five income. That's what he's asking.
Speaker 4: Yes, twenty transactions that's appoint in.
Speaker 3: Twenty twenty five, this new law would.
Speaker 1: Not apply to it.
Speaker 4: Nobody's dis discarding that's happen five.
Speaker 25: You say have to pay that, Okay, Then look like
Speaker 25: I said, if there's this contract and there's no static events,
Speaker 25: it's not in.
Speaker 1: Lone fantastic fantastic open. What about this issue of if
Speaker 1: I am moaning abroad the lord wasn't saying about sabody
Speaker 1: saying royalties, dividends rand is this the music of salary?
Speaker 1: If by statary back is that tax exemplein it has
Speaker 1: to be the dividends and all that.
Speaker 13: The mother understanding is if you end any wages, any income,
Speaker 13: let's say wages, what the know is saying is which.
Speaker 3: Is higher the.
Speaker 13: You pay there, that's the way you say there, But
Speaker 13: the one you'll pay in nineteer whichever is higher is
Speaker 13: what Nigeria.
Speaker 4: Going to take.
Speaker 3: Is the one you're paying there is lower than what
Speaker 3: is a playable in Ninetia they do different. You sill
Speaker 3: have to pick pick that payments in Nigia.
Speaker 1: But it's larry inclusive. So yes, whatever salary is, that's
Speaker 1: the more on solid side. This this thing doesn't apply.
Speaker 1: This passive income that says dividends, it's not going to
Speaker 1: be applicable on that. There's dividends, there's interest, there's rents,
Speaker 1: there's royalties derived outside Nigeria, so not salaries has to
Speaker 1: be dividends inflancement. That's it full stop, all right, But
Speaker 1: I don't go anywere from maniple, just stay right there,
Speaker 1: don't go anyway. Many people have questions for you. Michael Hi,
Speaker 1: Michael Casley, Hi.
Speaker 12: Good evening, Carolyn, thank you so much for this platform.
Speaker 12: I've been enjoying.
Speaker 1: Thank you welcome.
Speaker 4: So I have two questions very quickly. First one, I
Speaker 4: listened to your.
Speaker 12: The explanation on exports, so exporting products and services.
Speaker 26: So in my case, I run an IT firm and
Speaker 26: I think all my clients are abroad. You know, I
Speaker 26: don't really have plans in Nigeria. So I'm a web
Speaker 26: developer and I render those services. Now, I received payments here,
Speaker 26: but I have a corporate account I used to receive payments.
Speaker 4: So what I want to know is when they pay
Speaker 4: me from there.
Speaker 12: Because they get directly to the corporate nin accounts. They
Speaker 12: use either lam Fight or World Remits and stuff, so
Speaker 12: they use it to make the transfer directly to.
Speaker 3: The corporate account.
Speaker 12: So what I'm asking is am I going to be
Speaker 12: taxed on this? Or I need to go and open
Speaker 12: don't Celaria pounds you.
Speaker 1: I don't know if perfectly because Lydia asked this question
Speaker 1: before she was saying she sells goods abroad, and so
Speaker 1: I was saying that they will not tax you based
Speaker 1: on what I'm reading saying non oil exports goods and
Speaker 1: services exported from Nigeria and repatrated through official channels that
Speaker 1: means that the channel has got to be official. So
Speaker 1: if length FI is official, you are fine. What did
Speaker 1: they do is to go and clarify that the length
Speaker 1: file is an official channel, because Yeah, the point again
Speaker 1: is that if they pay you locally, that's where I
Speaker 1: think you're going to run a file. If they say, oh,
Speaker 1: we have an iraq a count and I we're going
Speaker 1: to pay you an ira account to your ira account,
Speaker 1: that's where I think you might run a file. The
Speaker 1: government wants remittances. That's what I give you this tax back.
Speaker 1: So if they're just paying you from Nigeria, it's not
Speaker 1: a remittance broad they don't there's no dollar moving. So
Speaker 1: that's why I think they will not give you that
Speaker 1: tax bace I was saying. But one clarifying that the
Speaker 1: left file, whether I'm using this a approved channel, and
Speaker 1: then number two, make sure it's not coming locally. They
Speaker 1: can't pay you. They can't pay you naira from the assort.
Speaker 1: They will said you do their to their bank and
Speaker 1: a bank will pay you, but they can't pay you
Speaker 1: from givet That's what I will say. So that's fantastic.
Speaker 4: So the second question is about my farm. I have
Speaker 4: a farm. And I just registered this year, and I
Speaker 4: also have a corporate account on it.
Speaker 1: But I think I heard that.
Speaker 12: I was at the office and they said as long
Speaker 12: as I'm not going into branding, that if I brand,
Speaker 12: if I process and brand, then i'll tax.
Speaker 4: If I'm not branding and I'm just processing a role
Speaker 4: and selling like that, that won't be taxed.
Speaker 26: So I'm not trying to ask if I use the please,
Speaker 26: I'm just asking this question just for clarifications, so I'm
Speaker 26: not trying to do the tax evasion. So if I
Speaker 26: use the agriculture account, you know, mostly for transactions.
Speaker 4: In order to avoid tax, is that illegal or.
Speaker 1: Is this allowed? I just want to so then, so
Speaker 1: first of all, Michael, there's not like an agricultural account, right.
Speaker 1: They don't care what you target. I think what they
Speaker 1: care is is this receiving in flow. Remember inflow is
Speaker 1: not income. In flow just allows them to see what
Speaker 1: kind of transactions you are doing. So look at I
Speaker 1: organized here. If we say, wow, you have an account
Speaker 1: that living a millionaier every month, Okay, you can't come
Speaker 1: tomorrow and say that the total path from that account
Speaker 1: will be like one k. They want to know more.
Speaker 1: It doesn't mean, because you get a million, you pay
Speaker 1: that to a million, But they want to do more
Speaker 1: because one million to one k is very wide margin.
Speaker 1: So they don't care why I call it a Greek
Speaker 1: or not a Greek, It's just it's an inflo right.
Speaker 1: It isn't an insight into what you're doing. Let's not
Speaker 1: go to do a Greek settle. If it's a brand
Speaker 1: new firm, five years, no tax, end of story. It's
Speaker 1: a fund that is now in existence, even if you branded.
Speaker 1: Even if you branded, you can you can expense away
Speaker 1: the expenses on that farm. You can expense it away,
Speaker 1: even if it's brand. I think what they are talking
Speaker 1: about is V eighty. You can correct me V eighty
Speaker 1: because V eighty on raw a Greek is tax exempt.
Speaker 1: So if I have corn, I don't pay V eighty
Speaker 1: on corn. But if I have corn and I play
Speaker 1: in that con meaning to cans corning hands in this market,
Speaker 1: so matter would charge deviating on that corn have packaged
Speaker 1: and labeled. I think that's what they're going to. But
Speaker 1: as a role as yeah, yes, that's so that's where
Speaker 1: they're going to. It's not really if if you brand,
Speaker 1: if you make profit, expect the profit off. If you
Speaker 1: buy a generator, expect it all. If you brand your
Speaker 1: corn as a man of Michael Corn, that's fine, expensive,
Speaker 1: but if you take the raw corn, the it is exempt.
Speaker 1: But that raw corn you're not going to package you
Speaker 1: putting you can't put one nice picture there? Then yeah,
Speaker 1: exactly that's what I think, don't.
Speaker 3: It don't matter what you do with your agricultural accounts.
Speaker 3: I can save any transactions.
Speaker 13: The time I left, we have asked if you can
Speaker 13: into any company and provides you every single transaction that
Speaker 13: has through that account, and who's not.
Speaker 1: I'm laughing my evil laugh because so I'm not telling
Speaker 1: people this right, mister tigle has was the person that
Speaker 1: was defending the private sector. He was giving the privacy
Speaker 1: to loophole on how to avoid tax. So it's very
Speaker 1: very it would be hard for you to bring so
Speaker 1: that hasn't seen before. So I prefer you. That's why
Speaker 1: I'm doing this space. I want you to have the
Speaker 1: legal ways to avoid tax. So many all that just
Speaker 1: nonsense that I want to open no you know, to
Speaker 1: find you out, and they're going to basically, so this
Speaker 1: is better for you. Want to stand with the law
Speaker 1: works and try to work with it. So YouTube, guys,
Speaker 1: I'm so sorry. We have a storm. I think it's
Speaker 1: affecting the quality of the of the internet. What I'm
Speaker 1: going to try to do, I'm going to try to
Speaker 1: re record this, this whole presentation and put it again
Speaker 1: on YouTube. But I think it's breaking off if you
Speaker 1: of the storm and two tight staying strong, but the
Speaker 1: getting the heroes on it. So try to yeah, yeah, correct,
Speaker 1: sorry that by thanks, that's.
Speaker 4: The question quick quick, sorry, then leave me incorporate back.
Speaker 1: Again fifty fifty. I had ask you.
Speaker 3: First, then another STUDI did you also change from the authority?
Speaker 1: If not your yeah? Over please guys, to fire, wouldn't
Speaker 1: go to fire. That's how you avoided NASA. Let's go
Speaker 1: ahead NASA. That's oh sorry, I'm so sorry, OK, bye, sorry,
Speaker 1: go ahead.
Speaker 27: It's this question about Nigerian resident and anyfferent income. So
Speaker 27: I know you've been showed if you concentrate your and
Speaker 27: then I think when the last person that's the question
Speaker 27: and you said the country.
Speaker 3: So in my own keys, my company is directly for
Speaker 3: my service.
Speaker 1: Where's your company or little?
Speaker 27: The company or my clients are broad exactly for my
Speaker 27: service to my nagerer and the mysterio account. How does
Speaker 27: the new tax frem or effects.
Speaker 1: That's they're looking for if that means that income is Again,
Speaker 1: it does not say salary. It says it says service exported. Yeah,
Speaker 1: so that means you are exporting a service. So but
Speaker 1: again profits, I think you are covered. Back me up here.
Speaker 1: It's the saying profits of any normal company in respect
Speaker 1: of good or service exported from Nigeria and repatris So
Speaker 1: profits are also covered. It doesn't have to be a salary.
Speaker 1: That means a guy, you have to do a company
Speaker 1: and that company you build them. Then when you they
Speaker 1: said it went to your dorma account, it's profit to you,
Speaker 1: then you're covered. That's what I would say, sir, okay, because.
Speaker 4: I actually send that invoice and.
Speaker 1: Yeah, try to do a company. Why it's profits. So
Speaker 1: just like you are in line with the Act because
Speaker 1: it's saying profits of a non Nigerian company not individual.
Speaker 1: You see, the language is saying the profits of a
Speaker 1: non oil Nigerian company in respect of the goods and
Speaker 1: is exported from Nigeria and repatriated. So you have to
Speaker 1: be a company not an individual.
Speaker 21: Okay, then should so in that I have my company
Speaker 21: and depicts to the company.
Speaker 4: It's now movement for my personal of caple stuff.
Speaker 1: That's fine. No, no, that's fine. So look at it
Speaker 1: this way. Right, the money has come into this tax
Speaker 1: exempt is good. You can do whatever I wanted. You're fine,
Speaker 1: you follow. Yeah, but it has to be a company,
Speaker 1: not individual company. Okay, it's an individual Yes, that's what
Speaker 1: he's saying here. So I'm trying to follow the language
Speaker 1: explicitly on the law. The law is saying the profits
Speaker 1: of a non oil Nigerian company. So a comproper company
Speaker 1: b brother simple gone from a company, right, Cave's going
Speaker 1: to prop the company. Yeah, they're welcome, Montero. Hiye, thanks
Speaker 1: so much. What farewell, sir?
Speaker 22: This is asked questions better than this vat Yeah, so
Speaker 22: with my companion because I.
Speaker 1: What my company does this, I.
Speaker 3: Do recycling plastic recycling, Okay, so I.
Speaker 2: Pay people.
Speaker 4: With plastic from and before that and I.
Speaker 22: Would like to don't pay it into people that are
Speaker 22: buying the process plastic from.
Speaker 1: So what they're saying now, sir, is that if if
Speaker 1: you pay the V eight is the people are buying
Speaker 1: plastic from, you can write back that VID to your
Speaker 1: to your account, so that imput, that is deductible. That's
Speaker 1: what they're saying. Now, So if you pay input V
Speaker 1: eighty you can deduct it. That's what they're saying.
Speaker 3: Okay, so can I can?
Speaker 1: I decided on to no if they ask you to pay,
Speaker 1: pay but then have your records and writes it back,
Speaker 1: write it back to your your income.
Speaker 4: Okay.
Speaker 1: Yeah, so you don't say, let me give you let
Speaker 1: me give you a word of word of courture. Right,
Speaker 1: there's so way in the act that says that you
Speaker 1: cannot charge an expense as a deductible if that expenses
Speaker 1: not pay import duty or V eighty. What I'll advice
Speaker 1: you as a business V eighty is the law if
Speaker 1: it is supposed to be collected. I would say, charge
Speaker 1: your charge people. If the folks that are giving you business, imput,
Speaker 1: do not charge your V eight okay, they didn't charge
Speaker 1: your V eighty. What can you do about it? But
Speaker 1: for you keep your deity records. That's what the law
Speaker 1: is saying. Okay, yeah, yeah, matter, real quest.
Speaker 22: Because soon if if I pay myself, I want to
Speaker 22: know the better option, because.
Speaker 3: I thought I don't know much about all this time.
Speaker 4: Just because I'm putting in.
Speaker 22: So I had that there is company in contact and
Speaker 22: best in contact. So if I'm paying myself for my company,
Speaker 22: will I be paying tax on that?
Speaker 1: Say?
Speaker 3: I'm not going to be paid tax on my company?
Speaker 4: No?
Speaker 1: No, Let me just try to explain again, just real
Speaker 1: quick for you. Right, if your company makes one million ira,
Speaker 1: your company has made one million error. Your company is
Speaker 1: going to pay tax. Stay with me, let me, let
Speaker 1: me mute you. You have lots of background. If your
Speaker 1: company receives one million ERA, your company is going to
Speaker 1: pay tax on one million ERA. Fine. Now, let's say
Speaker 1: your company pays you his salary of nine hundred thousand naira.
Speaker 1: What will happen? Your company will write off that nine
Speaker 1: hundred thousand as an expense to the company, So your
Speaker 1: company will only pay tax on one hundred thousand nira.
Speaker 1: You that received income of nine hundred thousand, You will
Speaker 1: now pay personal income tax on that nine hundred thousand.
Speaker 1: Does that make you understand what I just expensive? Authors?
Speaker 4: Where?
Speaker 1: Yes? All right? Perfect, excellent, All right, let's go to
Speaker 1: another NAZA. Go ahead, good evening, Thank you so much
Speaker 1: for this opportunity. I would like to ask three questions
Speaker 1: and I'll try.
Speaker 14: I'll make it quick. First, I do music, and I
Speaker 14: also earn realities and also currently do not recite in Nigeria.
Speaker 3: I spend less than.
Speaker 14: Ninety days in Nigeria and the music is reproduced in Nigeria.
Speaker 14: I come back home to my recording and then I
Speaker 14: go back and I spend more than nineteen days. Then
Speaker 14: basically I get paid royalities and dis realities to go
Speaker 14: back into my dorm account in Nigeria. Do I get
Speaker 14: taxed for it? Secondly, if I am reportrating funds.
Speaker 1: That's the first one. So you end the income in Nigeria.
Speaker 5: No, No, no, I it's w's it's a worldwide My
Speaker 5: royality is my.
Speaker 4: But what what what?
Speaker 3: What?
Speaker 1: What about Nigeria now? Not worldwide? So do you any
Speaker 1: income from Nigeria?
Speaker 4: No?
Speaker 1: So that they don't pay tax in Nigeria.
Speaker 4: Yes, I don't pay.
Speaker 1: So end the story right.
Speaker 4: Okay, Well these funds.
Speaker 14: I reportrayed them basically back to my thomb accounts in Nigeria.
Speaker 1: Okay, I get taxed. No, it's a transfer, it's not income. Okay.
Speaker 4: Then secondly, I also work here.
Speaker 1: But why I am You're moving away very quickly? What's
Speaker 1: the more doing in your dumb account.
Speaker 14: Just savings is the savings, So who spends it? Sometimes
Speaker 14: I send it to family or as I wish.
Speaker 1: Yeah.
Speaker 28: Then secondly, this one is my own income from my
Speaker 28: job and all that, and I send it back home.
Speaker 28: Because we said if you send money from abroad dividends, interest, rent, royalties,
Speaker 28: this is not a business.
Speaker 1: They don't type what what we're not clarified. Its salaries,
Speaker 1: part of dividends, interest, rent and royalty. That's what we
Speaker 1: don't know. So I, for instance, you took your salary
Speaker 1: in America, and what is set. We got deposit in
Speaker 1: America and the city paid you an income stream and
Speaker 1: you send that income to Nigeria. They don't get tax
Speaker 1: on it. But that's it. Dividends, interest, rents or royalties.
Speaker 1: There is their salary. The way they talk about profit
Speaker 1: is on if you are exporting goods and services, but
Speaker 1: in this case, you are we are remitting. Okay.
Speaker 6: Lastly, because this is also as regards sending money to
Speaker 6: because I'm considering my parents, they are aged tending one
Speaker 6: to them to their accounts directly?
Speaker 3: Do they get taxed for it?
Speaker 1: If you send less than internet toal to them, they
Speaker 1: don't get taxed as a whole if they're injured. Retied. Also,
Speaker 1: do not pay tax on retirement income. So if you
Speaker 1: are sending upkeep allowance retirement income, how old are your parents?
Speaker 1: Aren't more than seventy?
Speaker 14: How old are they My parents are not more than
Speaker 14: seventy they're both retired.
Speaker 1: So the O parents should file a tax and said
Speaker 1: got money as up keep from their son, so they
Speaker 1: would fire that they receive that money, but they're not
Speaker 1: gonna pay tax. But that money is not they're not
Speaker 1: it's not income to them. They have to still file it,
Speaker 1: but as they received it. But you know it's only
Speaker 1: kay they're exempt and all that. So these are great
Speaker 1: areas that the Act is not very very clear on
Speaker 1: because it's like in an in the India abroad, if
Speaker 1: you're setting it, you do not gonna pay taxes. I
Speaker 1: don't think you have it. In Nigeria, they just stopped
Speaker 1: at the income of eight under a key. I'm sure
Speaker 1: there will a minute as we go along, but at
Speaker 1: a certain age they shouldn't be paying taxes. I know,
Speaker 1: if they received a pension, they don't pay tax. But
Speaker 1: if someone received money from his son abroad ten million
Speaker 1: era a month from his son a broad he paid tax.
Speaker 1: The tax law is not very very clear on that.
Speaker 1: That's what I'm saying. I'm trying to just stay on
Speaker 1: the ministry of the tax laws. It's not very very clear.
Speaker 1: You don't pay tax on not pay.
Speaker 4: Tax on that. Yeah, that's the that's the area most
Speaker 4: because thousand on us.
Speaker 1: And then you know, I would narrat it properly, nited
Speaker 1: properly as as a welfare payments income welfare to my
Speaker 1: family or medical expence my family because it's medical as well.
Speaker 1: You know, up keep allow once food, food, medical, up
Speaker 1: allance your parents sending to them. So let that narration
Speaker 1: be there. Yeah, that's what I'll say. Yeah, thank you,
Speaker 1: all right, thanks so much, shug shugg, Yes.
Speaker 29: I kind of thanks so much. A couple of my
Speaker 29: questions have been answered. But I do have an LLC
Speaker 29: export software services.
Speaker 4: The only incomes.
Speaker 29: Upon me to be covered that trans explicively from this expert.
Speaker 4: When I'm filing, do and I move all of the.
Speaker 29: Out as well, just's in and out two transactions just
Speaker 29: like that. If I'm filing, add do I say that
Speaker 29: there's no profit or how does it look like to say.
Speaker 1: That you are to file out in you will pay
Speaker 1: tax your codor to file income income is in. There's income,
Speaker 1: but there's no taxable income because the law is saying
Speaker 1: that any profit of any non Nagerian oil company, that's
Speaker 1: if you're not in oil, you're not in a non
Speaker 1: oil service and you export goods or services and you
Speaker 1: bring the money back to official change, that income is
Speaker 1: not taxable. So you file I received income, was your
Speaker 1: taxable income zero? Because that income are come to law
Speaker 1: is exempt. That's what you file. You still fire, boy,
Speaker 1: you won't pay tax on that income. So make sure
Speaker 1: you file and then capture it with your proof and say, yeah,
Speaker 1: this one was I sent pay money to I exported
Speaker 1: this service to this, they paid me this. I'm not
Speaker 1: paying tax on this this. You have to file, yes,
Speaker 1: every you have to file. Correct. Yeah, if you don't file,
Speaker 1: then they're going to tax you on that income because
Speaker 1: you haven't told that income is not exempt. You started
Speaker 1: the arresma was here right, yeah all right, perfect? Yeah,
Speaker 1: sorry about this real quick? God go ahead?
Speaker 4: Yeah, yes, Then when.
Speaker 29: You when it comes to that corporate account, he also
Speaker 29: moves to let's see an investment.
Speaker 4: Company account for investments that dimension.
Speaker 1: So you see in America they have on it called basis.
Speaker 1: If money has come in, it already has a basis.
Speaker 1: In Nigeria, it's not really that we don't have basis.
Speaker 1: So the one that you've brought in has come to Nigeria.
Speaker 1: You it's now tax free. If you take that money
Speaker 1: and invest, it should also be taxing because taxes have
Speaker 1: already been quote unquote paid on that income. You see,
Speaker 1: so it should when you buy assets usually shouldn't pay
Speaker 1: any tax anymore because that income is going from taxics.
Speaker 1: So what I wur advice to do is to keep
Speaker 1: proper records to say when I bought this trane of investment,
Speaker 1: this money came from this income. I aim from exporting
Speaker 1: goods as services. Show them the paper trill, Show the
Speaker 1: paper trill. I exported a million era water services to America.
Speaker 1: I got paid error. I use this woman on to
Speaker 1: write a contract note to a stop working firm. So
Speaker 1: like everything is now tax free because that income has
Speaker 1: already been taxed. Where do you feelish If you don't
Speaker 1: have paperwork to justify this this transaction, then they will
Speaker 1: say no, no, no, no no, I read this money
Speaker 1: came from your income in yeah bah blah blah blah blah.
Speaker 1: But if you have the paper, trill fantastic. So I
Speaker 1: would create just like you said, any transactional name it.
Speaker 1: Just name it so you can see they can see
Speaker 1: where the true is coming from. If you do investments
Speaker 1: outside this American type, then do it on a separate
Speaker 1: css you see see what I'm saying. So if I
Speaker 1: do I sell exported goods, I use it when I
Speaker 1: buy stocks, but I also buy stocks from my Nigerian income,
Speaker 1: I will separate both CSCs. I will just separate them,
Speaker 1: not to avoid waha, so I'll turn the f arrest.
Speaker 1: This cs CS is for me when I do the
Speaker 1: Igerian things or my number of stuff I buy here.
Speaker 1: Remember that CI schemes are also tax exams. So if
Speaker 1: you buy met your fund, if you buy an Etsy,
Speaker 1: also tax exams. So the way you want to lock
Speaker 1: this thing that if you want to lock it down
Speaker 1: companies to say export bring the money back, then use
Speaker 1: that money and buy e coactive scheme. Then you've flocked
Speaker 1: off any taxes whatsoever. You only pay a tax now,
Speaker 1: or you only expose this to potential taxes if you
Speaker 1: buy an individual or if you buy that and go
Speaker 1: ta cevents singularly, then they might ask you a question.
Speaker 1: But if you have people to say I bought this
Speaker 1: from the money I used to I used to export
Speaker 1: to America, then of course you're homebrid Thank for showing
Speaker 1: your high. Let's get a quay. Were about to run
Speaker 1: down quay designer, que designer. We'll have to run down mostly. Hey,
Speaker 1: hi doing.
Speaker 4: Yeah it's cute.
Speaker 1: Actually I apologize.
Speaker 4: Yeah, So quick quick question. I just want to ask Steve.
Speaker 4: Inheritances get that?
Speaker 1: So they don't. They don't. They don't.
Speaker 4: So like if your.
Speaker 5: Parents, your pension from your person gets into your you don't.
Speaker 1: A life insurance. Inheritance gives a non taxable correct, thank
Speaker 1: you very welcome. You got you just get you you
Speaker 1: cant you go, Corey, I don't. I'm very well for asking.
Speaker 4: Okay, so I have a few questions.
Speaker 3: Looking at.
Speaker 4: Do coming to now I have for this apparents Now,
Speaker 4: if you have that you talked.
Speaker 1: About gift, you are giving a nation.
Speaker 30: So each again that you move lived in like you said,
Speaker 30: at a particularity, as if you're giving the machine as gift.
Speaker 4: Didn't need to file and be taxed.
Speaker 1: All income has got to be filed all every what
Speaker 1: are you earn income? You don't earn income, you have
Speaker 1: to file. You fiance, say I got the little income.
Speaker 1: If your sole give you money, you filance. Say I
Speaker 1: got a gift from my son. You're not going to
Speaker 1: pay tax? Files on me. You pay tax, but finding
Speaker 1: me that you are reporting, you also that list and
Speaker 1: I got this income and letting you know it's not taxable.
Speaker 1: So they have to still file. Yeah, they won't pay tax,
Speaker 1: but they have to file.
Speaker 4: Okay.
Speaker 1: So so now you you work for.
Speaker 3: A fame, you work with the company, and now you
Speaker 3: have a car.
Speaker 30: Loon which they dedut out of before you know meeting
Speaker 30: or pay your worthy it could have to pay you.
Speaker 4: Now this is between you and the company.
Speaker 3: How should the face of this benner in terms of
Speaker 3: the tax and.
Speaker 31: As well, if you have let's say an LLC, whether
Speaker 31: you're using that your loan, your loan car or the
Speaker 31: car that is.
Speaker 3: On loan to work, can you make the doctrine of
Speaker 3: the acis.
Speaker 1: You do on that cartoon as a business for an
Speaker 1: individual as a business, yes, you can do.
Speaker 4: Now in the face of the company.
Speaker 30: Now that is where you work with and the cargo
Speaker 30: is to be deducted before your payment.
Speaker 4: Well, let's say for instance, your total.
Speaker 3: Paid it's to fifty and you pay only a.
Speaker 12: Loan of fifty thousand, are your cacode now becomes two hundreds, So.
Speaker 1: It's your past now calculated.
Speaker 4: Or only two hundred on.
Speaker 1: The two fifty. So for a car loan you have
Speaker 1: the it doesn't matter, it doesn't matter what you call it.
Speaker 1: There is no The only loan that they're giving you
Speaker 1: repriven is the mortgage loan. That's for the individual. They
Speaker 1: only reprieve you get on the individual side is the
Speaker 1: mortgage loan. That's all they're giving you repriven on that
Speaker 1: benefiting kind are income benefits and kind are income to
Speaker 1: the company gives you a house and your carey to
Speaker 1: live in. Right, that's also taxable to you as income
Speaker 1: to you. So only so the only thing there is
Speaker 1: going to be mortgaged. If you, if you, if you,
Speaker 1: if you are paying interest on a mortgage, you can
Speaker 1: claim that every other loan is not plavable.
Speaker 3: So so what now when you use that car now
Speaker 3: to work for a company, you.
Speaker 1: But I asked you, I asked you individual or company?
Speaker 1: You set company? But the guys. But the guys over
Speaker 1: for your question. Yeah, the company will write it off
Speaker 1: as a cost of doing business. So the company goes
Speaker 1: and gets car higher and it's pain leads or whatever payment.
Speaker 1: The company can write off that leads a great lease
Speaker 1: payment as cost of doing business. The company can. The
Speaker 1: individual cannot.
Speaker 4: In a case where you want that company, do you
Speaker 4: own a car?
Speaker 3: Who you are using it to do the company, So
Speaker 3: you're asking.
Speaker 1: A question, you get a different answer. The company can,
Speaker 1: the individual cannot. Mm hmmm, all right, the company can.
Speaker 1: There are two different people that, don't you general ask
Speaker 1: the question? Maybe no, no, no. If you own a
Speaker 1: car and you are paying interest as an individual, you
Speaker 1: can't write it off. The company can own a car
Speaker 1: and write it off i e. The interest payment the
Speaker 1: mortgage of the company can, but not the individual. It's particular.
Speaker 4: I'm not saying it's not a company now that owns
Speaker 4: this car. Let's say this company like this is a
Speaker 4: different entity vehicle.
Speaker 1: Yes, the individual cannot write off any loan apart from
Speaker 1: mortgage interests. It's a simple full stop any other I
Speaker 1: get it.
Speaker 32: So when I'm just probably get what I'm trying to say,
Speaker 32: I'm saying, now this company owns he doesn't own this car,
Speaker 32: but this individual owns. So if the person uses this
Speaker 32: car now to do the business for this company's not
Speaker 32: writing it.
Speaker 3: Can the company right off that expense that is car?
Speaker 1: How can a company write up an experts owned by
Speaker 1: a personal by a person by a person? What's the connection? Again,
Speaker 1: you're trying to ask the question to get an answer
Speaker 1: that you like. What is the content between the company
Speaker 1: and the personal owned car? What's the connection? None? So
Speaker 1: if you the company owns the car, yes, if the
Speaker 1: individual owns the car, no, you can't change the answer
Speaker 1: by asking you get to go. I hear you. You're
Speaker 1: not gonna get different answer. I didn't write the facts flow,
Speaker 1: So let's move on. Are you are you good? Sorry
Speaker 1: about that? The profess are incredible? How incredible?
Speaker 3: So I'm I need to please wants to get psational
Speaker 3: charges content?
Speaker 1: Simple charge? Simple?
Speaker 3: So I mean I had you speak about patras on
Speaker 3: an investments.
Speaker 12: Yeah, so you will to pate money as as an
Speaker 12: individual into your into your accounts.
Speaker 33: Yes, you're not paying yes when you invest I'm invested
Speaker 33: in the company like that, and then I need the
Speaker 33: plan you're paying that from that No.
Speaker 1: So what just that's very clear. If you are an
Speaker 1: individual and you are repatrating money that comes from dividend, interest,
Speaker 1: rent or royalty, then you don't pay tax on that.
Speaker 1: They did not mention salary. So if you work for
Speaker 1: a Facebook in America, the salary from Facebook, they didn't
Speaker 1: mention it. They're saying, if you take your salary from
Speaker 1: Facebook and you buy US Treasury bills, and US Treasury
Speaker 1: bills pay you an interest that interest, you bring it
Speaker 1: to Nigeria, you don't pay tax on it. But for
Speaker 1: a business, if a business exports and gets income, and
Speaker 1: it's true official challenges also not paid packs on it.
Speaker 1: So two differentiations. Individual dividends, rent, royalties and interest. For company,
Speaker 1: it can be anything as long as it comes through
Speaker 1: your approved channels.
Speaker 34: Yeah, again does talk plenty because it is batter with
Speaker 34: something that rand somewhere. So as well as an individual
Speaker 34: working abroad and me in salary and you're being taxed
Speaker 34: about and not, then your tax broad on that salary.
Speaker 33: So you're saying, but that's salary to anglia naa can
Speaker 33: when probably this too countries already that's treaty. Another double position.
Speaker 1: You're asking two different questions. You're asking the first question.
Speaker 1: You didn't mention double taxation. If I'm a double treated,
Speaker 1: then the treaty would suffice. It's not the pack the
Speaker 1: tax law, right, that would be. That's a different thing.
Speaker 1: If you're country has an agreement with France that stays.
Speaker 1: If you work in France you don't pay tax, then
Speaker 1: you will pay tax at the end of story. But
Speaker 1: the law is saying giveing them interest, rent and royalty.
Speaker 1: You didn't mention salary, so specializes included. But it didn't mention.
Speaker 1: I don't say mentions. That's the.
Speaker 3: Double special.
Speaker 1: If I patras that money university, that's point. When you
Speaker 1: repurchase one, then you have I already paid tax on it.
Speaker 1: So it's fine if only paid tax and you're not
Speaker 1: going to avoid the tax. Double tax just simply means
Speaker 1: that if you pay tax in Canada, you've paid tax
Speaker 1: in Nigeria and that's all it is. So if only
Speaker 1: pay the tax. So if no, there's no problem with that.
Speaker 1: What they are what they are saying. What they are saying,
Speaker 1: if you bring in interest in come from America, it
Speaker 1: is tax free, that's what they're saying. But if double
Speaker 1: touched on reason Philip paid tax abroad. All right, so.
Speaker 3: Yeah, thank you to find that question.
Speaker 33: So I, as an individual, I don't live in Nigeria,
Speaker 33: but re purtraces money to my accountments for savilis or
Speaker 33: whatever or a familion kids, do I ask.
Speaker 1: To file No. The way they define in Nigerian, it's
Speaker 1: very simple. You can be in Niger. First of all,
Speaker 1: all your income. If you are in Nigerian resident not
Speaker 1: citizens residents, any income you make world wide is taxable.
Speaker 1: I repeat, if you are in Nigerian residence, any income
Speaker 1: you make world wide is taxable. Let me give you
Speaker 1: an example. Joshua just fought on Saturday, right, and just
Speaker 1: for on Saturday. Jeshua is in Niger and a UK person.
Speaker 1: Let's say he's in Nigerian. Does he spend one than
Speaker 1: three days in Nigeria? No, so the money he ended
Speaker 1: in Saudi Arabia will not be taxed in Nigeria. But
Speaker 1: let's say until Joshua spent two hundred days in Nigeria
Speaker 1: last into Internet six. If he goes to fights in
Speaker 1: Saudi Arabia, the income he makes in Saudi, the fourteen
Speaker 1: million dollars he paid in Saudi, he will pay tax
Speaker 1: on that income to Nigeria because he has spent twenty
Speaker 1: days in Nigeria or less. Say until Joshua does all
Speaker 1: spend a day in Nigeria but maintains his permanent home
Speaker 1: in Nigeria, he will pay tax in Nigeria. Let's say
Speaker 1: he doesn't spend today in Nigeria, does not behome in Nigeria,
Speaker 1: but has huge investment in Nigeria, has a huge family
Speaker 1: in Nigeria. He also paid tax in Nigeria. Let's say
Speaker 1: until Joshua ends money in Saudi Arabia and that income
Speaker 1: will not be taxed in UK. Niger were taxing. So
Speaker 1: the residency is clarifying. If you are in a resident,
Speaker 1: they don't care about your citizenship. They care about your residency.
Speaker 1: If you live in Niger for more than one three days,
Speaker 1: that makes you a resident. And if you're a resident,
Speaker 1: you don't pay personal income tax to the Nigerian tax authority.
Speaker 1: Makes sense, Yeah, clear, just I just need to be clear.
Speaker 33: So as a non residents citizens live in that broad
Speaker 33: living with the country where there's a double taxes on treaty. Yeah,
Speaker 33: you only be purchased the way home and the end
Speaker 33: of the year you don't have to file because they're not.
Speaker 1: Supposed to be tax right, correct, you're not filed because
Speaker 1: you're not supposed to pay tax whever are giving the
Speaker 1: money to. If you're giving an individual that you don't
Speaker 1: have to file. If you are buying shares that company
Speaker 1: will be told we'll do we're told in tax receipts
Speaker 1: on that your investment. Yes, but you that's doing the remittance,
Speaker 1: you should be fine if you qualify it doesn't have qualifications.
Speaker 1: Happen here? Yeah, thank you, Yeah, welcome man. Yeah, let's
Speaker 1: get while here. We got to go guys our while ben,
Speaker 1: how long do we have? Hardstop is going to be
Speaker 1: about twenty minutes? And had stop is not ready? Yes,
Speaker 1: let's get Kingsley Kingsley eBay h So please no one
Speaker 1: signing most of all that, imagine. So I want to
Speaker 1: know if you are supposed to pay on the profits? Yes, now,
Speaker 1: if it's profit, you pay tax on the profit now
Speaker 1: as a simple one. Now, Oh, I tried to ask
Speaker 1: that because you made the property the loan, you shouldn't
Speaker 1: pay tax. No, you you you pay nets. You pay
Speaker 1: profit on net net income only if you're a company,
Speaker 1: if you're buying shares in your personal name. And it
Speaker 1: is not a collective investment skin they're gonna pay tax, right,
Speaker 1: that's a simple one. Yeah, all right, good investment for you.
Speaker 1: I will lay ub. Are you ready to speak our
Speaker 1: married Let's get to bury to bury to bury money business.
Speaker 1: That's question for the sake of its familiar.
Speaker 4: So my rest is that I'm going the business.
Speaker 1: So what Syle believes are the same thing is a
Speaker 1: legal leads you that will.
Speaker 3: Not make me to avoid the tasks as a see
Speaker 3: you because.
Speaker 4: Number the business of.
Speaker 1: Yeah, better way with maybe when I have the very
Speaker 1: beginning we clarify those things that you have to do,
Speaker 1: and they're very very easy to to find online. They
Speaker 1: about five of them. And number one, you have to
Speaker 1: pay pension. Contribute to your pensioning from act your retirement
Speaker 1: servis accounts contribute there. And number two if you pay
Speaker 1: for if you pay for life insurance for yourself and
Speaker 1: your spouse, that's number two. Number three n H I
Speaker 1: S and NH larger housing fund mortgage interest. Of course
Speaker 1: it's also the doctor from your your paycheck, from your taxes,
Speaker 1: and of course rents. Rent is capped at five thousand,
Speaker 1: twenty percent or whatever you're rented. So this is all
Speaker 1: if you just google what a tax exempt.
Speaker 3: To give it to you.
Speaker 1: We're just trying to add more color to distance. And
Speaker 1: like I said, the only thing that to me that
Speaker 1: allows you more, should we say flexibility is the pension side,
Speaker 1: the additional due contributions, because there you can do much
Speaker 1: much more. You can do more and you can withdraw
Speaker 1: more after five years. So our advice that you go
Speaker 1: back and into the recording or you go on and
Speaker 1: I got put this in there give you just much more. Yeah,
Speaker 1: thank you much welcome. Let's let me get gentlemen.
Speaker 3: Is is.
Speaker 1: This or itch is on? It is a right? It
Speaker 1: is on that all right? It isn't Red's get if
Speaker 1: fram if fram or her rousic that's the kay different.
Speaker 1: Look look how are you doing now?
Speaker 3: Verment? No, my question is I have to press.
Speaker 17: I'm an ecologist and like fils, I don't have my
Speaker 17: little spiture.
Speaker 3: I I get fish it because I have a special
Speaker 3: like there.
Speaker 4: And pay money into my accounts.
Speaker 3: I have those fitures that I use, so I pick
Speaker 3: your spiritual, I pay my gendors and pay everybody after
Speaker 3: your transaction.
Speaker 1: Please, how can I not be this this boxt do
Speaker 1: you have a are you are you paying individual or
Speaker 1: do you have a business that is on the business.
Speaker 17: You know, I don't.
Speaker 3: I want to consent to my personal account.
Speaker 1: Okay, now, so you number one thing you have to
Speaker 1: do tomorrow is set up a business for this activity
Speaker 1: that you're doing. Why because all the all the petrol
Speaker 1: you used to go from a supposed to the hospital.
Speaker 1: You can't write it off if you have a business.
Speaker 1: So you have to set up a business tomorrow to
Speaker 1: do this state activity so that all your income comes
Speaker 1: to your business and all your expenses also go to
Speaker 1: your business. That's going to be your The easiest thing
Speaker 1: to do. The rest, of course, is going to be
Speaker 1: this year getting your open up. Have a passion account.
Speaker 1: I haven't a passion account, brother, pasion account, life insurance
Speaker 1: all that I walk with.
Speaker 3: On the other time, I have my pensionary. Another wrest
Speaker 3: of them.
Speaker 1: That's it.
Speaker 4: There I walked up to.
Speaker 3: And I told them that I want to.
Speaker 4: Start from making.
Speaker 3: Extract on top of my pension and the WEF I'm doing.
Speaker 1: Don't don't know what they're talking about. So go to
Speaker 1: new PFA. You can make as you know that think
Speaker 1: you can make up to one head of your income
Speaker 1: in addition to your account, so you can do an
Speaker 1: additional voluntary contribution. Advice you do that because it to
Speaker 1: remove your it to reduce your taxable income above the line.
Speaker 1: With mean that as a doctor, you should be paying
Speaker 1: a lot of taxes. But when you do additional voluntary contribution,
Speaker 1: you are bringing your tax income lower, not just expenses
Speaker 1: you have bringing your income lower. So you're definitely about
Speaker 1: to do additional country contributionionalized think you should do that.
Speaker 1: So I was saying in terms of order, go rest
Speaker 1: of the company tomorrow, go to your PFE. They tell
Speaker 1: you the same thing. Go to a new PFA, do
Speaker 1: additional country contributions. Then think about how you can also
Speaker 1: in your business capture all the expenses to reduce your taxes.
Speaker 1: That's all you should do, sir.
Speaker 4: So my second question now is.
Speaker 1: He's left Now.
Speaker 3: I want to know exactly peculiarity I ended absolute popularity.
Speaker 23: So transitation that goes to the hospital to an hospital
Speaker 23: because acting.
Speaker 17: Now and you have six straight.
Speaker 3: Head care and such a service.
Speaker 1: Doesn't it doesn't want it doesn't matter for you because
Speaker 1: if you're not the hospital and yes, so if.
Speaker 23: Because I because the easiest for me to do is
Speaker 23: to set up an hospital.
Speaker 4: You see pay tax, so okay, the hospital sleep pays tax.
Speaker 1: Everybody pays.
Speaker 35: I have friends and friends who own hospitals and they
Speaker 35: say that they don't they don't.
Speaker 1: Pay tax like the tax that I just to pay
Speaker 1: for the.
Speaker 5: Start the personal little comptext of the staff there.
Speaker 17: But government to look away from me because the younglement reads.
Speaker 3: Headcres that.
Speaker 1: That's false. Especially going forward. Everybody has to pay income tact.
Speaker 1: Everybody's gonna pay in contact. So that's false. If you
Speaker 1: if you when you pay, when you pay salaries, the
Speaker 1: hospital would reduce it taxes. Then the staff that received
Speaker 1: his salary have got to go and file personal income taxes. Yes, sir,
Speaker 1: all right, you gotta let you go. You're very welcome.
Speaker 4: Yep.
Speaker 1: Let's get my senior father to mar h mar berle Inge. Sir.
Speaker 1: How are you doing today? I'm doing a nice speaking
Speaker 1: with same here air. How can I be a sister sir?
Speaker 1: How can I help today?
Speaker 4: Okay? The question I want to ask, let me be
Speaker 4: I registered. My accompany is two thousand and ten bits.
Speaker 4: To be candid, I've not paid tax before.
Speaker 5: So my question now you advice I continue with this
Speaker 5: compaign because I don't want to have issue with taxman,
Speaker 5: or I really say start all over again and start.
Speaker 1: It's a difficult question because I'm not the f I
Speaker 1: R S right. What I would say is that if
Speaker 1: you start to pay your real taxes from to internec,
Speaker 1: I think it will be fine. I think it will
Speaker 1: be fine. You know, they give the tax, they give
Speaker 1: it a tax what's it called tax holiday or tax
Speaker 1: when they give you like amnesty, even tax amnesty a
Speaker 1: few years ago. Maybe should have taken advantage of that.
Speaker 1: But I suspect in my hat that if you start
Speaker 1: from to entiney six I start to pay your real
Speaker 1: tax will be fine. I can't I can of course
Speaker 1: guarantee that, but I will say start if you think
Speaker 1: it's bad instead of a new company, doesn't cost you
Speaker 1: more money. But I suspected just start off on your own,
Speaker 1: they would accept that from you. So that's why I suspect.
Speaker 36: Yeah, okay, guys, I want to because you know THEO
Speaker 36: and that's.
Speaker 1: Why we're doing this. That's why I'm trying to give
Speaker 1: a lot of mention because we can't say we we
Speaker 1: we know it's not a strategy. You have to say no,
Speaker 1: what is in the law, then that say this is
Speaker 1: what I can I can used to get around the law.
Speaker 1: That's what I'm saying. So we try to do this
Speaker 1: to help people that want to pay taxes. Exactly. Okay, fantastic,
Speaker 1: You're very welcome, Thanks so much. All right, so let's
Speaker 1: get yeah, let's get smart pro peace, smart pro printers,
Speaker 1: smart pro.
Speaker 4: You doing so, thank you for this opportunity and thinking
Speaker 4: to unite about this as.
Speaker 1: My question is not normal to question?
Speaker 4: First is.
Speaker 5: I don't know if you have already explained, because I
Speaker 5: actually can relate before you've already started.
Speaker 3: Life before I joined.
Speaker 5: So I want to ask if I received a dividend from.
Speaker 4: That.
Speaker 1: I both.
Speaker 5: Concrete on the.
Speaker 1: It has got to be the very mute you. It's
Speaker 1: got to be a collective investment scheme to avoid taxes
Speaker 1: personal income taxes. So if you if you buy from
Speaker 1: a collective investment scheme, right then those are exams collect
Speaker 1: investment scheme. If you just buy normal, you're gonna pay
Speaker 1: tax on that. So yeah, the law is saying I
Speaker 1: can rid your exact law. It's saying you have to
Speaker 1: buy from a collect investments or the worm if you
Speaker 1: just buy the individual stockes income or that dividend be
Speaker 1: assessors in common and you pay tax on that. Does
Speaker 1: that make sense? Okay? I think it's gonna start for you.
Speaker 1: Are you okay with the answer? Do you hear me?
Speaker 1: All right? I think it's dropped off. All right, let's
Speaker 1: get Mary and and will you you guys guys have
Speaker 1: to help me.
Speaker 37: Thank you for the information you're sharing. And I have
Speaker 37: about three questions.
Speaker 4: He has to do. One with the last person that asked.
Speaker 3: Questions about dividend taxes. I thought that way you buy share.
Speaker 38: Their company and you paid dividend, that they already what
Speaker 38: is called with holding task that is already doubted automatic
Speaker 38: from the divid and before it gets to your account.
Speaker 1: Yes, yes, it's an exemption. They want to encourage to
Speaker 1: buy share. So if you buy through a collecting men's scheme,
Speaker 1: no way to tax.
Speaker 4: But if you buy through a broker when you didn't expect.
Speaker 1: To you, it's not already.
Speaker 3: Withhold before you.
Speaker 1: Yes, but through a collective investment scheme or the collective Okay,
Speaker 1: So if you buy directly, if you buy the stock individually,
Speaker 1: you pay tax. If you just buy mutual phone and
Speaker 1: ETF press, private equity, venture capital, you don't pay okay.
Speaker 37: Okay direct Then my other two versions of the second
Speaker 37: one is is the station where you invest in Nigeria,
Speaker 37: where you invest in equipments. For instance, you you spend
Speaker 37: money in Europe and shift some trucks to Nigeria to operate.
Speaker 1: And I understand that you pay a company tax from.
Speaker 4: The proceeds of those businesses.
Speaker 37: But is there any tax benefits the fact that you
Speaker 37: invested these equipments, invested in some of money through.
Speaker 1: These equipment that you of course, if you do it
Speaker 1: as a company, you get to write out all the expenses.
Speaker 1: If you pay important duty, you write it out. If
Speaker 1: you pay you write it out. If you have that
Speaker 1: as an investment, you can also you might you may
Speaker 1: be able to claim capital loss on that. I'm not
Speaker 1: just saying so, of course you claim all the expenses
Speaker 1: because youre is in that truck to do business in Nigeria. Yes,
Speaker 1: you can claim the expenses. They are taxing your net profit,
Speaker 1: not your turnover.
Speaker 3: Okay.
Speaker 37: So, and then they have a cap for year deductions
Speaker 37: or is it over five years?
Speaker 1: No, If you make profits, you pay income. That's it.
Speaker 1: If you make if you make profit, then you pay income.
Speaker 3: Okay, if you make profit then so how do you
Speaker 3: get the adoptions?
Speaker 1: Then when you when you file your expenses, you put
Speaker 1: the deductions there. You write it, these are the costs
Speaker 1: I used to make my profit. You write that out
Speaker 1: your turnover. Okay, go ahead, your tourno less your expenses
Speaker 1: is your gross gross, less taxes your net income. That's
Speaker 1: what they're taxing. They're taxing your gross.
Speaker 4: Yeah, okay, thank you.
Speaker 37: And the last question is you're running this business. Obviously
Speaker 37: you have a operationals and maybe rental.
Speaker 3: You get to write those as well.
Speaker 1: Correct. So the language is any any any expense used
Speaker 1: wholly and exclusively to generate income can be written enough.
Speaker 1: So if I if I have a school and I
Speaker 1: go and buy a Lamborghini, I can't write that Lamborghini
Speaker 1: off because that Lamborghini is not needed by the school.
Speaker 1: But if I have if I'm the video, I needn't
Speaker 1: like a Lamborghini to do my home video. So yeah,
Speaker 1: I can write a Lamborghini. Or it has to be
Speaker 1: exclusive to the business, not every expense. If you are
Speaker 1: if you're a farmer, yes, and you are going to
Speaker 1: a bucher, you rent private jet there they'll ask you
Speaker 1: why private jets or what's wrong with flying first class
Speaker 1: or whatever. But if you are a billionaire, you know,
Speaker 1: and you are writing a private jet, you can say
Speaker 1: for your security, you want to be flying. You know,
Speaker 1: it's all has to be holy and exclusive to the
Speaker 1: production of that income. You just can't good, you can't.
Speaker 1: You can't be a farmer in a bell cutter. Then
Speaker 1: go for summer holiday in Greece and right off the
Speaker 1: holiday in Greece as an expense, no but a waiting
Speaker 1: concern Greece and a bell cutter. But but if they're
Speaker 1: holding a conference in Greece on new seeds for cocoa,
Speaker 1: and you go to agrees to attend that conference for
Speaker 1: new season cuckoo, then you go to the beach, you swim,
Speaker 1: you do all that stuff. You can write that conference
Speaker 1: off as the cost of doing business in makes sense,
Speaker 1: then a lot towards American as well. That is correct.
Speaker 1: It's very similar to the American system of self assessment.
Speaker 4: And all that.
Speaker 1: They're going to introduce small things. There's no basis if
Speaker 1: if an American. If I say it business, no business
Speaker 1: means there's no business here because it's too complex Nigerians
Speaker 1: cannot do business with so I think down the line though,
Speaker 1: introduce business to answer if you mean things, but you
Speaker 1: can if you know American tax law, you see where
Speaker 1: they are going to do this. Yeah, very correct, thanks
Speaker 1: to Let's get also offer the ultimate offer, the ultimate
Speaker 1: gotta go guys, I gotta go eat. I don't yeah.
Speaker 1: I can hear you talking about ten minutes. Can hear you? Yeah?
Speaker 4: Okay, okay, thank you. I have to praise the first
Speaker 4: question is that.
Speaker 10: If someone in salary and then because we already know
Speaker 10: that before companies praying but already that's from it. And
Speaker 10: then your income is still above eight hundred key ye
Speaker 10: are you going to pay first nine contacts from that ending.
Speaker 1: That you a salary? First question salary, yes, yes you pay, Yes,
Speaker 1: any income above it you paying come personally contacts?
Speaker 3: Okay okay.
Speaker 10: Then my second quest that I in charge of prop
Speaker 10: on in the office and my finals guy, I've been
Speaker 10: telling me that from next year if you're bringing the
Speaker 10: retail from fires.
Speaker 4: So whether you're buying from it, so, I don't really
Speaker 4: understand what you mean.
Speaker 10: Does you mean that every company that them from generality
Speaker 10: from FIUs or approve number for the company to the receipt.
Speaker 4: That's the conquiestion.
Speaker 1: No, I don't think it's a recist from fire Rest,
Speaker 1: but I think that you have to make sure that
Speaker 1: who you are buying from my advice, this is my
Speaker 1: advice has a vatable license because if you buy good
Speaker 1: from someone that is not vatible right and is supposed
Speaker 1: to pay with that, you cannot claim that good and
Speaker 1: services as a cost of doing business if it's that
Speaker 1: an import duties. Let's say you buy a boss the
Speaker 1: present bringing the boss into my gas supposed to have
Speaker 1: paid imput duty. Let's say he brought that boss through,
Speaker 1: but I agree he didn't pay taxes. If you buy
Speaker 1: that bus, you cannot claim that boss as an expense
Speaker 1: in your company. That's maybe where he's going to the air.
Speaker 1: Fire is also asking people to try and get digital
Speaker 1: that try to digitize your payment, your preferred digitization. So
Speaker 1: they're also saying that that's maybe that's what you're also
Speaker 1: saying that make sure that the company is either going
Speaker 1: to get the digital or is telling towards that side.
Speaker 1: They don't want cash or paper, they prefer digital. Because
Speaker 1: going forward, you just come to your company plugging the
Speaker 1: competency your company and download your transactions. That's what you're
Speaker 1: going to go to. That's what he's trying to say.
Speaker 3: Yeah, okay, okay, thank you so much.
Speaker 1: Welcome, thank you for I appreciate you your lo lo
Speaker 1: of your life. Catch them out of your life? Are you?
Speaker 4: I you know, I'm trying to bunch of good people.
Speaker 1: So I listened to.
Speaker 39: Everything that he says. He's anybody any doing talk don't yourself?
Speaker 1: So yes I can.
Speaker 38: He said anybody.
Speaker 1: I said that. I said, anybody. Everybody has got to file,
Speaker 1: whether you and or you don't. You said you got
Speaker 1: to fire out.
Speaker 3: Then we talked to the correct about.
Speaker 23: Christian is like you know, I'm talking about most of
Speaker 23: what the most Irans question. I'm talking about living large
Speaker 23: their own videos to do this companient U I.
Speaker 35: Normally I'm callings took out a reading down.
Speaker 4: Of course I belonged to that round.
Speaker 1: Uh So I was at this question that yes me, I,
Speaker 1: for example, lets you have this problem.
Speaker 18: I have a got son of liking a show and
Speaker 18: the lovely.
Speaker 3: Show where I let's have your one.
Speaker 4: Let's I had like the three problems I'm just think about.
Speaker 23: I'm like three p people is working at spend places
Speaker 23: you know, doing this uh cash con turn to and.
Speaker 3: During the election time people wished to.
Speaker 22: Open and.
Speaker 1: I gotta gotta get to your question really quick. What's
Speaker 1: the question?
Speaker 35: So this I got like you are my boys to
Speaker 35: walk like okay now for them like afully lest to
Speaker 35: for the month?
Speaker 4: You know that?
Speaker 1: Yeah?
Speaker 35: That the hopey argue that and I listened u uh
Speaker 35: that I lit be more than will send.
Speaker 4: You the record. But I used to chat there.
Speaker 1: Okay, well you know what's what's the question?
Speaker 4: Now?
Speaker 35: The question is that how can inspire? But because I
Speaker 35: can't page, that's not accounts, it's not account that age
Speaker 35: whenever I come to my company the contron called the
Speaker 35: really show.
Speaker 40: Whenever I consume the JOS is a personal account, so
Speaker 40: receive your money right to send still to businesses. And
Speaker 40: I know you want we want to person to really competition.
Speaker 40: So I got to find past one show.
Speaker 17: You that I let the charge on C I s
Speaker 17: the g.
Speaker 4: How candid the parts is later too much?
Speaker 1: Also? Yeah, so if if you're a bob, I know
Speaker 1: we're sending here at every every organize