WEBVTT 1 00:01:03.719 --> 00:01:09.840 Welcome to another Money's me. My name is Calu Alohos. 2 00:01:09.920 --> 00:01:13.319 On this space we can economy. We're talkis and of 3 00:01:13.359 --> 00:01:18.599 course we attain your right. So welcome guys. This week 4 00:01:18.719 --> 00:01:25.719 we are gonna do how to legally write avoid taxes. 5 00:01:25.799 --> 00:01:30.000 That's a topic, right, and it's because the tax lays 6 00:01:30.040 --> 00:01:32.400 out there. You know, the taxloyd is out there, so 7 00:01:32.439 --> 00:01:36.239 we've got to understand it so we can then know 8 00:01:36.280 --> 00:01:39.319 how to apply it. Taxes are gonna be, I would say, 9 00:01:39.879 --> 00:01:42.640 one of the largest expenses that you're going to make 10 00:01:43.159 --> 00:01:47.799 right most space, they're gonna make maybe going forward. So 11 00:01:47.840 --> 00:01:51.400 you've got to understand what the tax laws are and 12 00:01:51.599 --> 00:01:54.120 of course how you can then sort of navigate that 13 00:01:54.200 --> 00:01:58.120 tax law and be a better citizen. Now. To be clear, 14 00:01:58.920 --> 00:02:06.480 paying taxes, paying taxes is a patriotic thing to do. 15 00:02:07.359 --> 00:02:12.639 Avoiding taxes is also a patriotic thing to do. Why 16 00:02:13.680 --> 00:02:19.560 taxes are not just about revenues. Taxes are not just 17 00:02:19.599 --> 00:02:24.479 about revenues. Taxes are also how the government redirects you 18 00:02:25.639 --> 00:02:29.039 to spend your money. So when the government says, for instance, 19 00:02:29.080 --> 00:02:32.039 that we want to tax cigarettes, the government is trying 20 00:02:32.080 --> 00:02:35.639 to make revenues off you. If you smoke cigarettes. There 21 00:02:35.639 --> 00:02:39.719 are mainly image of discourage you from smoking cigarettes, so 22 00:02:39.800 --> 00:02:42.319 that way their cost of health does in legal to 23 00:02:42.599 --> 00:02:46.639 when they're treating you down the line. Same with this 24 00:02:46.719 --> 00:02:48.879 tax with you know, going to spat and the government says, 25 00:02:48.919 --> 00:02:54.000 for instance, that we are going to tax you, but 26 00:02:54.280 --> 00:02:58.199 we will give you a tax rebate or tax exemption 27 00:02:58.479 --> 00:03:01.560 if you pay into your sing this account. What the 28 00:03:01.639 --> 00:03:05.599 command is essentially saying is that listen, if you contribute 29 00:03:05.599 --> 00:03:08.719 money for your retirement today, if you contribute into your 30 00:03:08.719 --> 00:03:11.759 activity's account today, then of course we're going to support 31 00:03:11.800 --> 00:03:14.680 that because you are saving it for yourself into the future. 32 00:03:15.240 --> 00:03:19.479 So the government supports you saving money for yourself into 33 00:03:19.479 --> 00:03:22.800 the future. That's that's essentially what it is, and that's 34 00:03:22.840 --> 00:03:25.680 what we're trying to do today. So I've got YouTube 35 00:03:25.840 --> 00:03:29.599 up and running. I'm gonna share the slides on YouTube, Twitter, 36 00:03:30.159 --> 00:03:31.960 and I'm going to try to do a presentation more 37 00:03:32.039 --> 00:03:35.439 to that where we can sort of follow some great 38 00:03:35.520 --> 00:03:39.759 visuals I have done. Let me find that. That's gonna 39 00:03:39.800 --> 00:03:42.080 do YouTube so you guys can actually follow. So there 40 00:03:42.120 --> 00:03:45.360 it is, and then we can start talking about power 41 00:03:45.360 --> 00:03:50.439 point slides here. I'm gonna share so YouTube folks, just 42 00:03:50.639 --> 00:03:53.319 give me a terms up or so, if you're on 43 00:03:53.319 --> 00:03:55.520 a space on you on YouTube's let me know if 44 00:03:55.520 --> 00:04:00.240 you can see the slides, and I'll also share so 45 00:04:00.400 --> 00:04:04.960 here on Twitter, so we can essentially start, guys. Yeah, 46 00:04:05.479 --> 00:04:07.039 so what I'm gonna do is on Twitter, I'm just 47 00:04:07.080 --> 00:04:09.919 gonna go and share the same sort of like do 48 00:04:10.039 --> 00:04:14.360 a trend if you may, so we can start. So 49 00:04:14.639 --> 00:04:17.399 give me a second to get that all sorted out, 50 00:04:17.959 --> 00:04:20.399 and then I will take you guys on this journey 51 00:04:21.319 --> 00:04:27.439 about taxation. Right, So, the very very firsting to say 52 00:04:27.639 --> 00:04:32.680 that tax avoidance, guys, is legal. If you are avoiding 53 00:04:32.759 --> 00:04:35.600 tax that us a perfect legal decise to do. If 54 00:04:35.600 --> 00:04:39.560 you are evading taxes, that's a different matter entirely right, 55 00:04:39.839 --> 00:04:43.600 because you don't want to evade taxes. Mister al Capone 56 00:04:44.439 --> 00:04:47.360 was arrested for evading taxes, so we don't want anyone 57 00:04:47.399 --> 00:04:50.199 to evade taxes. We basically want you guys to learn 58 00:04:50.240 --> 00:04:54.399 how to legally avoid taxes. Let's go on my next slide. 59 00:04:54.480 --> 00:04:56.199 This is not investment advice. I dont know if you 60 00:04:56.199 --> 00:04:59.720 guys YouTube considers well, essentially it's not investment advice. I'm 61 00:04:59.800 --> 00:05:02.800 not your investment advisor. I'm not trying to show you 62 00:05:02.920 --> 00:05:05.519 or sell you a new product. Speak to you an 63 00:05:05.639 --> 00:05:09.319 advisor before you do anything, and don't rely on this 64 00:05:09.439 --> 00:05:12.680 presentation as financial advice. So talk to your tax professional. 65 00:05:13.399 --> 00:05:17.399 And this is not investment advice. So let's go straight 66 00:05:17.439 --> 00:05:22.680 into it. Right, Tax upporinances legal, tax vision is illegal. 67 00:05:23.160 --> 00:05:27.160 The tax reform offers medilegal pathways to avoid taxes. So 68 00:05:27.319 --> 00:05:29.519 everything I'm going to show you today, everything I'm going 69 00:05:29.519 --> 00:05:33.600 to talk about today, is all in that Tax Reform Act. 70 00:05:33.759 --> 00:05:36.680 It's nothing new. We're doing. Everything we are ashamed with 71 00:05:36.720 --> 00:05:40.120 you today is all going to be in the tax 72 00:05:40.279 --> 00:05:45.480 reform past. So there's no calories inventing in from the air. No, no, no, no, 73 00:05:45.879 --> 00:05:49.839 we are shared with you what is already in the Act, 74 00:05:50.120 --> 00:05:51.920 and of course that's what we're going to talk around. 75 00:05:52.000 --> 00:05:54.279 So yeah, I don't know if YouTube, folks consider is 76 00:05:54.319 --> 00:05:56.519 the Twitter. Guys. I just showed you in my first lide. 77 00:05:57.519 --> 00:06:00.800 YouTube folks, let me come back to you. You guys 78 00:06:00.839 --> 00:06:04.759 see my slides? No you're not right? Yeah, I don't know. 79 00:06:04.959 --> 00:06:10.120 Help you folks. Right? So are you seeing those slides? Yeah, 80 00:06:10.199 --> 00:06:11.879 let me see chat let me know on the chat 81 00:06:11.920 --> 00:06:13.920 if you can see them. But the first thing we 82 00:06:13.959 --> 00:06:17.920 want to talk around is who is going to pay what? Yeah, 83 00:06:17.959 --> 00:06:21.839 you can see my slides now, so tax is yeah, YouTube, 84 00:06:21.839 --> 00:06:24.040 we can see it. So let's start off, guys, let's 85 00:06:24.079 --> 00:06:26.759 start off. So first of all, the first thing you 86 00:06:26.759 --> 00:06:30.079 help to understand is this who is going to pay 87 00:06:30.279 --> 00:06:35.000 taxes in Nigeria. It is going to be Nigerian residents 88 00:06:35.439 --> 00:06:38.560 and they're going to be paying taxes on their income. 89 00:06:39.439 --> 00:06:42.680 So first of all, have five two things here. Number one, 90 00:06:42.879 --> 00:06:46.680 who is a Nigerian residence. That's a very very first thing, right, 91 00:06:47.040 --> 00:06:49.639 because you've got to say, excus You've got to say, 92 00:06:49.720 --> 00:06:53.680 first of all, who is a Nigerian Nigerian doesn't mean 93 00:06:53.839 --> 00:06:57.639 who has the passport Nigerian means as a tax mall 94 00:06:57.639 --> 00:07:01.000 as they find it, who is in Nigeria and residents. 95 00:07:01.199 --> 00:07:03.720 The first thing is that if you spend one hundred 96 00:07:03.920 --> 00:07:07.720 is three days in Nigeria, you are in Nigeria on 97 00:07:07.879 --> 00:07:11.519 that tax purposes. That means if you're an American citizen 98 00:07:12.319 --> 00:07:16.279 but you spend one un three days in Nigeria, or 99 00:07:16.319 --> 00:07:20.279 you maintain a permanent home in Nigeria, or you have 100 00:07:20.519 --> 00:07:27.399 significant economic or family ties in Nigeria, right, or you 101 00:07:27.600 --> 00:07:31.439 have employment elsewhere, you don't do any of that. You 102 00:07:31.439 --> 00:07:33.800 don't live in Nigeria. I'm a permanent home in Nigeria. 103 00:07:33.920 --> 00:07:37.240 But the economic activity that you are being your any 104 00:07:37.279 --> 00:07:41.600 income in Nigeria, you are not being taxed in your 105 00:07:41.639 --> 00:07:45.759 home country. If that applies to you, boys and girls, 106 00:07:46.319 --> 00:07:53.199 Essentially you are a taxpayer in Nigeria. So that's the 107 00:07:53.240 --> 00:07:57.120 first thing. So let's say you live in Canada and 108 00:07:57.160 --> 00:08:00.519 you have homes in Nigeria, right, and you are earning 109 00:08:00.720 --> 00:08:04.639 rental income in Nigeria. As long as you do not 110 00:08:04.720 --> 00:08:07.959 spend all nitted three days in Nigeria, or you do 111 00:08:08.040 --> 00:08:13.040 not have any substantial quote unquote business in Nigeria, or 112 00:08:13.079 --> 00:08:15.199 you don't mean it any permanent from in Nigeria, then 113 00:08:15.240 --> 00:08:18.240 you're not a tax person for all a Nigerian purposes. 114 00:08:18.279 --> 00:08:20.279 They're not going to be a tax person. That's essentially 115 00:08:20.319 --> 00:08:25.879 what they're saying. So your taxes will not follow should 116 00:08:25.920 --> 00:08:29.800 we say the other ways that we will tax Nigerian's. 117 00:08:29.920 --> 00:08:33.759 We will tax Nigerians based on their income in Nigeria. 118 00:08:33.840 --> 00:08:37.399 But you are not a resident in Nigeria. So if 119 00:08:37.399 --> 00:08:40.080 you have a double tax arrangement, that's what would apply 120 00:08:40.200 --> 00:08:42.679 to you. If you don't have a double tax arrangement, 121 00:08:42.759 --> 00:08:46.759 then you're not residents in Nigeria. The income you're making Nigeria, 122 00:08:46.840 --> 00:08:49.720 if it goes to your back account, show file taxes, 123 00:08:50.000 --> 00:08:53.600 but you are not a Nigerian, so that income stream 124 00:08:53.720 --> 00:08:56.679 is not applicable to personal income tactic. They're saying, we 125 00:08:56.720 --> 00:09:00.480 won't tax a foreigner if a foreigner had homes in 126 00:09:00.559 --> 00:09:04.480 Nigeria below over Amionia the same way, you're not a residence. 127 00:09:04.720 --> 00:09:06.759 So the key thing here is this. If you spend 128 00:09:06.879 --> 00:09:10.840 one five days that's half of the time in Nigeria, 129 00:09:10.919 --> 00:09:14.120 but you are also living in the US on the UK, 130 00:09:14.320 --> 00:09:17.200 then you're in Nigerian. So if you are in Nigerian, 131 00:09:17.279 --> 00:09:21.200 then you have to file taxes in Nigeria. You cannot 132 00:09:21.279 --> 00:09:24.759 claim the foreign status and then say you will not 133 00:09:24.879 --> 00:09:28.399 pay taxes. You can say I have an American passport, 134 00:09:29.200 --> 00:09:32.360 thus I will not pay taxes for income I have 135 00:09:32.519 --> 00:09:34.960 earned in Nigeria. It will work that way if you 136 00:09:35.080 --> 00:09:38.960 spend more than one hundred three days in Nigeria. So 137 00:09:39.000 --> 00:09:41.960 what's the way to avoid this. You've got to count 138 00:09:42.039 --> 00:09:44.240 the days you spend in Nigeria. If you're gonna spend 139 00:09:44.559 --> 00:09:46.639 a lot of time in Nigeria, be a weather The 140 00:09:46.639 --> 00:09:49.960 magic number is one eighty three days in Nigeria. If 141 00:09:50.000 --> 00:09:52.960 you spend one do in Nigeria, you were permanent from 142 00:09:52.960 --> 00:09:56.360 in Nigeria, you have a signer in the community in Nigeria. 143 00:09:56.440 --> 00:10:00.399 And if you are not, you don't live in Nigeria 144 00:10:00.480 --> 00:10:03.759 and you do a contract in Nigeria, but you don't 145 00:10:03.759 --> 00:10:06.279 pay tax when you get back to your home country. 146 00:10:06.879 --> 00:10:09.679 And of course you will also be taxed in Nigeria 147 00:10:09.759 --> 00:10:13.399 because that economic activity happens in Nigeria. So the first 148 00:10:13.399 --> 00:10:16.279 way to look at it is to say, listen, if 149 00:10:16.279 --> 00:10:18.399 you're going to be if you have a foreign passport, 150 00:10:18.759 --> 00:10:21.080 be aware of the number of days that make you 151 00:10:21.279 --> 00:10:24.559 a resident of Nigeria. But once your resident of Nigeria, 152 00:10:24.759 --> 00:10:28.039 then this law applies to you resident of Nigeria. Then 153 00:10:28.080 --> 00:10:30.399 this laws will not apply to you, right because you're 154 00:10:30.559 --> 00:10:33.159 Nigerian by birds or you're an American citizen or kind 155 00:10:33.200 --> 00:10:35.919 of citizen by passport. But if you're a Kandon citizen 156 00:10:36.600 --> 00:10:40.399 and you spend two hundred days in Nigeria, then for 157 00:10:40.519 --> 00:10:44.840 the purposes of taxation, you'll be taking us in Nigeria, 158 00:10:44.960 --> 00:10:47.879 and of course you will then pay those tax i 159 00:10:47.919 --> 00:10:51.919 hope that that's particular how we want to differentiate that? Right, excellent, 160 00:10:52.320 --> 00:10:54.399 So let's now go to the second thing the world's 161 00:10:54.399 --> 00:10:56.120 going to talk around, right, which is going to be 162 00:10:57.279 --> 00:10:59.759 how then to let's now go into the business say 163 00:11:00.039 --> 00:11:02.759 how can we then avoid the first thing. That's what 164 00:11:02.919 --> 00:11:07.200 we'll call the income strategy. Income strategy, the law says, 165 00:11:07.200 --> 00:11:08.679 I'm going to share this lading with you guys on 166 00:11:08.919 --> 00:11:12.879 on Twitter. The law says that if you end less 167 00:11:12.879 --> 00:11:15.919 than eight hundred thousand, then you will not pay any 168 00:11:16.000 --> 00:11:18.200 tactically end less than eight or in thousands. But that's 169 00:11:18.200 --> 00:11:20.279 the only good strategy for us. I mean, who wants 170 00:11:20.320 --> 00:11:23.240 to have a strategy that says I want to end 171 00:11:23.600 --> 00:11:26.799 less than eight hundred thousand. That's nothing, right, we want 172 00:11:26.840 --> 00:11:29.799 to end more. We're basically going to end a lot 173 00:11:29.919 --> 00:11:32.679 more and then find out the legal ways not to 174 00:11:32.720 --> 00:11:36.120 pay tax on that. Now, I did look at all 175 00:11:36.240 --> 00:11:40.600 the all the provisions. The one that I do like 176 00:11:40.679 --> 00:11:42.960 that I think makes more sense for us to talk 177 00:11:43.039 --> 00:11:46.879 around is the one where you go around the pension 178 00:11:47.080 --> 00:11:49.679 from Act. That's the one I think that makes more 179 00:11:49.759 --> 00:11:53.039 sense to us to really focus on how to speak around. 180 00:11:53.200 --> 00:11:55.919 So again on Twitter, guys, I'm sharing the slides. I've 181 00:11:55.960 --> 00:11:58.000 just said the second one. Now now we're on the income. 182 00:11:59.240 --> 00:12:04.320 So if you are earning more than eight hundred thousand, 183 00:12:04.399 --> 00:12:06.799 I wanted to really look at your retirement sivis account 184 00:12:07.320 --> 00:12:12.120 as your key account to avoid taxes legally. And this 185 00:12:12.200 --> 00:12:15.320 is what we call above the line deductions, because what's 186 00:12:15.360 --> 00:12:19.279 happening is this, if you end a million MIRA and 187 00:12:19.360 --> 00:12:23.399 you are able to contribute, able to contribute three hundred 188 00:12:23.440 --> 00:12:28.360 thousand MIRA into your retirement sivings account, then your income 189 00:12:28.480 --> 00:12:32.919 is no longer one million is seven hundred thousand IRA. 190 00:12:33.639 --> 00:12:37.320 So anything you contribute to your retirement servings account, you 191 00:12:37.480 --> 00:12:40.240 deduct that from your income, not as an expense, not 192 00:12:40.360 --> 00:12:43.159 below the line, but really above the line. You are 193 00:12:43.200 --> 00:12:46.440 saying your income is going to get one million, your 194 00:12:46.480 --> 00:12:50.840 income is seven hundred thousand because you've taken away three 195 00:12:50.879 --> 00:12:54.720 hundred thousand to your retireing sivens account. So now remember 196 00:12:54.720 --> 00:12:57.600 that your arrests, your time sients account is based on 197 00:12:57.720 --> 00:13:01.360 eighteen percent. That's the statutory limit ten percent. It's based 198 00:13:01.399 --> 00:13:06.519 on your housing, your basic housing, your transport, and of 199 00:13:06.559 --> 00:13:07.679 course your basics. 200 00:13:07.720 --> 00:13:07.879 Right. 201 00:13:08.759 --> 00:13:11.279 You want to make sure that if you work in ninetia. 202 00:13:11.399 --> 00:13:14.799 You are getting a pay slip and that pace they 203 00:13:14.879 --> 00:13:18.559 should break down your income into basic housing and transportation. 204 00:13:19.240 --> 00:13:21.240 So just don't get a payslip. Just don't get say, 205 00:13:21.440 --> 00:13:24.480 oh I pay you, here's a check. Insist to get 206 00:13:24.559 --> 00:13:28.919 a payslip, and that pactive should break down your income 207 00:13:29.360 --> 00:13:34.159 into basic housing and transportation. That's what you want to 208 00:13:34.320 --> 00:13:37.879 essentially get because once you get that, you've qualified then 209 00:13:37.919 --> 00:13:42.639 to then pay eighteen percent of that basic housing and 210 00:13:42.720 --> 00:13:47.679 transportation right as your start to treat allowance, but want 211 00:13:47.720 --> 00:13:51.600 to go more than that's a tree allowance. This is 212 00:13:51.600 --> 00:13:55.080 where we now talk about the real avoiding taxes. We 213 00:13:55.200 --> 00:13:57.240 want to avoid taxes. You know what we call the 214 00:13:57.399 --> 00:14:02.960 additional voluntary contribution that you can make all a pension 215 00:14:03.039 --> 00:14:07.759 is the way use the additional contribution right in excess 216 00:14:07.799 --> 00:14:11.080 of that eighteen percent, you take that off your income. 217 00:14:11.440 --> 00:14:14.240 If you don't end edit income, then you're not paying 218 00:14:14.240 --> 00:14:18.399 the taxes. So as much as one your salary is 219 00:14:18.440 --> 00:14:22.679 available for it to contribute as additional volunteer contribution. Look 220 00:14:22.720 --> 00:14:25.440 at the cool part of this here, right, any amount 221 00:14:25.440 --> 00:14:29.120 of money you contribute to your additional vunture contribution, you 222 00:14:29.159 --> 00:14:34.399 can take away in five years and it's completely tax free. 223 00:14:35.200 --> 00:14:38.639 So let's say I'm working today and I keep on 224 00:14:38.759 --> 00:14:43.039 contributing ten percent in excess of my eighteen percent ten 225 00:14:43.039 --> 00:14:46.879 percent in excess my eighteen percent into my additional voutry contribution. 226 00:14:47.480 --> 00:14:52.080 First of all, I'm reducing my tax income by accessible profit. 227 00:14:52.159 --> 00:14:55.240 What they will tax me, I'm reducing that. But in 228 00:14:55.360 --> 00:14:58.679 six years, if I want to buy land, I want 229 00:14:58.720 --> 00:15:00.919 to jack bar, I want to get married, whatever I 230 00:15:00.960 --> 00:15:05.120 want to do, I can take away the contributions I 231 00:15:05.159 --> 00:15:09.879 have made fifty percent to my additional ventucumption, I can 232 00:15:09.919 --> 00:15:14.639 take it away tax free. The order fifty percent is 233 00:15:14.679 --> 00:15:18.320 going to be added to my pension benefits. So this 234 00:15:18.919 --> 00:15:23.879 opens your mind to planning. Any income you save in 235 00:15:24.000 --> 00:15:29.919 your RS as additional vunture contribution, you can remove in 236 00:15:30.120 --> 00:15:35.240 five years without paying taxes. So if you're high income ENNA, 237 00:15:36.120 --> 00:15:38.600 this is very very good for you in quote because 238 00:15:38.919 --> 00:15:41.919 you are able to plan this out. If you say 239 00:15:41.960 --> 00:15:45.120 you are going to retire in fifteen years, right, you 240 00:15:45.159 --> 00:15:49.519 can start to deduct those fonts today and put it aside, 241 00:15:49.600 --> 00:15:54.840 because after five years, all those contributions are tax exem 242 00:15:55.039 --> 00:15:59.440 Remember your total income, you are paying the tax on it, 243 00:16:00.200 --> 00:16:04.759 but the deductions from additional vuntry contributions, you are not 244 00:16:04.919 --> 00:16:06.559 going to pay a tax. So what are we saying 245 00:16:06.879 --> 00:16:10.600 if you transfer your income Remember we talked about passive income. 246 00:16:10.840 --> 00:16:15.840 If you transfer your income streams from your salary to 247 00:16:15.960 --> 00:16:20.919 your additional vuntry contribution, you have shielded that from taxation 248 00:16:21.440 --> 00:16:25.720 after five years. I like this one because it gives 249 00:16:25.720 --> 00:16:28.600 you the power to plan how much you want to 250 00:16:28.639 --> 00:16:32.919 deduct or withdraw after five years. Now the question is 251 00:16:32.960 --> 00:16:35.679 going to be if you are self employed, can you 252 00:16:35.759 --> 00:16:38.039 do this? Of course you can. Of course you should 253 00:16:38.080 --> 00:16:42.679 write because if you are then working for yourself, Let's 254 00:16:42.679 --> 00:16:45.480 say you are a lawyer, or you are you're a 255 00:16:45.519 --> 00:16:48.320 hostile or you are a content creator, you have to 256 00:16:48.360 --> 00:16:51.360 go and open a retimin stements account. Then you have 257 00:16:51.399 --> 00:16:54.320 to put that relents account the money that you're making 258 00:16:54.720 --> 00:16:57.799 pay yourself a salary, the excess put it there or 259 00:16:57.840 --> 00:17:01.320 ones you can invest, put it there. Because in five 260 00:17:01.399 --> 00:17:04.920 years time, it comes like that all the money you're 261 00:17:04.960 --> 00:17:07.079 going to make, you can take out that. If fifty 262 00:17:07.119 --> 00:17:10.559 persent on that ANBC, you can take out after five years. 263 00:17:10.559 --> 00:17:13.359 So if you put ten million there, you can take 264 00:17:13.400 --> 00:17:17.079 out five million after five years. If you ladder it properly. 265 00:17:17.720 --> 00:17:21.799 You can receive tax free income after five years. If 266 00:17:21.839 --> 00:17:26.599 you ladder properly. Ask your advisor what ladder means. Right, 267 00:17:26.880 --> 00:17:29.279 you can do it properly and you can get that 268 00:17:29.400 --> 00:17:32.599 tax free incentive. So we've talked to Abroun one about 269 00:17:33.200 --> 00:17:37.559 number one. Where you live determines if you pay taxation. 270 00:17:37.640 --> 00:17:40.880 So you have an American passport, but you do business 271 00:17:40.880 --> 00:17:43.160 in Nigeria for more and one in the three days, 272 00:17:43.559 --> 00:17:47.279 or you do substantial business here, or you maintain a 273 00:17:47.359 --> 00:17:50.920 permanent home in Nigeria, be careful. You're going to be 274 00:17:51.000 --> 00:17:55.279 exposed to paying taxes in Nigeria, so watch out that 275 00:17:55.440 --> 00:17:57.400 one of the three day limit. That's the first we 276 00:17:57.480 --> 00:18:00.839 talked about. Now we're talking about your retirement in stements accounts, 277 00:18:00.839 --> 00:18:04.680 how you can use attenative's account to take your active income, 278 00:18:05.119 --> 00:18:08.599 push it through there and bring it out additional country compsion. 279 00:18:08.599 --> 00:18:12.079 Don't say five years is too long. It's five years 280 00:18:12.119 --> 00:18:16.680 to ensure the money gets to you tax free. Right, 281 00:18:16.960 --> 00:18:22.000 very important distinction there for you. So there are other 282 00:18:23.000 --> 00:18:25.160 tax benefits that you get, but like I said, I 283 00:18:25.200 --> 00:18:27.960 looked through them and the pension one was and it 284 00:18:28.079 --> 00:18:30.799 gives you more bang for your book. The other ones, 285 00:18:30.839 --> 00:18:34.960 guys are going to be around your life premium for 286 00:18:35.079 --> 00:18:38.480 you and your spouse. Now, this one why didn't like 287 00:18:38.559 --> 00:18:40.519 it too much in terms of bank for the book 288 00:18:40.640 --> 00:18:43.599 was because it's just the premiums that are going to 289 00:18:43.640 --> 00:18:47.480 be deducted from your your paycheck. So it's you buy 290 00:18:47.519 --> 00:18:51.480 life insurance, what you pay as premium and what you 291 00:18:52.079 --> 00:18:55.519 pay for your spouse as premium, you dedoctor also above 292 00:18:55.559 --> 00:18:58.920 the line from your income. So if you buy a 293 00:18:58.920 --> 00:19:02.839 life insurance policy of maybe five million and annaira, whatever 294 00:19:02.960 --> 00:19:05.759 premium you pay for yourself and your wife, you dedot 295 00:19:05.799 --> 00:19:10.559 that from your income. Right, that's essentially what's going to happen. 296 00:19:10.839 --> 00:19:13.960 So this doesn't give you that bank. You don't you 297 00:19:13.960 --> 00:19:17.640 don't put the money in insurance and then when insurance 298 00:19:17.680 --> 00:19:20.000 pays you it is No, it doesn't give you that bank. 299 00:19:20.039 --> 00:19:23.519 But still it allows you reduce your taxes. Look at 300 00:19:23.519 --> 00:19:26.039 it this way. If you're in a high tax bracket 301 00:19:26.359 --> 00:19:29.839 and one miller will make you qualify from say paying 302 00:19:29.960 --> 00:19:33.960 eighteen percent tax to pain twenty five percent tax, it's 303 00:19:34.039 --> 00:19:38.200 work well for to buy life insurance and reduce where 304 00:19:38.240 --> 00:19:42.920 you fall on the tax table. This high want uses 305 00:19:42.960 --> 00:19:47.759 like surance policy, the annuities. The NHR is the NHF. 306 00:19:47.920 --> 00:19:49.440 This is how you want to use it. If you 307 00:19:49.440 --> 00:19:52.000 look at the tax table, guys, you see your first 308 00:19:52.039 --> 00:19:55.039 eight thousand is you don't pay anything. Then you see 309 00:19:55.039 --> 00:19:58.640 your next amount, your next amount, your next amount. You 310 00:19:58.640 --> 00:20:01.359 see the taxes you pay on the right inside. If 311 00:20:01.400 --> 00:20:05.160 you are a million dollars million mirror between one tax 312 00:20:05.200 --> 00:20:08.480 bracket and the tax bracket, it makes no sense to 313 00:20:08.559 --> 00:20:11.839 take that wollion error in US income and then qualify 314 00:20:11.920 --> 00:20:14.640 for the higher tax bracket. So it makes us look 315 00:20:14.680 --> 00:20:17.319 at your income, look away from the tax back. Then 316 00:20:17.400 --> 00:20:21.599 say can I buy my way into a lower tax 317 00:20:21.960 --> 00:20:28.079 bracket by buying digity deductibles. So the point is, don't 318 00:20:28.079 --> 00:20:30.839 look at the insurance premium and say if I buy 319 00:20:30.920 --> 00:20:34.720 insurance premium whatever I'm buying, and you see my taxes, 320 00:20:34.759 --> 00:20:39.200 this is a above the line reduction. If you eard 321 00:20:39.240 --> 00:20:44.279 a million and you pay one hundred thousand for insurance premiums, 322 00:20:44.599 --> 00:20:49.400 your income is now nine hundred thousand. Very key. So 323 00:20:49.640 --> 00:20:53.079 if your income if one million, guys pay ten percent 324 00:20:53.200 --> 00:20:57.319 income tax, but nwe hundred percent guys not to na 325 00:20:57.480 --> 00:21:00.359 guys pay five per cent income you want to see 326 00:21:00.359 --> 00:21:04.839 if you can use these deductions and buy yourself into 327 00:21:04.880 --> 00:21:11.039 a lower tax bracket. So live insurance premiums, deferred annuities, 328 00:21:11.079 --> 00:21:12.680 which are like you you go to an insurance company 329 00:21:12.680 --> 00:21:14.279 and you say, I'm going to give you money today, 330 00:21:15.039 --> 00:21:16.799 and I want you to give me back this money 331 00:21:16.799 --> 00:21:19.359 in five years time. All that money you buy, all 332 00:21:19.400 --> 00:21:22.079 those fundings you buy with them, is going to be deferred. 333 00:21:22.119 --> 00:21:25.160 The income is going to be deferred or the purchase deferred. 334 00:21:25.240 --> 00:21:28.599 Once you pay for that premium for defered annuity or 335 00:21:28.640 --> 00:21:32.119 life insurance premium, you pay no taxes. I either reduce 336 00:21:32.240 --> 00:21:35.720 your income based on what you pay. You're able to 337 00:21:35.759 --> 00:21:38.200 write off your income to the amount that you pay 338 00:21:38.240 --> 00:21:41.799 as a premium for life insurance and for defered annuities. 339 00:21:42.400 --> 00:21:46.359 NHI is National Insurance Scheme. Anything you pay as premium, 340 00:21:46.599 --> 00:21:49.759 you also deduct Niger Housing the fund You can pay 341 00:21:49.759 --> 00:21:52.359 this studtory two point five per cent off your income 342 00:21:52.680 --> 00:21:56.000 to NHF. If you pay interest on a mortgage on 343 00:21:56.039 --> 00:21:59.440 a home that you live in primary residents, you can 344 00:21:59.480 --> 00:22:03.880 also dropped that prime residence as income that you will 345 00:22:04.279 --> 00:22:07.720 so you dedoct that from your income to reduces your income. 346 00:22:08.240 --> 00:22:10.240 The rants is kind of different. Rents is just going 347 00:22:10.319 --> 00:22:13.559 to be a twenty percent of whatever rent you pay 348 00:22:13.720 --> 00:22:15.480 is not top one or bottom line, it's just going 349 00:22:15.519 --> 00:22:18.759 to be twenty percent of whatever rent you pay is 350 00:22:18.880 --> 00:22:22.400 capped at five hundred thousand. So whatever number you get, 351 00:22:22.599 --> 00:22:25.240 if it's one on five hundred thousand, you cap it 352 00:22:25.319 --> 00:22:27.039 back to five hundred thousand. So if you pay a 353 00:22:27.079 --> 00:22:31.160 rent of ten million, twent ten done is two million, 354 00:22:31.720 --> 00:22:36.359 you only claim five hundred times. So nolready that is 355 00:22:36.440 --> 00:22:39.759 to reduce your taxable what you pay as tax, But 356 00:22:39.839 --> 00:22:43.079 you're not going to reduce your above the line. We 357 00:22:43.160 --> 00:22:47.039 are interested in above the line deduction, which is your pensions, 358 00:22:47.400 --> 00:22:52.200 your life pillions, your annuities, your NHS, and your natural 359 00:22:52.200 --> 00:22:54.680 housing front while we interested in those months because they 360 00:22:54.720 --> 00:22:59.680 reduce your taxes above the line with mean that your income, 361 00:23:00.160 --> 00:23:03.039 the income you end in reduced with them, means that 362 00:23:03.119 --> 00:23:06.160 the taxes you pay, your tax fit is going to 363 00:23:06.200 --> 00:23:09.079 be a better tax because you are reducing your income. 364 00:23:09.319 --> 00:23:13.079 So I'm indy ten million, but I'm paying tax as 365 00:23:13.119 --> 00:23:16.240 if I end five million. That's what I'm saying. You 366 00:23:16.279 --> 00:23:21.599 are going to use these deductions to reduce your taxable 367 00:23:21.759 --> 00:23:26.200 income to give you a more preferential tax bracket. That's 368 00:23:26.240 --> 00:23:29.759 what hardly want to use. This was sorry, we're gonna 369 00:23:29.759 --> 00:23:31.960 take I'm going to take your questions once I'm done 370 00:23:32.000 --> 00:23:34.240 with this. So just if you have a question, just 371 00:23:34.440 --> 00:23:37.000 park it. Not if you want to speak, I will 372 00:23:37.000 --> 00:23:38.960 allow everyone to speak out of your question. I'm going 373 00:23:39.000 --> 00:23:41.680 to run through this presentation, and then we'll just take 374 00:23:41.759 --> 00:23:45.079 all those questions. Not to worry, guys, not to worry 375 00:23:45.359 --> 00:23:47.079 now that the next one I want to talk about 376 00:23:47.160 --> 00:23:47.960 now is going. 377 00:23:47.880 --> 00:23:48.160 To be. 378 00:23:49.920 --> 00:23:52.440 This is now we're not getting into the meat of 379 00:23:52.519 --> 00:23:56.279 the presentation, right, We're get into the resentation. I call 380 00:23:56.400 --> 00:24:00.799 this the passive income strategy. And this should we say 381 00:24:01.319 --> 00:24:06.200 laws that have or should say opportunities that are in 382 00:24:06.240 --> 00:24:09.720 the act that the Attaxment House told us that listen, guys, 383 00:24:10.000 --> 00:24:12.960 if you do this, we will not charge you a tax. 384 00:24:13.440 --> 00:24:16.440 That's what these are. If you invest this way, we 385 00:24:16.480 --> 00:24:19.160 will not charge your attacks. And I don't know, just 386 00:24:19.200 --> 00:24:21.839 want to make sure the guys on Twitter are following 387 00:24:21.960 --> 00:24:25.599 or seeing the power point slides that I'm sharing. I've 388 00:24:25.599 --> 00:24:29.400 shared about three now if you can see it on Twitter, 389 00:24:29.680 --> 00:24:32.039 just give me a what's it called? 390 00:24:32.359 --> 00:24:32.440 It? 391 00:24:32.640 --> 00:24:36.359 Terms up that you are following and you can see 392 00:24:36.759 --> 00:24:39.559 the slides I'm sharing just to make sure I'm carrying 393 00:24:39.599 --> 00:24:41.440 you guys a lot of figures I want to. Don't 394 00:24:41.440 --> 00:24:44.480 give me a TOMS. If you're on Twitter and you 395 00:24:44.519 --> 00:24:47.799 can see those slides that I'm sure I really would 396 00:24:47.839 --> 00:24:53.440 appreciate that. Yeah, I know the YouTube guys can see it. Well, perfect, 397 00:24:53.440 --> 00:24:56.799 Thank you so much. Let's come to our income passive 398 00:24:56.799 --> 00:25:00.240 income strategy. What is this? Is this if if you 399 00:25:00.279 --> 00:25:04.200 earn income, you pay tax on your income. That's how 400 00:25:04.240 --> 00:25:08.039 taxes work. You earn income, you pay tax on your income. 401 00:25:08.720 --> 00:25:10.759 But the taxman is saying, now we are going to 402 00:25:10.839 --> 00:25:15.720 give you setting incomes are exempt from taxes. That's what 403 00:25:15.759 --> 00:25:20.160 we're talking around. What incomes are going to be exempt 404 00:25:20.640 --> 00:25:24.960 from taxes? If you are a Nigerian taxpayer in Nigeria, 405 00:25:25.079 --> 00:25:28.519 taxpayer doesn't mean you have a Nigerian passport. It means 406 00:25:28.559 --> 00:25:32.079 you are making money in Nigeria for more and more 407 00:25:32.119 --> 00:25:35.400 than into three days, there are permanent from in Nigeria. 408 00:25:35.720 --> 00:25:40.759 You have substantial that's Nigeria. That's a taxpayer in Nigeria. 409 00:25:40.920 --> 00:25:45.839 Number one. If you earn dividends, interest, ran royalties outside 410 00:25:46.039 --> 00:25:51.400 Nigeria and you bring it into Nigeria to invest. Then 411 00:25:51.759 --> 00:25:55.680 you will not pay tax on the income that you 412 00:25:55.839 --> 00:26:02.119 generate from those especially if you bring it approved channels. 413 00:26:02.200 --> 00:26:04.960 What are they saying. Let's say you work in Nigeria 414 00:26:05.039 --> 00:26:08.759 and you make one hundred million Mira a year. If 415 00:26:08.759 --> 00:26:11.079 you take if you take fifteen million or that round 416 00:26:11.160 --> 00:26:14.519 million fifty million, Let's say you take thirty million and 417 00:26:14.599 --> 00:26:17.839 you take it outside Nigeria. How you buy You go 418 00:26:17.960 --> 00:26:20.480 to your app in Nigeria and you buy a money 419 00:26:20.519 --> 00:26:24.359 market fund in the US and the UK. That money 420 00:26:24.359 --> 00:26:28.240 market's fund pays you a dividend. You take that dividend, 421 00:26:28.720 --> 00:26:31.000 you bring it back to my gad the next year. 422 00:26:31.039 --> 00:26:34.480 You know this first year you end naira. You took 423 00:26:34.519 --> 00:26:38.640 your naira converted to dollars, pounds, Canadian or whatever. You 424 00:26:38.759 --> 00:26:44.279 invest in the foreign asset class. That point asset class 425 00:26:44.319 --> 00:26:48.839 paid you dividends. You took that dividends, brought you to 426 00:26:49.119 --> 00:26:53.799 approved channels. The money came up to you in legos. 427 00:26:54.400 --> 00:26:57.839 You don't pay tax on that income. So if you 428 00:26:58.240 --> 00:27:01.200 start to do a process, you are taking money from 429 00:27:01.200 --> 00:27:05.799 your Nigerian account, buying a foining assets, bringing the money 430 00:27:05.799 --> 00:27:08.720 back to Nigeria. The money go about to Nigeria becomes 431 00:27:08.880 --> 00:27:13.240 income to you, but it's not taxable. So the first 432 00:27:13.319 --> 00:27:15.759 year thirty you do it. You do a table, next 433 00:27:15.880 --> 00:27:19.279 year thirty, next year thirty. What would happen is that 434 00:27:20.000 --> 00:27:22.279 these streams of income that are going to be an 435 00:27:22.319 --> 00:27:25.640 it from your dividends, your passive income are no longer 436 00:27:25.759 --> 00:27:30.440 taxable to you. If you buy property in the UK, 437 00:27:31.240 --> 00:27:33.680 they pay you a dividend, or they paid you rental, 438 00:27:34.039 --> 00:27:37.480 you bring that rental back to Nigeria, it's not going 439 00:27:37.559 --> 00:27:44.160 to be taxable to you. Dividends, interest, rents, royalties derived 440 00:27:44.240 --> 00:27:50.640 from outside Nigeria brought into Nigeria through APPROOP channels tax 441 00:27:50.720 --> 00:27:53.400 exempt for you. That's the first one there. So your 442 00:27:53.440 --> 00:27:56.519 mind is now thinking, oh wow, I can take naira 443 00:27:57.319 --> 00:28:00.799 buy something foreign that's gonna pay me dividends that point 444 00:28:00.839 --> 00:28:04.319 evident paid me back in come to Nigeria. Even having Nigeria, 445 00:28:04.400 --> 00:28:06.400 I don't pay tax on it. Your mind is thing 446 00:28:06.559 --> 00:28:10.039 like I can see your mind working. What else if 447 00:28:10.079 --> 00:28:15.279 you have a Nigerian company that is doing export, remember 448 00:28:15.599 --> 00:28:23.319 holy exports. If all they are doing is exporting any profit, 449 00:28:23.359 --> 00:28:29.240 that company makes zero taxes on it. Right, Or if 450 00:28:29.279 --> 00:28:34.559 you export cock and you bring the cocoa proceeds back 451 00:28:34.599 --> 00:28:38.880 to Nigeria. That money from coco back to Nigeria, you 452 00:28:38.960 --> 00:28:42.160 don't pay tax on that money. So what if I 453 00:28:42.200 --> 00:28:45.440 had one hundred million Ira today and I went to 454 00:28:45.559 --> 00:28:48.160 acquim if I could get go it's better hard to 455 00:28:48.160 --> 00:28:50.640 get cocoa today. I got to acquire on my bi 456 00:28:50.759 --> 00:28:53.640 cocoa and I take that whole a million Eira and 457 00:28:53.720 --> 00:28:58.200 I export cocoa out. They bad cocoa in Holland. They 458 00:28:58.279 --> 00:29:00.759 pay me uros. Maybe I don't know how much. It's 459 00:29:00.799 --> 00:29:04.119 going to be ten thousand euros. The turns on euros 460 00:29:04.160 --> 00:29:07.359 come back to my dorm account. Nigeria is saying that 461 00:29:07.440 --> 00:29:10.880 you will not pay tax on that ten million. Remember, 462 00:29:11.079 --> 00:29:12.559 you don't want to pay tax on the first on 463 00:29:13.720 --> 00:29:15.880 your own error because you aren't that money to do 464 00:29:15.960 --> 00:29:19.519 a business to export the cocoa to go comes back, 465 00:29:20.319 --> 00:29:23.079 you don't pay tax on that. Also, if somebody is 466 00:29:23.119 --> 00:29:27.640 selling vegetable to Everanon in Canada and you say, okay, 467 00:29:27.680 --> 00:29:30.680 I want to invest in your business. This business is 468 00:29:30.720 --> 00:29:34.400 going to be only set up to export vegetables to Canada. 469 00:29:34.920 --> 00:29:37.640 Whatever profit you guys make on that business, you don't 470 00:29:37.640 --> 00:29:39.720 pay tax on it. So the way to do is 471 00:29:39.759 --> 00:29:42.160 that it again, you have income, you have to invest 472 00:29:42.200 --> 00:29:46.039 that income in this activity. Export activity. It has to 473 00:29:46.039 --> 00:29:49.319 be only exports. They can be doing export and import, 474 00:29:49.960 --> 00:29:54.279 but no import Expert's got to be only exports. So 475 00:29:55.480 --> 00:29:57.400 this just tells you that the government is telling you 476 00:29:57.440 --> 00:29:59.640 that for you to be a patriotic Nigeria and they 477 00:29:59.720 --> 00:30:02.599 won't you to go on export. The more you export, 478 00:30:02.839 --> 00:30:05.559 the revenues you get from export as now that you 479 00:30:05.680 --> 00:30:09.960 bring it back to Nigeria true approved channels of course, 480 00:30:09.960 --> 00:30:13.000 this tax exempt are for you. So again your mind 481 00:30:13.079 --> 00:30:15.319 is now working. That means that all those you can 482 00:30:15.640 --> 00:30:18.119 get up a few boys, set a company up and 483 00:30:18.160 --> 00:30:20.960 say what I think guaranteetings and I just want I 484 00:30:20.960 --> 00:30:23.759 can export. I can export Mollywood movies. I can export 485 00:30:24.440 --> 00:30:27.160 Nigeria uncles. I can export palmholder, I can expok Okay, 486 00:30:27.200 --> 00:30:29.720 whatever it is, I go to export. Take your naira, 487 00:30:31.240 --> 00:30:36.200 do that export, bring way back to Nigeria. It's tax free. 488 00:30:38.119 --> 00:30:41.240 It's tax free, guys. Is the law. Everything we're quoting here, 489 00:30:41.480 --> 00:30:45.400 everything here is in the tax law. That's why I 490 00:30:45.440 --> 00:30:48.039 said it's a patriotic thing to do. Because the government 491 00:30:48.039 --> 00:30:51.839 wants to do exports, and the more you export, the 492 00:30:51.839 --> 00:30:53.559 more you're gonna make money for Nigeria. That's what they 493 00:30:53.640 --> 00:30:56.039 make it to your tax free. So your brain is working. Yep. 494 00:30:56.480 --> 00:30:59.319 You you are married, your husband is in. Your husband 495 00:30:59.359 --> 00:31:03.680 is not elay. You are a breadwinner. You take money, 496 00:31:04.319 --> 00:31:07.359 You set up a company owned by yourself and your husband. 497 00:31:07.599 --> 00:31:12.160 That company does exports. That's it. All the money you 498 00:31:12.200 --> 00:31:15.359 make goes to that company. The problem you guys, make 499 00:31:15.400 --> 00:31:19.079 is tax free. The costs of the company are tax free. 500 00:31:20.079 --> 00:31:23.839 The digner the company pays you, it's tax free. Your 501 00:31:23.880 --> 00:31:30.559 brain is working. Dividends distributed by an authorized collective investment scheme. 502 00:31:30.599 --> 00:31:34.279 What are collective investment skins? Mutual funds? You need trust? 503 00:31:34.480 --> 00:31:36.519 You see you go to your stomp guys you see 504 00:31:36.720 --> 00:31:43.039 invest in mutual funds or invest in ETF that venture capital, pees, 505 00:31:43.960 --> 00:31:49.720 private equity. Any funds you invest and then you get 506 00:31:49.799 --> 00:31:53.920 dividends back from this company is tax free. Again, your 507 00:31:53.960 --> 00:31:56.640 brain is working. You get your line. You're gonna salary. 508 00:31:57.559 --> 00:32:00.400 You say, okay, how much you wrying to spend spend 509 00:32:00.400 --> 00:32:03.160 money on food? Okay, the excess we do, the excess 510 00:32:03.240 --> 00:32:06.680 I buy. You need trust schemes from nineteria I buy 511 00:32:06.759 --> 00:32:10.720 money markets, I buy equitive trust schemes. As long as 512 00:32:10.720 --> 00:32:15.160 it is authorized by the Nigerian Security and Exchange Commission. 513 00:32:15.599 --> 00:32:20.119 They pay you back your dividends. It's tax free, at 514 00:32:20.160 --> 00:32:23.400 least say with told in tax. It's tax exp it's gone. 515 00:32:23.400 --> 00:32:26.799 You're gonna get that money back from them without paying taxes. 516 00:32:26.839 --> 00:32:30.920 Why the government wants to encourage you to participate in 517 00:32:30.960 --> 00:32:33.799 the capitol market, so you're giving you a tax free 518 00:32:33.880 --> 00:32:35.559 way to do it. If you put one in the 519 00:32:35.640 --> 00:32:38.720 PE firm, they pay you back returns is tax free. 520 00:32:39.039 --> 00:32:41.279 Let your capital out, they pay you back is tax free. 521 00:32:41.440 --> 00:32:44.359 ETFs exchange funds you put money, they pay you back 522 00:32:44.519 --> 00:32:47.079 is tax free. The easiest one for me is you 523 00:32:47.119 --> 00:32:49.960 take your money, you buy a money market phone. Money 524 00:32:49.960 --> 00:32:53.480 market phone pays your back interest. Sure, you have to 525 00:32:53.480 --> 00:32:55.079 put in a one hundred millions to get a ten 526 00:32:55.079 --> 00:32:57.799 million a BI, but that ten millie is tax free. 527 00:32:58.039 --> 00:33:03.240 So every year test trains go up, your tax return 528 00:33:03.359 --> 00:33:05.880 is also increasing. You don't pay tax on that income. 529 00:33:06.359 --> 00:33:10.160 It's income. By not paying tax on that income, it's 530 00:33:10.240 --> 00:33:14.160 a law. Fantastic guy. It's thanks for so everyone knows. 531 00:33:14.200 --> 00:33:18.519 We don't worry world's big our profits on a company 532 00:33:18.720 --> 00:33:22.400 engaged in sporting activities. If you have a company, let's 533 00:33:22.400 --> 00:33:25.559 say again the wife is working, Harman is not working, 534 00:33:26.000 --> 00:33:32.079 husband is follows Chelsea, do something around Chelsea or something 535 00:33:32.160 --> 00:33:36.039 around a BA, and the profits that company is making 536 00:33:36.400 --> 00:33:38.599 it's not going to be taxicle. Now, I controfess, I 537 00:33:38.599 --> 00:33:42.359 don't know what they mean by sporting activities. It's a 538 00:33:42.359 --> 00:33:46.440 beer power where you watch Chelsea beats as not it's 539 00:33:46.440 --> 00:33:50.759 sporting activity. It's making shoes in a bar, sporting shoes 540 00:33:50.799 --> 00:33:55.119 in a BA, sporting activity. I don't know, but this 541 00:33:55.200 --> 00:33:57.079 is what they are saying that if you have a 542 00:33:57.200 --> 00:34:02.519 company engaged in sporting activities, then that company is going 543 00:34:02.559 --> 00:34:05.480 to be end income that's going to be tax free 544 00:34:05.519 --> 00:34:07.680 from you. And of course the one that we all know, 545 00:34:07.880 --> 00:34:11.639 if you buy federal government and state government bonds, you 546 00:34:11.760 --> 00:34:14.480 get a tax exempts because the income that's don't come 547 00:34:14.519 --> 00:34:16.119 to you now lend them went to the governments or 548 00:34:16.440 --> 00:34:19.119 log a tax they want to encourage you lend to them. 549 00:34:19.480 --> 00:34:22.079 My disappointment here is that they did not include local 550 00:34:22.119 --> 00:34:26.159 government bonds. Why state, federal and local governments at the 551 00:34:26.199 --> 00:34:29.599 federation local government should be able to borrow doesn't mean 552 00:34:29.599 --> 00:34:31.440 if you're going to give them money, but they not 553 00:34:31.519 --> 00:34:34.400 including them as well. But any income that you make 554 00:34:35.320 --> 00:34:39.159 from a state, a federal, or local government is going 555 00:34:39.199 --> 00:34:42.079 to be exempt from taxes. So guys, what are we 556 00:34:42.159 --> 00:34:47.079 saying here, right? We are saying that if you are 557 00:34:47.159 --> 00:34:51.639 able to invest in any of these activities, if you need, 558 00:34:51.639 --> 00:34:55.519 the income you are making is going to be tax exempt. Remember, guys, 559 00:34:55.559 --> 00:35:00.639 the whole idea is convert your active income into passive 560 00:35:00.719 --> 00:35:05.400 income that is tax exempt. That's the game. Convert your 561 00:35:05.440 --> 00:35:10.280 passive in your active income into passive income that is 562 00:35:10.480 --> 00:35:14.599 tax exempt. That's what you want to do. Convert your 563 00:35:14.639 --> 00:35:20.480 passive income into active income that is tax exempt. Right, 564 00:35:21.360 --> 00:35:25.960 let's go to our next slide. Next slide next life 565 00:35:26.000 --> 00:35:30.599 is going to be all the things that you can 566 00:35:30.719 --> 00:35:33.639 do with real estate, especially I like this for my 567 00:35:33.719 --> 00:35:35.480 real estate. We'll gon't talk about this on my relative. Well, 568 00:35:35.480 --> 00:35:39.440 how you can also transfer money and avoid taxes, and 569 00:35:39.480 --> 00:35:42.840 how you can also invest also to avoid taxes. Now, 570 00:35:44.360 --> 00:35:47.960 overall capital gains means if you buy a car for 571 00:35:48.119 --> 00:35:51.159 one for one hundred ERA and you sell that car 572 00:35:51.480 --> 00:35:54.440 for two hundred error, you have made a profit of 573 00:35:54.519 --> 00:35:58.719 one hundred as capital gains. You bought something, you sold, 574 00:35:59.000 --> 00:36:01.800 you make a profit. Government wants to tax that profit. 575 00:36:02.639 --> 00:36:04.760 But the government is saying that if you don't, if 576 00:36:04.760 --> 00:36:07.119 they puss at less than one fifty million, they won't 577 00:36:07.159 --> 00:36:10.320 tax you. If the game is less than ten million 578 00:36:10.679 --> 00:36:14.559 in twelve months, they will also not tax you. So again, 579 00:36:15.239 --> 00:36:20.199 if I buy shares and I sell my shares and 580 00:36:20.360 --> 00:36:22.960 my profit is not up to ten million, I make 581 00:36:22.960 --> 00:36:26.239 two million. Next time I make four million. As long 582 00:36:26.239 --> 00:36:29.559 as I've not crossed ten million, I don't pay tax 583 00:36:29.639 --> 00:36:32.239 on that capital game, the capital gain itself, I don't 584 00:36:32.280 --> 00:36:34.920 pay tax. Why I buy land and I sell land 585 00:36:35.239 --> 00:36:37.920 in less than one year, it's not normal will ten 586 00:36:37.960 --> 00:36:41.440 million there? I don't pay taxes. They process to me 587 00:36:41.480 --> 00:36:43.920 should be less than one So the whole transaction should 588 00:36:43.960 --> 00:36:47.000 less than one fifty and I don't gain let's more 589 00:36:47.000 --> 00:36:49.480 than ten million in twelve months, so you don't pay 590 00:36:49.559 --> 00:36:51.920 tax on that. So if you don't like something, if 591 00:36:51.920 --> 00:36:54.280 you've bought something, you want to sell it very very quickly. 592 00:36:54.559 --> 00:36:56.880 If you allow you to accumate interest, of course you 593 00:36:56.920 --> 00:37:00.199 can then go into paying taxes on that, which is 594 00:37:00.199 --> 00:37:03.000 not bad. It made your profit, so you will see 595 00:37:03.039 --> 00:37:05.159 the tax on the private If you don't pay tax 596 00:37:05.199 --> 00:37:07.960 at all. Dispose early because it's gonna be once it 597 00:37:07.960 --> 00:37:11.199 gets on one million, then it's exposed to captial games. 598 00:37:11.280 --> 00:37:13.400 But again, it's not a bad day. You made money. 599 00:37:13.559 --> 00:37:17.920 That's fine. But what about private residencies. The law says 600 00:37:17.960 --> 00:37:20.719 that even if I sell a private residence for more 601 00:37:20.719 --> 00:37:24.519 than that is one fifty million, right, it's my private residence. 602 00:37:24.960 --> 00:37:28.119 I don't pay tax on the sale of my private residence. 603 00:37:29.360 --> 00:37:31.519 I don't pay tax on instead of my private residence. 604 00:37:31.960 --> 00:37:34.559 So let's say I have a house in a Quali, 605 00:37:35.880 --> 00:37:40.880 it's worth a million era, I can give that house 606 00:37:42.360 --> 00:37:46.480 to my daughter because it's a gift. My daughter will 607 00:37:46.519 --> 00:37:49.639 not pay tax on that gift. My daughter is now 608 00:37:49.760 --> 00:37:54.960 instantly word one and fifty million an era. What if 609 00:37:54.960 --> 00:37:58.440 you sell that house? What if you sell that house 610 00:37:58.960 --> 00:38:01.480 where it's not gonna pay against tax because it's a 611 00:38:01.519 --> 00:38:03.800 personal residence, you have to think leave that house. I 612 00:38:03.800 --> 00:38:07.679 would certainly five years, right, So because it's a personal house, 613 00:38:08.079 --> 00:38:10.519 how did she get a house capital true a gift? 614 00:38:10.920 --> 00:38:14.039 I would say hold it for five and sell because 615 00:38:14.039 --> 00:38:17.519 it's your personal home. Your castle is tax fish not 616 00:38:17.519 --> 00:38:19.800 gonna pay tax on that. So again, if you have 617 00:38:19.880 --> 00:38:22.679 this asset you can just only once. You can't give 618 00:38:22.760 --> 00:38:25.679 gifts every year. This is a one time exception. So 619 00:38:25.719 --> 00:38:28.719 if you have this big house di you're not going 620 00:38:28.800 --> 00:38:31.559 to use and you have kids, I only give them 621 00:38:31.559 --> 00:38:36.400 money today. Think about this. Give them the house. They 622 00:38:36.559 --> 00:38:39.639 have to live in the house as a primary residence. 623 00:38:40.480 --> 00:38:43.400 If they sell that house and go to Canada or 624 00:38:43.440 --> 00:38:46.000 go to the bility, it's their money because if they're 625 00:38:46.119 --> 00:38:50.239 presonal residence they're selling, they are not going to pay 626 00:38:50.360 --> 00:38:53.599 tax on that transaction. Captaal against tax on that transaction. 627 00:38:54.280 --> 00:38:59.280 So that's not the way for you to structure gifting assets. 628 00:38:59.320 --> 00:39:01.280 Not just to do we not give that free where 629 00:39:01.320 --> 00:39:03.800 you know that, but because the person you are getting 630 00:39:03.880 --> 00:39:07.079 too can dispose and get that income tax free because 631 00:39:07.119 --> 00:39:09.320 the CAP is the prime cident, it's just the house 632 00:39:10.440 --> 00:39:12.760 and it's of course going to be tax free. Then 633 00:39:12.800 --> 00:39:16.239 the last one here is going to be your pension company. 634 00:39:16.360 --> 00:39:18.440 So if you want to work for another Niger today, 635 00:39:18.480 --> 00:39:20.440 you want to make sure you work for a company 636 00:39:20.480 --> 00:39:22.760 that's going to pay you a pension because again, like 637 00:39:22.760 --> 00:39:26.320 we talked around the first one, if you don't get 638 00:39:26.440 --> 00:39:30.320 a pension account with additional voultual contribution you are losing. 639 00:39:30.440 --> 00:39:34.559 A way to get money is washed through the pension 640 00:39:34.599 --> 00:39:38.519 system for tax prey returns. So if you have two trustes, 641 00:39:38.559 --> 00:39:40.920 one pays you pension, one doesn't pay your pension. Acts 642 00:39:40.960 --> 00:39:43.920 a guy, why not paying pensions? Even if they don't 643 00:39:43.960 --> 00:39:45.960 pay your pensions, You've got to get that pace. So 644 00:39:46.079 --> 00:39:49.840 that's this basics transport. Everyone has got to insist on 645 00:39:49.920 --> 00:39:52.280 this from the guy in planet. But if you don't 646 00:39:52.320 --> 00:39:55.320 do it this way, you can't get that tax break. 647 00:39:55.480 --> 00:39:58.920 You've got to file your basic, your house and your 648 00:39:58.960 --> 00:40:04.320 transportation to be able to get that relief. All right, 649 00:40:04.760 --> 00:40:09.039 let's go to the next one, which is going to 650 00:40:09.079 --> 00:40:14.119 be copy it in con TAXI. So I'm now assuming 651 00:40:14.199 --> 00:40:17.559 that we've sort of gone through the personal incoside, right, 652 00:40:17.679 --> 00:40:20.920 and you guys have seen a lot of innovative Who again, 653 00:40:20.960 --> 00:40:24.559 there's nothing innovative here. These things are all in the 654 00:40:24.599 --> 00:40:27.760 tax law. They are all in the tax But I 655 00:40:27.880 --> 00:40:31.159 just waited on Twitter. I was sending anyone do how 656 00:40:31.199 --> 00:40:33.760 to avoid taxes? So I said to do it. But 657 00:40:34.000 --> 00:40:36.920 I'm not giving you any revelation. It's all in a 658 00:40:37.039 --> 00:40:41.079 tax law. But tax avoidance is legal. The government is 659 00:40:41.119 --> 00:40:44.079 telling you if you do this you will not pay taxes. 660 00:40:44.159 --> 00:40:44.440 Not me. 661 00:40:45.519 --> 00:40:47.320 The governments are telling you. If you do this, you're 662 00:40:47.320 --> 00:40:48.920 not paying tax. A lot of other things. Is how 663 00:40:48.960 --> 00:40:52.880 to do it. I'm showing you the forest, right, but 664 00:40:52.920 --> 00:40:54.760 I'm not showing the tree. You don't have to go 665 00:40:54.840 --> 00:40:57.920 in and say, Okay, I'm gonna find this tree in 666 00:40:58.039 --> 00:41:00.880 this forest and I'm going to take advantage of So 667 00:41:00.960 --> 00:41:04.360 let's share corporate income taxes again. Lets just make this point. 668 00:41:05.360 --> 00:41:09.960 This space is only for personal taxpayers and small and 669 00:41:10.119 --> 00:41:13.719 medium enterprises. If you're a POC big boy, gonna hire 670 00:41:13.719 --> 00:41:16.239 your own tax lawyer, you have lots of ways to 671 00:41:16.000 --> 00:41:18.199 have to do those things there. But this for the 672 00:41:18.320 --> 00:41:22.079 small guy, the guy employing ten people, small firm that 673 00:41:22.119 --> 00:41:24.159 wants to know also, how can they apply if you 674 00:41:24.679 --> 00:41:27.679 the things that title to reduce their taxable income. This 675 00:41:27.760 --> 00:41:29.400 is who this space is, right, not for the guys 676 00:41:29.400 --> 00:41:31.119 that can have for the lawyer and all that. Right. 677 00:41:31.800 --> 00:41:35.760 So I think this first point really tells you all 678 00:41:36.000 --> 00:41:39.960 you need to do to avoid tax as a personal person. 679 00:41:40.239 --> 00:41:44.719 All you need to do any profits or gains of 680 00:41:44.880 --> 00:41:50.920 any company, any company or enterprise dedocted all expense for 681 00:41:51.039 --> 00:41:56.360 the period why and exclusively incured in the production of income. 682 00:41:57.000 --> 00:42:02.119 In other words, any income that any company can show 683 00:42:02.840 --> 00:42:10.360 was used wholly and excusingly to make income is tax deductible. 684 00:42:10.639 --> 00:42:13.639 That's that's what it means. If you work for a 685 00:42:13.719 --> 00:42:16.840 fan in a farm and you buy disy to run 686 00:42:16.920 --> 00:42:20.840 your immigation machine, whatever I used to run that machine, 687 00:42:20.920 --> 00:42:24.320 it's tax deductible. If you as if you're a content 688 00:42:24.519 --> 00:42:27.679 cream and you buy a camera, you pay a borrow 689 00:42:28.559 --> 00:42:31.480 for the buy to film, you pay for boxes, you 690 00:42:31.519 --> 00:42:36.800 pay for launch. All those things are tax deductible because 691 00:42:36.920 --> 00:42:40.239 you are using them to create income. In the production 692 00:42:40.320 --> 00:42:43.199 of income. If you are the video give example many 693 00:42:43.199 --> 00:42:48.000 times and you buy a Lamborghini, that Lamborghini is tax 694 00:42:48.199 --> 00:42:52.119 deductible because there's Lamborgames do videos for your home, for 695 00:42:52.239 --> 00:42:56.880 your music videos, which generate income for you. So any 696 00:42:57.079 --> 00:43:03.199 company at all that is using any expense holy and 697 00:43:03.360 --> 00:43:06.960 the screen to generate income, you can write that income off. 698 00:43:07.039 --> 00:43:10.199 This is of course in line with our agricultural export 699 00:43:10.320 --> 00:43:13.639 we said before. If you export anything in Nigeria, you 700 00:43:13.679 --> 00:43:15.679 don't pay tax. If your billion money back. If you 701 00:43:15.760 --> 00:43:19.239 export a culture you get a tax ext for five years. 702 00:43:19.280 --> 00:43:21.880 This is a separate for that. If you start up 703 00:43:22.039 --> 00:43:25.920 farming Nigeria. You get tax break for five years. The 704 00:43:25.960 --> 00:43:29.639 first five years no taxes, but this is in after 705 00:43:29.679 --> 00:43:33.599 that five years, any expense that you use to make 706 00:43:33.639 --> 00:43:36.440 income in that farm is also going to be adoptable. 707 00:43:37.679 --> 00:43:40.639 Now in the tax law, we define this small compaign 708 00:43:40.800 --> 00:43:44.920 as turnover or a hundred million or below and fixed 709 00:43:44.960 --> 00:43:48.599 assets not exiting two hundred and fifty million, there's fifty million. 710 00:43:48.639 --> 00:43:51.679 There's the tax Act. Mister t I will have clarified 711 00:43:51.679 --> 00:43:54.119 that hundred billion is the right numbers. We go with 712 00:43:54.199 --> 00:43:58.679 one hundred million. So for me, I would say, hire 713 00:43:58.719 --> 00:44:02.039 your accountants, look at to watch you're your operations and 714 00:44:02.039 --> 00:44:04.599 say okay, hey, how can I legally avoid taxes again? 715 00:44:04.679 --> 00:44:07.440 But they afore give you the answer. Any expense you 716 00:44:07.559 --> 00:44:11.519 used to make income you had a doctor, including the eating. 717 00:44:11.519 --> 00:44:15.079 If you're going to talk around now write any income 718 00:44:15.159 --> 00:44:18.559 you make you used to make your income. Any experence 719 00:44:18.679 --> 00:44:23.679 used to make your income you can deduct from your taxes. 720 00:44:24.320 --> 00:44:27.599 So we're gonna going to talk around some settin exemptions 721 00:44:27.639 --> 00:44:31.760 as well that you can also add to deduct as 722 00:44:31.800 --> 00:44:34.280 well some incomes. We're going to the second to the 723 00:44:34.400 --> 00:44:39.119 last slight guys. So yeah, we're nearly there copy. I'm 724 00:44:39.119 --> 00:44:41.559 not gonna share with my folks on Twitter who have 725 00:44:41.679 --> 00:44:45.000 always been with me all year. Merry Christmas to all 726 00:44:45.079 --> 00:44:49.840 my Twitter folks, love you all like mad. So now 727 00:44:49.920 --> 00:44:55.119 we are talking around a few exemptions, right that just 728 00:44:55.159 --> 00:44:57.400 I want to just highlight this exemptions for the business 729 00:44:57.400 --> 00:45:01.360 with love death. If you pay any intro or on 730 00:45:01.599 --> 00:45:06.320 debt employed to generate income for the trade business profession, 731 00:45:06.599 --> 00:45:08.960 you can write that tax off. So if you borrow 732 00:45:09.039 --> 00:45:12.000 money and you are any interest on debt is right, 733 00:45:12.039 --> 00:45:15.000 you can write that off. Right, so the will continue 734 00:45:15.079 --> 00:45:20.000 to grow by taking in credits and to expand your operations, 735 00:45:20.239 --> 00:45:22.840 and of course the interest you in cure with that 736 00:45:22.960 --> 00:45:28.320 expansion you can write off. This says business profession of vocation. 737 00:45:28.559 --> 00:45:31.719 So if you're a if you're making skits, if you're 738 00:45:31.719 --> 00:45:34.639 a YouTube guy, you're making skits on the roots of 739 00:45:34.800 --> 00:45:38.119 love of a bar and you borrow money from a 740 00:45:38.239 --> 00:45:41.679 bank to do that business, the lawyer is saying, you 741 00:45:41.719 --> 00:45:45.599 can write off the interest you use to buy that camera, 742 00:45:46.079 --> 00:45:48.800 to buy the drone, to pay all those people, you 743 00:45:48.840 --> 00:45:51.480 can write it off your taxes. That's what the lawy 744 00:45:51.519 --> 00:45:56.800 is saying. Any expense in the repair of plans equipments, fictions. 745 00:45:56.880 --> 00:45:58.880 Yet all this is all good. So when you do 746 00:45:58.960 --> 00:46:01.960 your repairs, keep you your bills. You got to vocanize 747 00:46:01.960 --> 00:46:04.599 and keep your receipt. You call it legion and keep 748 00:46:04.639 --> 00:46:08.159 your receipt. That's the point. It's a small enterprises. Now, Yeah, 749 00:46:09.039 --> 00:46:13.039 any contribution you make to your staff pension prevedent retireing 750 00:46:13.079 --> 00:46:17.000 benefits are food. But the pension from art is also 751 00:46:17.119 --> 00:46:20.000 taxing exempt. So again, if you know this, guys, why 752 00:46:20.039 --> 00:46:24.480 would you have employee employees and not pay them pension. 753 00:46:25.280 --> 00:46:29.760 If you pay employees pension, you write it off your taxes, 754 00:46:29.840 --> 00:46:34.000 and your employees are happier, they stay more because they 755 00:46:34.000 --> 00:46:38.079 can also then do additional lunt your contribution. You are gaining, 756 00:46:38.559 --> 00:46:43.039 your employees are happy. Why would you not pay pensions 757 00:46:43.079 --> 00:46:46.519 to your employees? Doesn't make any sense to avoid or 758 00:46:46.559 --> 00:46:50.960 to ignore this exemption for you rent. If you pay rent, 759 00:46:52.199 --> 00:46:55.400 you can also write that off. And it says in 760 00:46:55.480 --> 00:46:59.440 residents of land and building occupy for the purpose of 761 00:46:59.519 --> 00:47:03.360 getting in. So even a farmer and I rent land, 762 00:47:04.079 --> 00:47:07.679 I can paid by that rent out of my tax income. 763 00:47:08.199 --> 00:47:10.639 So you've got to have an account on talking to you. 764 00:47:10.639 --> 00:47:13.000 You can't do it by yourself. Because then I was 765 00:47:13.039 --> 00:47:14.840 going to tell you more of This is just what 766 00:47:14.960 --> 00:47:17.880 I brought out on power point. Your counter is going 767 00:47:17.960 --> 00:47:21.039 to tell you more about things like this. Any salary 768 00:47:21.079 --> 00:47:24.840 you pay, you can't write off any cost to the company. 769 00:47:25.159 --> 00:47:28.039 You can't write you own your employee salaries. Because your 770 00:47:28.039 --> 00:47:33.079 pain a salary, you write it off. But very good 771 00:47:33.079 --> 00:47:34.760 thing is here, guys. You can see, like I said, 772 00:47:34.840 --> 00:47:39.679 to pay your taxes is patriotic. Only patriotic nature has 773 00:47:39.840 --> 00:47:44.719 paid salaries right. So nothing we have said here is illegal. 774 00:47:45.480 --> 00:47:48.960 Everything we have said here is part of the pension 775 00:47:49.039 --> 00:47:53.760 reform at everything we have said here now as second 776 00:47:53.840 --> 00:47:56.599 to the last slide, we're going to talk around some 777 00:47:56.679 --> 00:47:59.239 awesome special exemptions there. I just want you guys to 778 00:47:59.280 --> 00:48:03.679 be aware of that this is going to be an 779 00:48:03.719 --> 00:48:07.840 export zone. You'll pay taxes, that's fine, but you're V eighty. 780 00:48:08.000 --> 00:48:11.440 Please make sure going forward to track all V eightyes, 781 00:48:11.559 --> 00:48:14.880 bety going out, viaty coming in. Why because there is 782 00:48:14.920 --> 00:48:18.039 this impute tax you can clan back. So if you 783 00:48:18.079 --> 00:48:21.639 have a company and you buy un instance diesel, right 784 00:48:22.000 --> 00:48:24.760 and the company charleges U V eighty, just assuming and 785 00:48:24.880 --> 00:48:27.719 assume they charges V eighty on the diesel now you 786 00:48:27.760 --> 00:48:30.360 can claim that in putebat you can claim it back 787 00:48:30.400 --> 00:48:32.480 and say that was a cost, So big big beigchen 788 00:48:32.559 --> 00:48:35.719 for you there. Captain allowance says, of course I'm still there. 789 00:48:35.960 --> 00:48:38.960 If you invest in an in an equipment, you can 790 00:48:39.159 --> 00:48:42.079 clean that allowance over the years and say, oh I 791 00:48:42.119 --> 00:48:46.679 want the narrator, I want to clean that gator as 792 00:48:46.880 --> 00:48:49.719 capital allowance in run of my business, there's not this 793 00:48:49.880 --> 00:48:53.639 economic development taxing incentive it is. It's not replaced in 794 00:48:53.719 --> 00:48:57.280 the pioneer taxes. So before the pioneer taxes, if you 795 00:48:57.360 --> 00:49:01.280 invest in the rural area where there's no w or power, 796 00:49:01.280 --> 00:49:04.079 you can actually play one hundred percent of alt of investments 797 00:49:04.119 --> 00:49:07.280 out of your taxes. So let's say you are to 798 00:49:07.320 --> 00:49:11.039 make you want to manufacture socks. If you manufact your socks, 799 00:49:11.199 --> 00:49:16.159 an example in Legos labors has water, power and roads 800 00:49:16.719 --> 00:49:20.039 no exemption. But if you go to your village where 801 00:49:20.039 --> 00:49:24.519 there's no power, water roads are a socks factor in 802 00:49:24.559 --> 00:49:27.320 your pleage, you are able to clean a lot of 803 00:49:27.320 --> 00:49:31.519 those kinds out of your proca. There's no road there. 804 00:49:31.519 --> 00:49:34.199 So going to say, because they give you power, we're 805 00:49:34.199 --> 00:49:37.840 gonna allow you claim a lot of that as tax insancty. 806 00:49:37.920 --> 00:49:40.960 That's what they're saying. Your guys, Yes, guys, you guys 807 00:49:40.960 --> 00:49:44.239 speak if you have all those questions. Finally, guys, I'm 808 00:49:44.280 --> 00:49:46.719 just closed by saying most of what I've said here, 809 00:49:47.639 --> 00:49:50.719 even before the tax laws past, already had the stage 810 00:49:50.840 --> 00:49:55.400 in our in my book. Right this was reading my book. 811 00:49:55.480 --> 00:49:59.239 Somethings have been rehashed to increase the amount, or they 812 00:49:59.239 --> 00:50:01.679 will say it when it was to have been there. 813 00:50:02.360 --> 00:50:05.039 And if you've gotten the book, which i'm now shameless 814 00:50:05.119 --> 00:50:08.079 is plugging, you have seen most of these things in 815 00:50:08.159 --> 00:50:11.239 the book already. I would have also prepared yourself for this, 816 00:50:11.440 --> 00:50:14.159 because you want to get ready minting about this tax 817 00:50:14.239 --> 00:50:17.800 better that manyting that you have to do implementation. If 818 00:50:17.880 --> 00:50:22.159 you do not file any tax return, whether you make 819 00:50:22.239 --> 00:50:25.920 one mira or one billion, you're going to pay taxes 820 00:50:26.440 --> 00:50:30.800 because you have not filed. You've got to file taxes 821 00:50:31.480 --> 00:50:34.800 to be able to get the exemption. So don't assume 822 00:50:35.000 --> 00:50:38.679 I'm not in the file. I end fifty K a year. No, 823 00:50:38.880 --> 00:50:42.000 don't tax your ass because you've got the file. So 824 00:50:42.440 --> 00:50:47.400 knowledge is very important, more knowledge, implementation of that knowledge 825 00:50:47.400 --> 00:50:49.559 is very very important. So like I said today, I 826 00:50:49.599 --> 00:50:52.079 have shared with you guys a lot of things right. 827 00:50:52.599 --> 00:50:55.440 It's going to be recorded. These lines are there. I 828 00:50:55.519 --> 00:50:57.719 want to show your tax account and ask a tax 829 00:50:57.719 --> 00:51:00.360 account and hey, this guy said this, is it true? 830 00:51:00.679 --> 00:51:03.239 How can I take sto make sure you also do 831 00:51:03.280 --> 00:51:06.719 your own vertication. I'm not unhuman. I could be wrong 832 00:51:06.880 --> 00:51:09.079 at the very big I put the disclaimer there. I 833 00:51:09.119 --> 00:51:11.159 could be wrong, So make sure you also ask the 834 00:51:11.159 --> 00:51:14.639 tax guy before you. That isn't the generics that most 835 00:51:14.719 --> 00:51:19.880 people know. The idea is this, if you don't pay taxes, 836 00:51:20.199 --> 00:51:24.119 you have more money to consume. The more you consume, 837 00:51:24.480 --> 00:51:27.719 the more the economy is growing. So don't think it's 838 00:51:27.719 --> 00:51:31.079 a bad thing that you're not paying taxes. You are 839 00:51:31.199 --> 00:51:35.639 helping the government to improve the GDP and the consumption 840 00:51:36.559 --> 00:51:40.119 by avoiding tax That's why you're a patriot. With that, 841 00:51:40.400 --> 00:51:41.880 let me go back to the to the flower. Let's 842 00:51:41.880 --> 00:51:44.880 get just Josey. How are you? Thanks for hiring there? 843 00:51:45.000 --> 00:51:48.719 What's your question? Thanks for your. 844 00:51:48.639 --> 00:51:51.400 Question, compliments of the season. 845 00:51:52.159 --> 00:51:57.880 I just wanted to answer, does it make financial sense for. 846 00:51:59.719 --> 00:52:07.239 Let's civil sybums to view of their their pension plan? 847 00:52:07.320 --> 00:52:10.079 You said they can't save up to one todd of 848 00:52:10.199 --> 00:52:14.480 their income. It doesn't make financial sense because my space 849 00:52:14.559 --> 00:52:19.199 was already If we look up and I discovered dinar 850 00:52:19.400 --> 00:52:24.159 has lost an average of thin st annually in the 851 00:52:24.199 --> 00:52:29.199 past five years. So just to you know, save up 852 00:52:29.199 --> 00:52:36.400 only on maybe five to seven percent tax taxations in 853 00:52:36.440 --> 00:52:42.239 the financial sense to increase one's pension fune, just to 854 00:52:42.280 --> 00:52:43.400 save up bone on that. 855 00:52:43.679 --> 00:52:44.039 I don't know. 856 00:52:44.039 --> 00:52:47.239 If you get my I complete, you're basically saying, hey, well, 857 00:52:47.280 --> 00:52:49.800 am I posibly deny when I write falling And it 858 00:52:49.800 --> 00:52:54.119 doesn't make sense to deny consumption when I look at 859 00:52:54.119 --> 00:52:56.159 it this way. First of all, because the law is 860 00:52:56.239 --> 00:52:59.239 start to treat to eighteen percent. If you don't do 861 00:52:59.320 --> 00:53:02.960 your person, you for the lost ten percent income. So 862 00:53:03.039 --> 00:53:07.639 first of all, everybody here no arguement, make sure you 863 00:53:07.679 --> 00:53:11.239 do your own eight percent for retirementating's account. Why because 864 00:53:11.280 --> 00:53:13.880 then the company can give you ten percent whether you 865 00:53:13.920 --> 00:53:15.320 lose it. They don't lose it. You're gonna get at 866 00:53:15.360 --> 00:53:18.559 this ten percent. Let's now go back to the contributions 867 00:53:18.559 --> 00:53:21.800 to your question. Just just remember those those phones are invested. 868 00:53:22.320 --> 00:53:24.440 We don't take the cash and bury it. We take 869 00:53:24.480 --> 00:53:28.400 those phons and we invest it. In the last ten years, 870 00:53:28.800 --> 00:53:32.599 the Niger stock market has lived up the largest return 871 00:53:32.760 --> 00:53:37.079 in the world for two years after the last ten years. 872 00:53:37.079 --> 00:53:40.159 I think those twenty twenty two folks can check for 873 00:53:40.280 --> 00:53:43.320 me now just talk like was the best performance stock 874 00:53:43.400 --> 00:53:45.880 back at the entire world. Folks can do a quick 875 00:53:46.800 --> 00:53:50.280 fact check. So the market is not a bad market 876 00:53:50.320 --> 00:53:53.960 to invest in niger stock market. If instalk buying don 877 00:53:54.039 --> 00:53:57.039 go to, you are buying Nigerian banks, you are buying 878 00:53:57.039 --> 00:54:00.519 a few solid companies their setbacks. It's very that five. 879 00:54:00.880 --> 00:54:04.280 So it's better. Like I said in the example, you're 880 00:54:04.360 --> 00:54:06.639 eighteen percent, you start to treat do to get your 881 00:54:06.679 --> 00:54:10.960 ten percent? Do it? If you do ABC's, I just 882 00:54:11.039 --> 00:54:13.760 not want yours and you take the money out after 883 00:54:13.880 --> 00:54:18.239 five years. If if the market crashes, pull money out 884 00:54:18.320 --> 00:54:21.280 after five years, it's your tax free. That's the point 885 00:54:21.280 --> 00:54:24.880 I'm taking again with that. The ABC's fifty percent of 886 00:54:24.880 --> 00:54:28.840 your ages can be as it means, additional can be 887 00:54:28.920 --> 00:54:33.360 pulled away when you retire. So essentially, if you don't 888 00:54:33.400 --> 00:54:36.280 like the market again, or you want to travel, I 889 00:54:36.320 --> 00:54:38.440 want to start up a new business, there is no 890 00:54:38.760 --> 00:54:42.519 or that better I give you tax free compounded savings 891 00:54:43.079 --> 00:54:44.920 than the retirement news account. That's wy you want to 892 00:54:44.920 --> 00:54:48.960 take advantage of that of that ABC, Sir, does that 893 00:54:49.119 --> 00:54:51.280 make sense? And does the returns? But that you can 894 00:54:51.400 --> 00:54:53.960 get fifty percent tax free? Where else can you get 895 00:54:53.960 --> 00:54:58.639 like an offer? Right, Jose? Does that make sense? Yeah? 896 00:54:59.480 --> 00:55:04.079 Sense the fantastic. Let's get you the money. 897 00:55:06.199 --> 00:55:06.840 I agree with you. 898 00:55:08.159 --> 00:55:11.480 Thank you very much for this session. Just the contribution rights. 899 00:55:11.840 --> 00:55:15.320 And I think you've done a good job in terms 900 00:55:15.320 --> 00:55:22.119 of summarizing some of the points in the NCA and 901 00:55:22.840 --> 00:55:29.400 at least what small businesses and people people that's not 902 00:55:29.480 --> 00:55:35.719 income US rights. That's something you mentioned, and I think 903 00:55:35.760 --> 00:55:42.119 it's important. People's tax or your finances might be different rights. 904 00:55:42.159 --> 00:55:46.559 So you need to still consider regionality to an accountant 905 00:55:47.039 --> 00:55:52.480 or a tax professional and some of the things you've measured, 906 00:55:52.559 --> 00:55:57.480 like you know, deduction of life insurance premium. 907 00:55:57.719 --> 00:56:04.880 Or interest or mortgages. It depends on the states that 908 00:56:05.000 --> 00:56:07.440 you're in, right, it doesn't the person states. It doesn't 909 00:56:07.440 --> 00:56:13.159 the states. It's just if you contribute to insurance outside. 910 00:56:14.519 --> 00:56:17.039 Yeah, you get the doction. What I'm saying is that 911 00:56:17.239 --> 00:56:18.719 to get the deduction. 912 00:56:18.920 --> 00:56:24.079 The administrative procedures right the states gives clarity. For example, 913 00:56:24.320 --> 00:56:26.880 LS will tell you that all it should be people 914 00:56:26.960 --> 00:56:29.760 now occupied, right, so als will tell you that you 915 00:56:29.880 --> 00:56:32.119 need to be staying in that property that you see 916 00:56:32.280 --> 00:56:35.960 is yours so that you can get the interest on deduction. 917 00:56:37.000 --> 00:56:39.159 Yeah, that's why I said it has to be older 918 00:56:39.199 --> 00:56:40.199 occupied because the. 919 00:56:40.079 --> 00:56:44.159 Market is going so that I said, it's peculiar. Sometimes 920 00:56:44.239 --> 00:56:47.039 if it's if the if you need to you know, 921 00:56:47.840 --> 00:56:49.480 finance multiple proper. 922 00:56:51.639 --> 00:56:56.239 Sometimes I don't want I wanted to go. I'm not 923 00:56:56.320 --> 00:56:57.159 I'm not deviating. 924 00:56:57.199 --> 00:56:57.960 I'm not deviating. 925 00:56:58.199 --> 00:56:59.960 What I'm just saying is that you know you need 926 00:57:00.079 --> 00:57:00.559 to be careful. 927 00:57:00.559 --> 00:57:04.119 I'm not saying wrong. What may I believe is. 928 00:57:04.320 --> 00:57:05.960 What you said that. 929 00:57:07.880 --> 00:57:10.159 The interest on the property to get a deduction for 930 00:57:10.440 --> 00:57:13.320 it is fine, but you need to be careful. We 931 00:57:13.400 --> 00:57:15.800 need to check what are the issues. 932 00:57:15.440 --> 00:57:16.599 With your own states? 933 00:57:16.800 --> 00:57:19.199 Right because person time in contacts to speak to the states, 934 00:57:19.440 --> 00:57:21.280 same as interest from mortgage, which. 935 00:57:21.119 --> 00:57:28.000 Is hold on, hold on the personally contact is paying 936 00:57:28.639 --> 00:57:32.360 the deduction. The deduction is about the line. So they're saying, 937 00:57:32.559 --> 00:57:35.119 if you do do this, you get deduction. I want, 938 00:57:35.159 --> 00:57:37.519 like I said, I'm feeling the forest, go and look 939 00:57:37.559 --> 00:57:40.639 for the tree. So I get you very good point 940 00:57:40.679 --> 00:57:44.440 of making, but just know we can detail out tax 941 00:57:44.559 --> 00:57:46.320 complicities down down. 942 00:57:46.159 --> 00:57:49.880 To the I'm not didn't what you mentioned everything. 943 00:57:50.239 --> 00:57:56.400 Then the second bit is, you know, trying to know 944 00:57:56.599 --> 00:57:59.280 at your document everything. If you're a small business owner 945 00:57:59.719 --> 00:58:02.719 like you mentioned documents. 946 00:58:02.000 --> 00:58:05.760 Every day, your receipts, if you're doing. 947 00:58:05.559 --> 00:58:08.639 Transferst like i'd advice you, you know, you separate your 948 00:58:08.679 --> 00:58:16.519 accounts personal accounts and the business accounts, get your your receipts, ensure. 949 00:58:16.239 --> 00:58:17.960 That you you know, you have. 950 00:58:19.719 --> 00:58:22.519 A good narration and intensity a transferring money you guys, 951 00:58:22.519 --> 00:58:25.360 also be expenses that you know are related to your 952 00:58:25.400 --> 00:58:27.039 business will be deducted. 953 00:58:27.639 --> 00:58:29.599 So those are some of the key things. But most 954 00:58:29.639 --> 00:58:31.639 importantly after I talked. 955 00:58:31.480 --> 00:58:33.920 To you professionals to help you, you know, look at 956 00:58:34.039 --> 00:58:37.360 your accounts, file your returns, and. 957 00:58:39.159 --> 00:58:40.719 I think you've I think. 958 00:58:40.519 --> 00:58:44.719 You've you've you've done a good a good summary. 959 00:58:44.800 --> 00:58:48.920 And I think if people just you know, try to 960 00:58:49.320 --> 00:58:50.400 you know, seek some. 961 00:58:50.519 --> 00:58:54.119 Advice, then I don't think they will have any story. 962 00:58:55.519 --> 00:58:58.960 Yeah, I comment to highlight what you said very important, 963 00:58:59.519 --> 00:59:02.400 just to highlight the point you've made. Make sure you 964 00:59:02.599 --> 00:59:06.119 are separating your individual from your business and we'll talk 965 00:59:06.159 --> 00:59:08.760 about it some time on the space. Do not put 966 00:59:08.960 --> 00:59:12.679 any personal transactions on your business account. When we had 967 00:59:12.719 --> 00:59:15.000 the space was a pookeem and said, hey, CALU, in 968 00:59:15.079 --> 00:59:18.079 my company, they pay me money to pay salaries. I'm 969 00:59:18.079 --> 00:59:21.800 the fore money in my construction company. So I get 970 00:59:21.840 --> 00:59:24.760 all the salaries into my account. Then I paid the 971 00:59:24.840 --> 00:59:28.760 salaries to the people. No more. From twenty six, don't 972 00:59:28.760 --> 00:59:31.519 do that anymore. The companiesh open up a business account 973 00:59:32.079 --> 00:59:34.960 and make you a signer, so they will pay money 974 00:59:34.960 --> 00:59:37.719 to the business account. Then you, as a signer, can 975 00:59:37.760 --> 00:59:41.599 go to that business account and pay people's salary. Whatever 976 00:59:41.679 --> 00:59:44.280 money you are saying on your own line on your bank. 977 00:59:44.840 --> 00:59:48.239 Do a memo. If you are giving your mother in 978 00:59:48.320 --> 00:59:51.880 the village and gives it, give for mama's birthday memo, 979 00:59:52.000 --> 00:59:54.880 write it and said it because you forget. If you 980 00:59:54.880 --> 00:59:59.199 are giving your run Scale money, put money for run Scale. 981 00:59:59.360 --> 01:00:03.199 Put it there. You will forget what it's for. You're laughing, 982 01:00:03.320 --> 01:00:07.239 but you forget. Write everything the detailed to have a budget. 983 01:00:07.559 --> 01:00:10.440 So Gibla very very good. Good points to reminder that 984 01:00:10.480 --> 01:00:13.199 we have to document. We have to feel. Like I said, 985 01:00:13.639 --> 01:00:16.800 talk to a tax professional. I'm only human. I want 986 01:00:16.840 --> 01:00:21.119 to make sure that whatever I've said is you agreeble 987 01:00:21.159 --> 01:00:25.840 to the tax question before you whatever. Yeah, bad I've 988 01:00:25.840 --> 01:00:28.039 got bed ben could be so. 989 01:00:29.280 --> 01:00:35.840 Thank you so much for the insight from your I believe. 990 01:00:35.559 --> 01:00:38.039 It will be able to watch the video on YouTube. 991 01:00:38.039 --> 01:00:43.760 A game also here couldn't see. But I just have 992 01:00:44.880 --> 01:00:50.199 maybe four questions, Uh, if it could happen, whats. 993 01:00:49.719 --> 01:00:54.320 On how we could personally found taxes. 994 01:00:54.480 --> 01:01:00.239 For those who are resiling from convince. I think that's 995 01:01:00.320 --> 01:01:03.320 quite but if you could ever work as through how 996 01:01:04.320 --> 01:01:07.440 that will work to file. The second question, which is 997 01:01:07.480 --> 01:01:10.639 a shootout from that one. 998 01:01:10.760 --> 01:01:13.280 So if I if I work for the. 999 01:01:13.360 --> 01:01:17.840 Company and I do side housles, how do I how 1000 01:01:17.840 --> 01:01:25.400 do I how do I reconcile that money when it's 1001 01:01:25.440 --> 01:01:29.000 that they should above Let's say let's think it gives 1002 01:01:29.000 --> 01:01:32.840 the the way I could reconcile that and take some 1003 01:01:32.920 --> 01:01:35.239 of this avoid that you said, because it's going to 1004 01:01:35.280 --> 01:01:39.559 be income from pay and that on the side housle, 1005 01:01:40.239 --> 01:01:41.519 how do you reconcile that? 1006 01:01:41.880 --> 01:01:43.039 How can then? 1007 01:01:43.199 --> 01:01:46.880 Also can you file separately if you get side housle 1008 01:01:46.960 --> 01:01:50.960 closer and normal paid that organizations paid for on your behalf. 1009 01:01:51.599 --> 01:01:52.719 That's one question. 1010 01:01:52.920 --> 01:01:57.239 Hold on, hold on, so one thing. If you want 1011 01:01:57.239 --> 01:02:01.440 to file your file personally state by state, that's what 1012 01:02:01.480 --> 01:02:04.920 you bol trying to exercise. You file state by state. 1013 01:02:05.000 --> 01:02:08.039 So in Abya state you go to Abbya States Internal 1014 01:02:08.039 --> 01:02:13.239 Revenue Service you file your personal income tax. It's only 1015 01:02:13.559 --> 01:02:17.920 federal co being in contact that you then file to 1016 01:02:18.199 --> 01:02:21.119 the federal government which is going to be the Niger 1017 01:02:21.239 --> 01:02:25.800 Revenue Service former fire respect. Okay, any income, we don't 1018 01:02:25.800 --> 01:02:32.079 differentiate between gig income, side, hustle or salary. Any income 1019 01:02:32.199 --> 01:02:36.360 is taxable, any and all. If you do bitcoin, you 1020 01:02:36.440 --> 01:02:41.280 get air drops is taxable. If your boyfriend gives you 1021 01:02:41.400 --> 01:02:45.199 money is taxable. If it doesn't say it's a gift 1022 01:02:45.559 --> 01:02:49.199 is taxable. Any income that your accounts is looked as 1023 01:02:49.320 --> 01:02:55.639 as income. However, from that income you only then go 1024 01:02:55.760 --> 01:02:59.440 buy deductions and you file. So, for instance, if you 1025 01:02:59.559 --> 01:03:02.599 get your salary, your company might say, okay, hey, we 1026 01:03:02.760 --> 01:03:05.760 paid your money. We're going to file for you for 1027 01:03:05.880 --> 01:03:08.360 the income we're paid. It's left to you to then 1028 01:03:08.480 --> 01:03:11.760 go and file your own personal assessment to show I 1029 01:03:11.840 --> 01:03:18.440 bond life insurance, I did NHF, I did investments. You 1030 01:03:18.559 --> 01:03:23.559 have to go do that yourself with your state. Your 1031 01:03:23.599 --> 01:03:26.760 state tax author is to claim due deductions, so you 1032 01:03:26.800 --> 01:03:30.840 don't have a tax payment at the bottom. 1033 01:03:31.159 --> 01:03:34.440 I'm sure you're sure if I cry, it's gonna do 1034 01:03:34.519 --> 01:03:35.599 that independent of what. 1035 01:03:35.519 --> 01:03:36.639 Are your organization is doing. 1036 01:03:36.840 --> 01:03:39.920 And it's correct. Remember that in the past, the way 1037 01:03:40.000 --> 01:03:44.119 I druants paid taxes, that you got a twenty percent tax. 1038 01:03:45.480 --> 01:03:47.639 What's what's the word now when you pay when you 1039 01:03:47.679 --> 01:03:50.760 got your income, The government says twenty perent is a 1040 01:03:50.800 --> 01:03:54.599 tax free income automatic. So what is happen in the 1041 01:03:54.599 --> 01:03:57.840 past that I've got your company's paying your salary, they 1042 01:03:57.920 --> 01:04:02.079 simply take twenty percent automatic, apply as your tax break, 1043 01:04:02.199 --> 01:04:04.039 and you get a tax free They just file for 1044 01:04:04.119 --> 01:04:07.519 you because it's from twenty percent of your consultary remedue, 1045 01:04:07.519 --> 01:04:09.480 which your company is paying on your behalf. So that 1046 01:04:09.559 --> 01:04:13.280 was what was happening in the past. Now there's no 1047 01:04:13.360 --> 01:04:18.679 more automatic twenty percent. Nothing is automatic. Even the eight 1048 01:04:18.960 --> 01:04:23.199 hundred thousand nine is not automatic. You have to file 1049 01:04:24.079 --> 01:04:29.280 to say you end seven hundred thousand, then you don't 1050 01:04:29.280 --> 01:04:33.760 pay tax. If you end seven hundred thousand and you 1051 01:04:33.880 --> 01:04:38.119 don't file, you will pay tax. Because tax man will say, hmm, 1052 01:04:38.760 --> 01:04:40.840 I've not got the attacking turn from you. I'm going 1053 01:04:40.880 --> 01:04:44.920 to assume you end a million, and now tax you 1054 01:04:45.400 --> 01:04:49.320 isn't the law. They can assume income and they can 1055 01:04:49.440 --> 01:04:52.159 tax you I think Section ninety one. So you're going 1056 01:04:52.199 --> 01:04:55.880 to make sure you file every year those taxes. Yeah, 1057 01:04:58.840 --> 01:05:01.440 you have to file time says yearly. You have to 1058 01:05:01.440 --> 01:05:03.679 find more. That's gotta be too much for you. So 1059 01:05:04.079 --> 01:05:07.119 what you can just to have an account, open an account, 1060 01:05:07.159 --> 01:05:12.320 call that account tax account. Every month, countult your tax pit, 1061 01:05:12.480 --> 01:05:15.960 your tax account. End of the year, cut a check 1062 01:05:16.400 --> 01:05:20.199 to your your tax authorities, and you have your schedules. 1063 01:05:20.280 --> 01:05:23.519 You know, you have scanners all your receipts for that month, 1064 01:05:23.960 --> 01:05:28.239 scan them, attach you on to your your report, skanter, 1065 01:05:28.440 --> 01:05:32.519 keep it five match you keep it. End of the year. 1066 01:05:32.719 --> 01:05:35.760 You cut one check to your tax authorities. You have 1067 01:05:35.880 --> 01:05:37.679 your record, you get come back to you. You have 1068 01:05:37.760 --> 01:05:41.239 everything scan save on the cloud. It can never get lost. 1069 01:05:41.639 --> 01:05:43.280 That's how you want to do it. So you can 1070 01:05:43.400 --> 01:05:48.280 you can accrue monthly and pay once to Listen, all right, 1071 01:05:49.880 --> 01:05:52.639 it's not messy. It's not messy. 1072 01:05:52.440 --> 01:05:54.880 What I mean by that, a lot of people are 1073 01:05:54.960 --> 01:05:55.559 not savvy. 1074 01:05:55.880 --> 01:05:57.960 Well you have to be. You have to be. 1075 01:05:59.559 --> 01:06:01.320 The mess in the first year because a lot of 1076 01:06:01.440 --> 01:06:02.559 this is new for a lot of people. 1077 01:06:02.599 --> 01:06:03.599 But that's fine. 1078 01:06:03.880 --> 01:06:06.880 So just a real quick you have to expo questions 1079 01:06:06.920 --> 01:06:09.400 real quick manicons to speak, real quick. Last question, real. 1080 01:06:09.320 --> 01:06:14.000 Quick, the last question. So I was also going to 1081 01:06:14.119 --> 01:06:15.360 ask you. 1082 01:06:15.599 --> 01:06:19.320 Talk about making taking your active. 1083 01:06:19.119 --> 01:06:21.159 Income to become a lot more passive. 1084 01:06:21.519 --> 01:06:28.280 So you receive money and you move it to mutual fund. 1085 01:06:29.599 --> 01:06:34.280 What you said was it you get from that would 1086 01:06:34.320 --> 01:06:34.920 not be. 1087 01:06:37.599 --> 01:06:40.400 It's not it's not that taxable income. There's no in tax. 1088 01:06:40.400 --> 01:06:43.519 It's no just no tax. If you take non error 1089 01:06:44.000 --> 01:06:47.639 by mutual funds mutual fund company bas you one hundred 1090 01:06:47.679 --> 01:06:51.119 thousands intro is your interest? You are getting that. The 1091 01:06:51.320 --> 01:06:54.519 key is tax extems. It's not income. It's not taxable 1092 01:06:54.559 --> 01:06:58.199 income to you. Okay, So let me just play the 1093 01:06:58.280 --> 01:07:01.679 last have to go your well to go. Let's get 1094 01:07:01.719 --> 01:07:05.800 what's get wins. We knows we know see w N 1095 01:07:05.840 --> 01:07:08.639 O s C at G Baden we know see I 1096 01:07:08.639 --> 01:07:14.760 don't we know that the co C K O s 1097 01:07:14.800 --> 01:07:16.519 I co C. How are you doing? 1098 01:07:16.960 --> 01:07:17.960 Okay? 1099 01:07:17.320 --> 01:07:23.199 And question yes, sir, let's say you live abroad, you 1100 01:07:23.199 --> 01:07:26.440 don't pat money from Nigeria. Boy, you have proper in 1101 01:07:26.519 --> 01:07:29.280 Nigeria that keeping in valid? 1102 01:07:29.440 --> 01:07:29.800 Yes, sir? 1103 01:07:29.840 --> 01:07:32.559 Do you pay that for having properties in Nigeria? Although 1104 01:07:32.599 --> 01:07:33.800 that you're gonna making money. 1105 01:07:33.599 --> 01:07:36.039 From them board the valley. 1106 01:07:36.239 --> 01:07:38.559 No, so you don't because we don't tax assets with 1107 01:07:38.679 --> 01:07:41.840 tax income. So if the land value just keeps on 1108 01:07:41.960 --> 01:07:45.000 going up, the asset that is going up, there's no 1109 01:07:45.079 --> 01:07:48.119 income and from that land, so you won't pay any 1110 01:07:48.199 --> 01:07:51.280 tax on an asset. You only pay tax if you 1111 01:07:51.400 --> 01:07:55.119 have If maybe a farmer comes to that land and 1112 01:07:55.239 --> 01:07:58.480 it's paying you rent, then you're making income from the land. 1113 01:07:58.840 --> 01:08:02.000 But if you're not in Nigerian i e. You are 1114 01:08:02.400 --> 01:08:07.679 in Nigerian born, but you're an American passport holder and 1115 01:08:07.800 --> 01:08:12.199 you don't stay in Nigeria for one three days, then 1116 01:08:12.239 --> 01:08:17.680 for tax proposality Nigerian tax payers to give you the 1117 01:08:17.720 --> 01:08:25.840 full answer, fantastic, You're welcome. That's okaypho o Hiphoe YouTube guys, 1118 01:08:25.840 --> 01:08:28.920 you can that's the chatter answer. Yes, go ahead. 1119 01:08:29.359 --> 01:08:37.199 Well as to only define what we mean by in home, grant, scholarship, 1120 01:08:37.479 --> 01:08:38.640 give family and prince. 1121 01:08:39.439 --> 01:08:40.279 I not listen to people. 1122 01:08:40.680 --> 01:08:45.520 What it's not income, they're very nagle. If you have 1123 01:08:45.640 --> 01:08:48.720 a gift, it's not income. If you have a grant, 1124 01:08:48.800 --> 01:08:51.640 it's not income. Income, it's anything that is. I don't 1125 01:08:51.680 --> 01:08:53.840 have to defining income. They did instead of what income 1126 01:08:54.079 --> 01:08:59.920 was they didn't define it, so salary bitcoin interest did it? Then? 1127 01:09:00.079 --> 01:09:03.359 Both those are all income. That's how they They just 1128 01:09:03.399 --> 01:09:06.359 say what income is they in definan say income is this? 1129 01:09:06.600 --> 01:09:18.319 So does answering? You're good? Yeah, so we give this 1130 01:09:18.439 --> 01:09:20.680 gift is a very very funny thing, right. I would 1131 01:09:20.760 --> 01:09:24.000 say this. If your father gives you ten narrative gift, 1132 01:09:24.039 --> 01:09:27.119 you're fine. But let's say your father is giving you 1133 01:09:27.359 --> 01:09:30.319 ten on or one on her every month as a gift. 1134 01:09:30.319 --> 01:09:32.359 You're frown on that because that can be a gift. 1135 01:09:32.359 --> 01:09:36.199 You can't have perpetual gifts in eternity and quality gift? 1136 01:09:36.239 --> 01:09:39.319 What is a gift one time? Huge can be two times, 1137 01:09:39.720 --> 01:09:43.840 but not every time. So use your intuition. I say, 1138 01:09:44.000 --> 01:09:46.279 is this a gift? If I'm paying my girlfriend salah 1139 01:09:46.279 --> 01:09:48.039 and my quality gifts, They'll say it's not a gift. 1140 01:09:48.039 --> 01:09:50.840 It's income to her. So I'm giving her every month. 1141 01:09:51.039 --> 01:09:56.680 I can't give her a guitar every month? What is this? 1142 01:10:01.840 --> 01:10:06.720 Lottery is also income? I think sports winnings there's something 1143 01:10:06.760 --> 01:10:10.079 are not taxable. Lottery is taxable? Yes, just to be 1144 01:10:10.159 --> 01:10:14.439 clear that. All right, thank you, So let's get the 1145 01:10:14.439 --> 01:10:17.359 Big George. The Big George. I read the UK. 1146 01:10:19.560 --> 01:10:25.840 Okay, yeah, I'm fine, I'm fine. 1147 01:10:25.880 --> 01:10:26.319 Thank you. 1148 01:10:26.960 --> 01:10:35.319 Also about really you guys now for example, jobs and 1149 01:10:35.560 --> 01:10:45.760 all because you. 1150 01:10:36.880 --> 01:10:46.319 Know it tax like they collected into the amount of percentage. 1151 01:10:46.319 --> 01:10:50.000 You know it's not paying tax on buyers or mom 1152 01:10:50.000 --> 01:10:52.960 by beats and other pat platforms. 1153 01:10:53.680 --> 01:10:57.119 Then start paying Islamic on tax again. 1154 01:10:57.720 --> 01:11:02.960 So let's just because it was like, I'll just big jobs, 1155 01:11:04.039 --> 01:11:10.439 big joy see what I don't use technical words and 1156 01:11:10.600 --> 01:11:13.640 computer the tax man. It's a very simple thing, right, 1157 01:11:14.319 --> 01:11:18.439 the activity you are doing. Are you any income from it? 1158 01:11:21.079 --> 01:11:25.159 That's that's a simple question. If you convert, if you 1159 01:11:25.279 --> 01:11:28.359 have money in your bitcoin wallet, Let's say you have 1160 01:11:29.119 --> 01:11:32.199 ten bit coin in your bitcoin wallet. Will you pay 1161 01:11:32.319 --> 01:11:33.680 tax on that ten bitcoin? 1162 01:11:33.920 --> 01:11:33.960 No? 1163 01:11:34.880 --> 01:11:40.399 Because an asset, right, What if you sell one? If 1164 01:11:40.439 --> 01:11:43.520 you sell one, will you pay income on that? Yes, 1165 01:11:44.279 --> 01:11:47.359 because you have sold it and you have received income. 1166 01:11:49.239 --> 01:11:52.720 What if you get air drop, is it income? Yes, 1167 01:11:53.039 --> 01:11:56.520 because that's an asset that you're going to sell tomorrow. 1168 01:11:56.960 --> 01:12:00.680 So it's an asset you've got income. Yes, you pay income, 1169 01:12:00.760 --> 01:12:03.439 remember your income when you sell. If you receive it, 1170 01:12:03.560 --> 01:12:07.199 it's just income. If you sell capital against may apply 1171 01:12:07.399 --> 01:12:11.000 if it's above that fifty right, So they just sort 1172 01:12:11.000 --> 01:12:14.720 of cover all those two poles. Really, yeah, makes sense, 1173 01:12:18.439 --> 01:12:26.520 makes sense, big joys. Very good. Sorry, Oh my lord, okay, 1174 01:12:30.560 --> 01:12:33.199 all right, fantastic, let me get those again. We know 1175 01:12:33.680 --> 01:12:38.199 you're welcome, sir, We know w n ossage at Guy Baden, 1176 01:12:38.479 --> 01:12:41.000 we know. So you're ready to speak now a fantastic 1177 01:12:41.079 --> 01:12:47.800 Let's get why m D, why m D esquire y 1178 01:12:48.000 --> 01:12:54.720 m D. How are you doing? Man, I'm going yes, 1179 01:12:54.760 --> 01:12:56.000 I am. Thank you so much for asking. 1180 01:12:57.159 --> 01:13:00.520 Okay, I have a few questions for clarification purposes. 1181 01:13:01.439 --> 01:13:05.920 So you spoke about like some ways you can get 1182 01:13:06.199 --> 01:13:09.560 because of as like a limited to your income. 1183 01:13:10.000 --> 01:13:12.359 So if you have that, if you get a million eire, you. 1184 01:13:12.399 --> 01:13:15.640 Could put two million and two hundred thousand ERA as 1185 01:13:16.439 --> 01:13:19.640 a gay life insurance and then you pay taxes within 1186 01:13:19.720 --> 01:13:20.720 the eight hundred thousand. 1187 01:13:22.880 --> 01:13:25.079 So I also ask, if you get that one. 1188 01:13:24.960 --> 01:13:27.880 Millionaire and you use two hundred thousand to pay and 1189 01:13:28.039 --> 01:13:30.600 so buy into your mutual phones, do you used to 1190 01:13:30.720 --> 01:13:33.119 have to pay for the one millionaire that's bracket or 1191 01:13:33.760 --> 01:13:34.760 eight hundred thousand. 1192 01:13:35.359 --> 01:13:37.920 That's a good, good question. So let me just explain again, right, 1193 01:13:38.239 --> 01:13:42.359 if you earn eight hundred thousand IRA by default in 1194 01:13:42.439 --> 01:13:46.239 the law, that's eight hundred thousand is not taxable income. 1195 01:13:46.800 --> 01:13:50.520 Your first eight hundred thousand is not taxable income. So 1196 01:13:50.640 --> 01:13:53.840 let's say you end one million IRA, or let's say 1197 01:13:53.960 --> 01:13:57.439 end one point eight million MIRA, and you get paid 1198 01:13:57.560 --> 01:14:01.720 one point eight million, and you take eight hundred thousand error, 1199 01:14:01.960 --> 01:14:04.439 and you say, I'm going to survive with eight hundred 1200 01:14:04.520 --> 01:14:07.039 K for the whole year. And you take your one 1201 01:14:07.159 --> 01:14:10.239 million and you take and you go buy a mutual 1202 01:14:10.399 --> 01:14:14.840 fund and approved sex mutual fund. Then your tax income 1203 01:14:15.079 --> 01:14:18.840 is zero because you've both taken that income put the 1204 01:14:18.960 --> 01:14:22.920 mutual fund. Right, So the income you make from that 1205 01:14:23.079 --> 01:14:26.159 mutual fund, it's not taxable. The eight hundred k is 1206 01:14:26.279 --> 01:14:29.520 tax free. The one million that extra you paid income 1207 01:14:29.600 --> 01:14:32.159 tax on that right for the first year. But when 1208 01:14:32.239 --> 01:14:35.439 you invest that money into your mutual fund, the money 1209 01:14:35.479 --> 01:14:38.199 you get on the mutual fund is tax free. So 1210 01:14:38.359 --> 01:14:41.039 the first year you get the money right and not 1211 01:14:41.039 --> 01:14:43.840 above eight hundred k, you pay tax. But if you 1212 01:14:43.920 --> 01:14:46.920 take that one million you buy a mutual fund, the 1213 01:14:47.199 --> 01:14:50.319 next year when they pay you, the income is tax exam. 1214 01:14:50.399 --> 01:14:54.439 Does that make sense what I'm saying, Yeah, So eight 1215 01:14:54.560 --> 01:14:58.159 hundred KA is automatic. Anything you add tax on it. 1216 01:14:58.239 --> 01:15:01.279 But when we say a above the line, you can 1217 01:15:01.479 --> 01:15:07.000 reduce your taxable income for above the line items. When 1218 01:15:07.039 --> 01:15:09.720 you buy a mutual phone, it's not above the line. 1219 01:15:09.840 --> 01:15:13.319 It just means the revenue you're getting back it's not taxable, 1220 01:15:13.399 --> 01:15:15.880 but you pay tax on that income you're using you 1221 01:15:16.000 --> 01:15:20.359 to buy the mutual phone. Hope that makes sense? Yes? 1222 01:15:23.359 --> 01:15:31.680 For this International investments from international investments like if if 1223 01:15:31.680 --> 01:15:33.039 you invest in stomach. 1224 01:15:34.880 --> 01:15:37.920 I don't think it counts for international, but it counts 1225 01:15:37.960 --> 01:15:43.760 for registered sex Collective Investment scheme. So because it's Nigeria, 1226 01:15:43.960 --> 01:15:46.239 it don't count for international, but it will count on 1227 01:15:46.359 --> 01:15:51.159 that is SEC registered scheme. Does that makes sense? Yeah? 1228 01:15:51.199 --> 01:15:52.319 That make that makes sense. 1229 01:15:54.359 --> 01:15:57.319 For this. Exports businesses. 1230 01:15:58.079 --> 01:16:01.199 If you if you maybe you want to. 1231 01:16:01.199 --> 01:16:04.880 Go into processing and the equipment is used for processing. 1232 01:16:04.560 --> 01:16:07.840 Are not available with and you and you worts the equipment, 1233 01:16:08.000 --> 01:16:10.439 will it still be an export for business? 1234 01:16:12.319 --> 01:16:15.880 Export A great question. I think when you import for 1235 01:16:15.960 --> 01:16:19.199 agriculture is tax exempt as well. I believe so. I 1236 01:16:19.279 --> 01:16:21.479 could be wrong, but I think when you import tractors 1237 01:16:21.560 --> 01:16:24.319 you don't pay tax on it. I have to check that. 1238 01:16:24.600 --> 01:16:28.760 I think that is covered under import of agricultural products. 1239 01:16:28.760 --> 01:16:32.119 You don't pay tax on that. Yeah. So again, remember 1240 01:16:32.560 --> 01:16:35.319 if you if you do agriculture right, for the first 1241 01:16:35.479 --> 01:16:38.720 five years, you don't pay tax. So let's say you 1242 01:16:38.760 --> 01:16:42.199 wants to export corn and you are important in corn machine, 1243 01:16:42.720 --> 01:16:44.720 in the first five years, you won't pay tax. So 1244 01:16:44.800 --> 01:16:52.640 that's going to be covered generally under that. Yeah, makes sense, fantastic. 1245 01:16:52.760 --> 01:16:56.800 Thanks appreciate tanks for colling. Yeah, okay, young, let's y 1246 01:16:56.800 --> 01:17:02.159 young yang p particlarly you are good even thank you. 1247 01:17:02.279 --> 01:17:04.000 So I have a question. 1248 01:17:04.199 --> 01:17:06.880 Now we bat coined binance. 1249 01:17:07.000 --> 01:17:07.840 Try you. 1250 01:17:09.560 --> 01:17:12.439 Sometimes you have money in binance and when you redeew, 1251 01:17:12.479 --> 01:17:15.119 your retrain at the negative, so. 1252 01:17:15.199 --> 01:17:17.680 Your ten thousand becomes four thousands in the end. 1253 01:17:18.479 --> 01:17:20.800 So I hope you did that. Guys should tax you 1254 01:17:20.960 --> 01:17:24.960 for god? Now, in other places, I know what her posis. 1255 01:17:25.479 --> 01:17:25.800 They have. 1256 01:17:28.600 --> 01:17:32.119 Bitcoin words that the tire gouldy. So if you trade, 1257 01:17:32.199 --> 01:17:36.359 for example, I trade one key. Once I'm redreined, the 1258 01:17:36.600 --> 01:17:38.720 task gar ready knows if I'm being profit or not, 1259 01:17:38.960 --> 01:17:40.039 so he takes his money. 1260 01:17:40.239 --> 01:17:40.680 Good point. 1261 01:17:41.520 --> 01:17:44.239 Yeah, it's from there. So that's like I know what 1262 01:17:44.479 --> 01:17:45.840 coin is. 1263 01:17:46.239 --> 01:17:49.479 All of them great, all of them. So that was 1264 01:17:49.520 --> 01:17:52.640 one called tax loss harvesting. All firms in the US, 1265 01:17:52.720 --> 01:17:55.720 do it so a loss you don't pay you can 1266 01:17:55.880 --> 01:17:58.840 use those losses to write off your taxes. Ye, yes, 1267 01:17:59.039 --> 01:18:02.279 but I think in Nigeria's case it is restricted. You 1268 01:18:02.359 --> 01:18:05.359 can only use passive income to write off passive income. 1269 01:18:05.840 --> 01:18:09.000 So for instance, if you have active income which is 1270 01:18:09.079 --> 01:18:12.720 your salary, then you you make bitcoin loss, you can't 1271 01:18:12.840 --> 01:18:15.880 use that passive income to write off active income. I 1272 01:18:16.079 --> 01:18:18.279 believe you can have to you also use that loss 1273 01:18:18.680 --> 01:18:23.359 to only write off profits in your bitcoin wallet. I 1274 01:18:23.520 --> 01:18:26.079 think I can have to be to show this, but 1275 01:18:26.199 --> 01:18:28.279 I think that's what law is say. You can't use 1276 01:18:28.319 --> 01:18:33.000 it in your total tax to reduce your total taxes. 1277 01:18:33.439 --> 01:18:37.479 You can only use passive income to reduce passive income. 1278 01:18:37.640 --> 01:18:39.920 And my head coming in US and answer, but I 1279 01:18:40.039 --> 01:18:43.079 think that's the that's the the law. Yeah, you. 1280 01:18:46.560 --> 01:18:51.960 Three days or one into sixties three three, okay, you're 1281 01:18:52.039 --> 01:18:56.159 not okay, You're not going to be taxed for example. 1282 01:18:57.159 --> 01:18:59.319 That's not That's not what I said. So what I'm 1283 01:18:59.359 --> 01:19:01.560 saying that if you go back what I'm trying to say, 1284 01:19:01.880 --> 01:19:07.119 this is a Nigerian tax law. Nigerian tax law. So 1285 01:19:07.159 --> 01:19:09.520 the question is that who is going to be taxed, 1286 01:19:10.399 --> 01:19:13.000 is going to be in Nigerian. So who is in 1287 01:19:13.119 --> 01:19:17.760 Nigerian in Nigerian according to the taxman, his song that 1288 01:19:17.920 --> 01:19:22.319 spent one into three days in Nigeria minimum, or has 1289 01:19:22.359 --> 01:19:26.680 a permanent from in Nigeria or has a significant presence 1290 01:19:26.720 --> 01:19:30.880 in Nigeria. Or if you don't live in Nigeria at all, 1291 01:19:31.479 --> 01:19:34.079 but you're not going to be taxed in Canada, then 1292 01:19:34.159 --> 01:19:36.880 you'll also be taxed as in Nigerian. Does that make 1293 01:19:36.920 --> 01:19:39.119 sense that you're saying you can come to Nigeria with 1294 01:19:39.279 --> 01:19:43.319 US passport, make one billion and say I'm an American 1295 01:19:43.359 --> 01:19:45.600 and run back to America. That's what I'm trying to avoid. 1296 01:19:47.399 --> 01:19:48.439 Okay, So. 1297 01:19:50.000 --> 01:19:54.159 So how we'll go. I just don't know how to be. 1298 01:19:56.000 --> 01:19:59.560 I can't tell you this. If you're in Nigeria for 1299 01:19:59.680 --> 01:20:01.800 one of those days, then count the days. That's what 1300 01:20:01.920 --> 01:20:06.479 I was saying, count the days, of course, Okay for me, 1301 01:20:06.640 --> 01:20:08.600 I'm not saying Nigeria for those days. 1302 01:20:09.039 --> 01:20:12.680 So well, I know I get money from the Nigeria 1303 01:20:12.760 --> 01:20:16.239 that he's my country, So will I be that since. 1304 01:20:18.079 --> 01:20:22.359 No, because you're not in Nigerian. So if your business 1305 01:20:22.600 --> 01:20:27.159 in Nigeria is making taxes, the business will pay company 1306 01:20:27.279 --> 01:20:31.159 in come tax. But you as an individual is not 1307 01:20:31.399 --> 01:20:36.600 paying personal income tax because you are not residents in Nigeria. 1308 01:20:36.840 --> 01:20:39.479 That's residents does not mean company residency. 1309 01:20:40.119 --> 01:20:40.359 You have. 1310 01:20:40.560 --> 01:20:43.880 You have four flats in Nigeria right, those four flats 1311 01:20:43.880 --> 01:20:48.520 are owned by Patrick Company. Patrick company pays Patrick dividends. 1312 01:20:49.000 --> 01:20:51.600 What they are saying that Patrick Company will pay company 1313 01:20:51.720 --> 01:20:55.479 in contactless Nigeria, but the divia that goes to Patrick, 1314 01:20:55.560 --> 01:20:58.920 it's not taxes because Patrick is not in Nigeria. According 1315 01:20:58.960 --> 01:21:01.760 to how to define in you, you've not spent today 1316 01:21:01.800 --> 01:21:03.920 and night. You are you have a permanent to me night. 1317 01:21:04.000 --> 01:21:06.399 You remember you might have a home, but not your 1318 01:21:06.520 --> 01:21:07.920 permanent home. That's what. 1319 01:21:10.159 --> 01:21:10.439 Thank you. 1320 01:21:10.760 --> 01:21:15.199 You're welcome. Hey, I sell land, so sub me to hide. 1321 01:21:16.800 --> 01:21:19.319 I'm doing very well, good, good even guys. 1322 01:21:20.680 --> 01:21:24.199 So I have two questions and the very first one is. 1323 01:21:26.039 --> 01:21:30.439 A situationally scenario, way someone who was in debt to 1324 01:21:30.560 --> 01:21:38.600 you refund a fund of debt. How does that how? 1325 01:21:38.840 --> 01:21:41.520 How was the implication of attack on that? Ay fund 1326 01:21:41.560 --> 01:21:41.920 of death? 1327 01:21:42.279 --> 01:21:47.159 That's probably a cruel time and maybe you've made lots 1328 01:21:47.239 --> 01:21:50.960 yourself understand So how does that appear? 1329 01:21:51.560 --> 01:21:53.920 So that's the first question I have. 1330 01:21:54.119 --> 01:21:58.640 Can I answer first? Yes, that's my brother's income or 1331 01:21:58.880 --> 01:22:01.960 that's income. Because you know why, when the person owed 1332 01:22:02.039 --> 01:22:05.800 you and did not pay, you can write off that 1333 01:22:06.199 --> 01:22:10.720 bad debt as an expense and reduce your taxes. So 1334 01:22:10.840 --> 01:22:14.199 let's say you lend moneyto somebody. They person not not 1335 01:22:14.359 --> 01:22:16.800 pay you back that bad debt, you can write it 1336 01:22:16.840 --> 01:22:19.199 off as an expense and be So let's say you've 1337 01:22:19.199 --> 01:22:21.199 written out that loan as an expense, and then the 1338 01:22:21.239 --> 01:22:24.119 person now became born again and came back and paid you. 1339 01:22:24.199 --> 01:22:26.560 Those those that what he was going you that income 1340 01:22:26.640 --> 01:22:28.520 to your fresh income to you which you not have 1341 01:22:28.600 --> 01:22:32.399 to pay tax on. All right, So ask your seld question. 1342 01:22:33.600 --> 01:22:33.920 All right. 1343 01:22:34.000 --> 01:22:37.399 So the second question has to do with the mode 1344 01:22:37.479 --> 01:22:44.039 of any For example, scenario where income maybe a foreign 1345 01:22:44.039 --> 01:22:47.560 accounts before then moved to local accounts. 1346 01:22:47.760 --> 01:22:55.600 How does that imply remote workers, freelancers who residing Untia 1347 01:22:55.680 --> 01:22:58.840 bonds you know, m hm, the income. 1348 01:22:58.600 --> 01:23:04.399 Doesn't hit Yeah, they won't tho, those are the people 1349 01:23:04.399 --> 01:23:08.640 were targeting. If you work in Nigeria, you work in 1350 01:23:09.840 --> 01:23:14.680 the Alta state, you work for Amazon. Amazon is paying 1351 01:23:14.760 --> 01:23:20.119 you money to your American bank account. What Nigeria is 1352 01:23:20.359 --> 01:23:29.720 saying is that if you receive dividend, interest, rent, royalty. 1353 01:23:29.960 --> 01:23:37.560 They didn't say salary, dividend, interest, rent, royalty from outside 1354 01:23:37.720 --> 01:23:42.479 Nigeria and you bring it into Nigeria true approved channels. 1355 01:23:43.039 --> 01:23:46.399 That money you're bringing to Nigeria is tax exempt. That's 1356 01:23:46.399 --> 01:23:48.800 what Nagera is saying. So that means that because they 1357 01:23:48.800 --> 01:23:51.960 didn't say salary, I won't imply salary, but I think 1358 01:23:52.119 --> 01:23:54.640 I'm sure if you bring your salary, then my not tie. 1359 01:23:54.800 --> 01:23:56.840 I don't want to say what's not the act, but 1360 01:23:56.920 --> 01:24:02.159 they're basically saying dividend, interest, rent and royalty derived outside 1361 01:24:02.279 --> 01:24:06.199 Nigeria and brought into Nigeria is not taxable. That's what 1362 01:24:06.319 --> 01:24:09.399 they're saying. Maybe maybe you can ask for authentification and 1363 01:24:09.520 --> 01:24:12.479 say does that include salary or doesn't. Many person has 1364 01:24:12.520 --> 01:24:16.079 to take his salary and then buy a bond and 1365 01:24:16.199 --> 01:24:18.840 then take the bond in comeback Nigeria. But that's what 1366 01:24:18.960 --> 01:24:21.159 the lawyer is saying. I don't want to imply outside 1367 01:24:21.159 --> 01:24:23.399 with the lays saying mm hmm. 1368 01:24:24.359 --> 01:24:24.760 All right. 1369 01:24:24.840 --> 01:24:33.239 That's interesting from that. So thank you very much. 1370 01:24:34.000 --> 01:24:37.039 Yes sir that you had a second question real quick, 1371 01:24:38.760 --> 01:24:41.920 I asked two questions. Fantastic, thank you, so I appreciate you, 1372 01:24:42.079 --> 01:24:54.159 Masis Massift. You guys have what's yes? Your answer? 1373 01:24:55.600 --> 01:25:01.960 All right, very much for holding space meaningful that I'm communities, 1374 01:25:02.560 --> 01:25:03.800 but I'm just serious. 1375 01:25:03.800 --> 01:25:06.359 I just want to ask because it's something that is 1376 01:25:07.520 --> 01:25:08.880 something that improves I do. 1377 01:25:09.079 --> 01:25:09.359 I am a. 1378 01:25:09.439 --> 01:25:14.000 Forestry that and we all know how how mistidy business is. 1379 01:25:14.560 --> 01:25:17.720 I make losses, I make wing so and I'm thinking 1380 01:25:17.800 --> 01:25:21.760 it's so unfair that when I make losses, ideally losses, 1381 01:25:22.399 --> 01:25:23.760 you mind that you cover my losses. 1382 01:25:23.880 --> 01:25:26.319 Then you talk to me. It's not making sense to me, 1383 01:25:26.760 --> 01:25:29.439 And I just want to act like, oh, what do 1384 01:25:29.479 --> 01:25:32.119 you mean? If you're trading, you have a trading problem. 1385 01:25:32.199 --> 01:25:35.920 You have a trading book. So okay, if you make 1386 01:25:36.000 --> 01:25:38.680 a profit, you pay tax. If you make a loss, 1387 01:25:38.800 --> 01:25:42.039 you don't pay tax. They're not taxing you daily, they're 1388 01:25:42.119 --> 01:25:45.840 taxing your annually. So what they expect you to maintain 1389 01:25:45.960 --> 01:25:49.279 a book of accounts daily or whatever that will show 1390 01:25:49.399 --> 01:25:51.439 every day you made a loss of profits, you're going 1391 01:25:51.479 --> 01:25:55.479 to pay tax on the net net the losses, less 1392 01:25:55.479 --> 01:25:57.880 the positives. That's your profit isn't. 1393 01:25:59.119 --> 01:26:01.640 Oh okay, it makes sense, makes sense, makes sense. 1394 01:26:03.199 --> 01:26:13.960 Yeah, fantastic, bonafide, butterified. I don't bona fide, bona fide 1395 01:26:14.079 --> 01:26:16.800 is not. Let's get mister ian and the man of this. 1396 01:26:19.920 --> 01:26:20.039 Here. 1397 01:26:20.079 --> 01:26:23.359 You go ahead, all right, So I. 1398 01:26:23.439 --> 01:26:24.520 Wanted to ask them. 1399 01:26:26.359 --> 01:26:30.399 What to asked the question what effect to this? 1400 01:26:32.239 --> 01:26:40.000 And right, particularly on price will not complete price and services. 1401 01:26:41.000 --> 01:26:42.880 And my second question is. 1402 01:26:45.439 --> 01:26:49.119 Be better for us to trans that money to loch 1403 01:26:49.199 --> 01:26:56.520 in transacting on the ended up transacting and move our 1404 01:26:56.600 --> 01:26:57.199 major money. 1405 01:26:57.720 --> 01:27:03.159 Then, fans watching from back on the blockchain, we still. 1406 01:27:04.439 --> 01:27:08.359 Still can you buy? Can you buy my mar pull 1407 01:27:08.479 --> 01:27:16.560 to the blockchain? Yeah? So while you're asking the question, 1408 01:27:16.640 --> 01:27:19.199 because you can't buy mappo to blockchain. So when I's 1409 01:27:19.239 --> 01:27:22.199 on blockchain, you have to pay grunted with Nayralan not 1410 01:27:22.319 --> 01:27:24.800 doing here on my blockchain. That's number one, so it's 1411 01:27:24.880 --> 01:27:28.159 not practical to move to a blockchain. Number two. I 1412 01:27:28.399 --> 01:27:31.920 don't know the relationship between inflation and taxes. I actually 1413 01:27:31.920 --> 01:27:35.880 don't know if anything. You're just sing your taxes allow 1414 01:27:35.960 --> 01:27:38.560 you to spend more, which is what the economy needs. 1415 01:27:38.600 --> 01:27:41.439 So there's no dilations. She has an economic topic on 1416 01:27:41.600 --> 01:27:44.119 its own, which you have to go into. But at 1417 01:27:44.199 --> 01:27:49.800 least I've answered the other question, right, all right, all right, 1418 01:27:49.960 --> 01:28:10.560 let's get chair Michael. Thanks when if. 1419 01:28:00.920 --> 01:28:05.399 You're going into a commission from your salary. 1420 01:28:06.640 --> 01:28:09.920 If your okay boss base okay, yeah, yeah, it'll be taxed. 1421 01:28:09.920 --> 01:28:10.880 Now it's income. 1422 01:28:14.079 --> 01:28:16.920 Your salary, and that's the commission from you. 1423 01:28:17.000 --> 01:28:17.319 Know, do. 1424 01:28:19.239 --> 01:28:22.960 Taxes if yes, it will be taxed. If you if 1425 01:28:22.960 --> 01:28:25.880 you if your company gives you a car to use 1426 01:28:25.960 --> 01:28:28.359 to do trade, it will be taxed. Your company gives 1427 01:28:28.399 --> 01:28:30.640 you a house to live in while you're doing trade, 1428 01:28:30.760 --> 01:28:32.720 it will be taxed. If your company gives your bonus 1429 01:28:33.119 --> 01:28:40.039 that your salary, it will be taxed. Box. Thank you 1430 01:28:40.199 --> 01:28:46.239 so much, mamie. Right, yeah, let's get bred. Are your 1431 01:28:46.279 --> 01:28:48.640 in date? Dot E T H. What's up? 1432 01:28:56.960 --> 01:29:02.119 So my question is I said on eschange, so I 1433 01:29:02.399 --> 01:29:05.520 use assets to take a loan on esage. 1434 01:29:06.039 --> 01:29:06.800 Now we draw this. 1435 01:29:08.600 --> 01:29:12.439 This liquidity back to money engineer comes, Am I going 1436 01:29:12.479 --> 01:29:14.600 to be back because I say I've been going to 1437 01:29:14.680 --> 01:29:17.119 pay back? Do I use it assets on the or 1438 01:29:17.159 --> 01:29:19.560 maybe on there for whatsoever? I'm talking of turtle now 1439 01:29:19.880 --> 01:29:20.600 to take a loan? 1440 01:29:21.319 --> 01:29:24.119 So am I going to be tapped on the money? 1441 01:29:24.199 --> 01:29:24.359 You know? 1442 01:29:24.439 --> 01:29:25.439 Did you could live withdraw? 1443 01:29:25.560 --> 01:29:26.720 You know? Eschage back? 1444 01:29:28.079 --> 01:29:30.159 I get a question is is it for a company 1445 01:29:30.279 --> 01:29:34.199 or an individual individual? So there's no way you can 1446 01:29:34.399 --> 01:29:37.239 you can file that transaction you just said now on 1447 01:29:37.399 --> 01:29:40.199 your tax return. There's no way you can go on 1448 01:29:40.319 --> 01:29:42.159 your touch re term. For an individual, it's not like 1449 01:29:42.479 --> 01:29:46.159 interest income reversal. There's nothing like that there. You see 1450 01:29:46.199 --> 01:29:50.359 what I'm saying. For a business, there's something called you 1451 01:29:50.600 --> 01:29:53.720 did you take a loan? Did you pay interest? Okay, 1452 01:29:53.800 --> 01:29:56.479 file it here, But for an individual, nothing like that there. 1453 01:29:56.560 --> 01:29:58.840 So even if you are correct that yes, you're supposed 1454 01:29:58.840 --> 01:30:01.840 to get a tax break on taking the loan, it 1455 01:30:01.920 --> 01:30:04.800 doesn't show up on your tax. For the personal what 1456 01:30:04.960 --> 01:30:09.079 shows up is your interest you pay for a house 1457 01:30:09.880 --> 01:30:13.640 prime residents, but there's no interest payable on the loan. 1458 01:30:14.399 --> 01:30:17.359 You see what I'm saying. So advice is, if you're 1459 01:30:17.479 --> 01:30:20.520 doing that as a as a thing, set up a 1460 01:30:20.600 --> 01:30:22.880 company and then do it on the company because then 1461 01:30:22.920 --> 01:30:26.319 when you take that income, it's income to the company. Correct, 1462 01:30:26.560 --> 01:30:29.199 But then you can write off the interest on the 1463 01:30:29.359 --> 01:30:32.479 loan you've taken on the expensive side, so you just 1464 01:30:32.560 --> 01:30:36.119 paid the net taxes on the net of that displacement 1465 01:30:36.159 --> 01:30:36.640 from the loan. 1466 01:30:38.319 --> 01:30:38.560 Okay. 1467 01:30:38.760 --> 01:30:42.279 My last question is that for this new year, now 1468 01:30:42.560 --> 01:30:49.439 the we're going into SEW, it means that by March six, 1469 01:30:50.199 --> 01:30:58.520 we are mentally concern all the January they are looking 1470 01:30:58.840 --> 01:31:02.560 that they will like, Okay, this is a new GM 1471 01:31:03.119 --> 01:31:04.600 and we're starting it afresh. 1472 01:31:07.399 --> 01:31:12.840 Yeah, so by twenty twenty seven, that's where I'm gonna 1473 01:31:12.840 --> 01:31:15.560 pay taxes twenty twenty seven. You are gonna pay taxes 1474 01:31:15.680 --> 01:31:17.960 on the Transactional Accord in twenty twenty six. 1475 01:31:20.640 --> 01:31:20.880 Okay. 1476 01:31:20.960 --> 01:31:24.239 So my question is that so it mays that everything 1477 01:31:24.279 --> 01:31:26.920 that happened till the Zebra twenty five they are not 1478 01:31:27.000 --> 01:31:30.520 looking into that apparently until they are starting afresh from 1479 01:31:31.319 --> 01:31:34.319 and lit that happened between twenty twenty six to Zebra 1480 01:31:34.359 --> 01:31:37.840 twenty six, We're starting to pick tax by twenty and seven, 1481 01:31:38.399 --> 01:31:42.760 by March, that is correct. Okay, thank you so much. 1482 01:31:42.880 --> 01:31:43.680 That's my Questmas. 1483 01:31:43.840 --> 01:31:48.920 You welcome. Let's get a cheez warrior Warrior princess Hi 1484 01:31:49.039 --> 01:31:52.000 do okay, thank you so much. Hold hold on, hold on, 1485 01:31:52.279 --> 01:31:55.479 hold on, Brabody else speaking rivers, hold up, work is 1486 01:31:55.560 --> 01:31:57.640 go ahead? Worried? Yeah, okay, thank you. 1487 01:31:58.199 --> 01:32:01.439 So I just to clarify this passive income and strategy. 1488 01:32:02.039 --> 01:32:08.079 It talks about profits of in respects of goods and 1489 01:32:08.159 --> 01:32:09.720 services exported from Nigeria. 1490 01:32:09.920 --> 01:32:13.199 Yeah, okay, So I'm an online educator. Some of my 1491 01:32:13.439 --> 01:32:16.159 clients are overseas and some of Nigeria. 1492 01:32:16.840 --> 01:32:20.640 So the clients that I that considers as an export and. 1493 01:32:20.800 --> 01:32:23.640 Is that there for exempt Yeah, it says. Let me 1494 01:32:23.680 --> 01:32:25.479 read what they say so we can learn together. It 1495 01:32:25.560 --> 01:32:30.640 says dividend, dividend received. It comes here in respect of 1496 01:32:30.760 --> 01:32:34.840 goods and services exported from Ninetieria. If you teach folks abroad, 1497 01:32:34.960 --> 01:32:38.199 that's an export, so you have to justify that. So 1498 01:32:38.399 --> 01:32:41.760 I would I would be very careful in how I 1499 01:32:42.000 --> 01:32:45.920 draft my invoices so it shows that that person I 1500 01:32:46.000 --> 01:32:51.600 am building is bringing money from abroad. So either paying 1501 01:32:51.640 --> 01:32:54.880 you either paying you, Oh learn do it magitive. I 1502 01:32:54.920 --> 01:32:57.119 can't give you money. I wouldn't take it. I would. 1503 01:32:57.279 --> 01:33:00.640 I would rather pay me that through pay power or 1504 01:33:00.720 --> 01:33:03.239 to my account in America because it has to come 1505 01:33:03.319 --> 01:33:06.600 in throue an official channel. So they can't pay you 1506 01:33:06.880 --> 01:33:09.760 from abroad into your nighte. You know how I'll pay 1507 01:33:09.760 --> 01:33:12.680 you niger You can't accept that because you can't use 1508 01:33:12.720 --> 01:33:15.800 that asset. Yeah, that's what you have to be clear 1509 01:33:15.800 --> 01:33:16.319 about here. 1510 01:33:17.359 --> 01:33:20.720 Yes, okay, and so that is therefore I can exclude 1511 01:33:20.800 --> 01:33:22.359 that from a tax conversations. 1512 01:33:22.680 --> 01:33:25.800 If you got money, yes, if you got money from 1513 01:33:25.840 --> 01:33:30.199 a client, because it says in respect of goods or services, 1514 01:33:30.399 --> 01:33:36.560 services exported from Nigeria and repatriated through official channel. That 1515 01:33:36.640 --> 01:33:39.920 what it says. So if they buy you your training 1516 01:33:40.039 --> 01:33:43.760 program from Canada and they pay you by sending money 1517 01:33:43.800 --> 01:33:46.119 to throu why are your money the why you went 1518 01:33:46.239 --> 01:33:49.359 to Nigeria said that's an official year, then that forms 1519 01:33:49.439 --> 01:33:57.159 that dividendsyid what you're saying all so well, they were 1520 01:33:57.279 --> 01:34:01.520 on all the profits of a non oil and company 1521 01:34:01.640 --> 01:34:04.319 in respect of you are in the right path. It's 1522 01:34:04.439 --> 01:34:10.079 just measure the money s paid to you from the abroad. Correct. Yeah, 1523 01:34:10.920 --> 01:34:14.199 thank you, very welcome, Thank you having I was I 1524 01:34:14.319 --> 01:34:17.520 was speaking what's man, what's my what's man? Wow? Thanks 1525 01:34:17.520 --> 01:34:18.399 for opening here. 1526 01:34:19.680 --> 01:34:19.920 Thank you. 1527 01:34:24.039 --> 01:34:28.000 I just want to make a clarification of this. Actually, 1528 01:34:28.159 --> 01:34:32.960 I think listen to what said, it'll be different. I 1529 01:34:33.119 --> 01:34:36.279 am true assays. I'm a YouTube so. 1530 01:34:36.479 --> 01:34:38.000 I'm through assays and I don't know. 1531 01:34:38.560 --> 01:34:42.439 I just I don't need any just generous like what 1532 01:34:42.640 --> 01:34:47.960 news what what? 1533 01:34:48.720 --> 01:34:51.039 What they're saying is that if you receive money from 1534 01:34:51.119 --> 01:34:57.279 abroad and you bring the money to Nigeria true official channel, 1535 01:34:57.960 --> 01:34:59.960 then it's fine. You don't be That's what I say, 1536 01:35:00.119 --> 01:35:03.640 So measure the money is coming from a sense. Why 1537 01:35:04.680 --> 01:35:09.880 what's your true, true official channel. That's fine, that's what 1538 01:35:10.000 --> 01:35:11.399 That's what I'm really saying. 1539 01:35:11.479 --> 01:35:16.279 Yeah, uh huh okay okay, okay, okay, okay, okay, okay, 1540 01:35:17.960 --> 01:35:19.560 question because that's. 1541 01:35:21.079 --> 01:35:21.279 Question. 1542 01:35:22.000 --> 01:35:26.720 Okay sell my tempt answer. All right, let's get let's 1543 01:35:26.720 --> 01:35:29.880 get cann it. Can I dig do? 1544 01:35:30.039 --> 01:35:30.119 Can? 1545 01:35:30.199 --> 01:35:37.640 I thank you very much? What's up? I can hear you, sir? 1546 01:35:40.319 --> 01:35:40.680 Okay? 1547 01:35:40.800 --> 01:35:45.479 My question is because over the days I will see 1548 01:35:45.600 --> 01:35:50.119 people send different type of That is the first that 1549 01:35:50.479 --> 01:35:53.319 if you if I won by. 1550 01:35:54.800 --> 01:35:57.079 Company like that and that and. 1551 01:35:58.840 --> 01:35:59.840 Now is the advice. 1552 01:36:00.800 --> 01:36:06.640 So when you start, are you. 1553 01:36:09.560 --> 01:36:09.600 No? 1554 01:36:10.640 --> 01:36:11.880 So are you doing business? 1555 01:36:16.439 --> 01:36:19.199 Living? So? 1556 01:36:19.319 --> 01:36:23.359 Are you doing business? Yes? So are you doing business? 1557 01:36:26.439 --> 01:36:26.800 Actually? 1558 01:36:28.960 --> 01:36:32.640 But are you doing are you engaged in the business? 1559 01:36:35.000 --> 01:36:35.039 No? 1560 01:36:36.560 --> 01:36:39.319 What do you mean? Non? So let me just give you. 1561 01:36:39.479 --> 01:36:40.880 I don't know what you want. I don't know what 1562 01:36:40.960 --> 01:36:43.560 you want to say. If you are engaged in any 1563 01:36:44.119 --> 01:36:47.720 business that you're going to get income, you should open 1564 01:36:47.840 --> 01:36:52.680 up a business account because it allows you to doctor 1565 01:36:52.800 --> 01:36:57.640 to dedoct the expenses that you have used to generate 1566 01:36:57.760 --> 01:37:03.000 that business. It makes no sense business right under your 1567 01:37:03.439 --> 01:37:07.560 company name on that your personal name, because you cannot 1568 01:37:07.680 --> 01:37:13.199 deduct expenses under your personal name that are not those pension, 1569 01:37:13.640 --> 01:37:18.239 life insurance, and you can't dedoct generating money or for 1570 01:37:18.399 --> 01:37:22.199 your personal name, but you can dedoct generator money for 1571 01:37:22.319 --> 01:37:26.199 your business. So once you are doing business, it's advisable 1572 01:37:26.279 --> 01:37:29.760 you have a business registration and then a buildest account 1573 01:37:30.279 --> 01:37:31.880 so you can track it. And yeah, I know it's 1574 01:37:32.239 --> 01:37:34.880 more expensive. You can't do an enterprises name. You will 1575 01:37:34.920 --> 01:37:38.600 still pay taxes on your personal name, then pay the company. 1576 01:37:38.800 --> 01:37:41.439 You can also clue those expenses even enterprises you can 1577 01:37:41.520 --> 01:37:43.279 see use that, but it's also going to be on 1578 01:37:43.359 --> 01:37:45.720 the personal side. So look at it this way. If 1579 01:37:45.760 --> 01:37:48.720 you want the expenses, you've got the rest of the company. 1580 01:37:49.039 --> 01:37:50.560 If you say you are fine, I don't need the 1581 01:37:50.640 --> 01:37:55.119 expense guard back then operators, your personal they are both legal. 1582 01:37:55.439 --> 01:37:57.600 It's not illegal to do it. It's just that you 1583 01:37:57.600 --> 01:37:59.239 won't get those expenses. 1584 01:38:05.319 --> 01:38:06.520 As a promotional services. 1585 01:38:08.920 --> 01:38:11.359 The Yeah, but if you're a lawyer and the rest 1586 01:38:12.680 --> 01:38:15.720 I'm professional people don't have the same. If you're a lawyer, 1587 01:38:15.760 --> 01:38:17.720 you can't clean those things that we clean. You can't 1588 01:38:17.760 --> 01:38:20.039 go and clean pension. That's a law firm. They have 1589 01:38:20.119 --> 01:38:22.960 their own specificing that they can't do, but a role. 1590 01:38:23.039 --> 01:38:26.640 If you're doing business not professional business, then of course 1591 01:38:26.680 --> 01:38:28.960 you have to step in second yep, all right, rivers 1592 01:38:29.039 --> 01:38:30.000 hiding rivers. 1593 01:38:31.760 --> 01:38:38.800 Also, I believe there everyone, thank you for this concis, 1594 01:38:39.119 --> 01:38:42.720 thank you for this space. 1595 01:38:43.439 --> 01:38:48.119 Okay, I have business and counts understand by business, and 1596 01:38:48.199 --> 01:38:50.439 I'm also open the business. 1597 01:38:50.199 --> 01:38:53.880 Account because when I out also you. 1598 01:38:55.399 --> 01:38:59.159 Know myself, I also have. 1599 01:39:00.960 --> 01:39:02.680 First accounts with different brands. 1600 01:39:03.279 --> 01:39:06.880 What I was doing is if I get mone if 1601 01:39:06.920 --> 01:39:10.319 I do my business with my business. 1602 01:39:10.000 --> 01:39:14.439 Accounts, are we able to fight for out of that 1603 01:39:14.600 --> 01:39:16.479 all this isle with companies? 1604 01:39:17.560 --> 01:39:21.399 But then what happens if I end to other things, 1605 01:39:21.439 --> 01:39:24.119 maybe as sues of income, and I end through other 1606 01:39:24.239 --> 01:39:27.319 means I donnely come through my personal accounts? 1607 01:39:27.560 --> 01:39:30.319 Will I be taxes from commerlys of. 1608 01:39:30.640 --> 01:39:31.960 In other means of income? 1609 01:39:32.960 --> 01:39:34.960 You know, income that comes through. 1610 01:39:34.880 --> 01:39:37.399 My personal account part from the business accounts. 1611 01:39:37.399 --> 01:39:43.039 Since I also, since a business owner is practically dividien 1612 01:39:43.159 --> 01:39:45.600 guess from this company, how are we going to starting balance? 1613 01:39:46.399 --> 01:39:48.720 So I'm not sure you're going to ask the question 1614 01:39:48.920 --> 01:39:52.600 to make it sound to support what you're doing. It's 1615 01:39:52.640 --> 01:39:55.840 a simple thing. Any income you make a be taxed. 1616 01:39:57.840 --> 01:40:00.560 Any income you make up it taxed. You don't have 1617 01:40:00.800 --> 01:40:04.000 deductions that you can avoid those. I'm giving the deductions. 1618 01:40:04.039 --> 01:40:06.560 The space is called how to legally avoid tax. I've 1619 01:40:06.560 --> 01:40:10.520 given us how to avoid them. On the personal side, pensions, 1620 01:40:11.199 --> 01:40:15.680 nhis life insurance, interest on a mortgage, you avoid them. 1621 01:40:15.800 --> 01:40:16.039 Do that. 1622 01:40:16.199 --> 01:40:20.079 Rents up to five hundred twenty rents. That how you 1623 01:40:20.159 --> 01:40:24.319 avoid personal On the business side, if it's expense to 1624 01:40:24.760 --> 01:40:27.199 create the income for the business, you can exempt. We 1625 01:40:27.319 --> 01:40:29.800 talked about also, if you any money from abroad you 1626 01:40:29.880 --> 01:40:32.000 bring it to a channels, you don't pay tax. If 1627 01:40:32.039 --> 01:40:35.199 you buy creative bestness schemes, you don't pay tax. If 1628 01:40:35.239 --> 01:40:38.079 you export, you don't pay tax. Those are the things 1629 01:40:38.119 --> 01:40:41.199 you have to walk around. So when you start to 1630 01:40:41.239 --> 01:40:43.880 ask the question I'm doing this, I'm doing that, you 1631 01:40:43.960 --> 01:40:47.399 are twistings into a press. Al right, try to follow 1632 01:40:47.479 --> 01:40:50.359 what they've acted to do. If you have a business account, 1633 01:40:51.399 --> 01:40:53.680 then you are going to pay tax on income that 1634 01:40:53.800 --> 01:40:58.760 come to an account. We don't tax transferst to your account. 1635 01:40:58.960 --> 01:41:02.399 If you receive income come to your bank account, it 1636 01:41:02.560 --> 01:41:05.239 doesn't mean it's going to be taxed. It simply means 1637 01:41:05.319 --> 01:41:08.920 it is income. That income. So it doesn't miss it, 1638 01:41:09.000 --> 01:41:12.560 just miss the transfer. The problem is that the taxman 1639 01:41:12.760 --> 01:41:16.399 sees that transfer. I will not ask itself. How can 1640 01:41:16.520 --> 01:41:19.960 you get transfer of a million naira? But you say 1641 01:41:20.000 --> 01:41:22.600 you're only making any tax of one, so it makes 1642 01:41:22.640 --> 01:41:26.279 them to ask questions. It doesn't mean every transfer is business. 1643 01:41:27.159 --> 01:41:28.920 So I would have sent money to your mother in 1644 01:41:29.039 --> 01:41:31.560 courte right and it came through your account, it's not 1645 01:41:31.640 --> 01:41:34.920 a business transaction. Or there was a legal settlement and 1646 01:41:35.039 --> 01:41:37.680 it came through your account. Maybe you had an injury 1647 01:41:38.359 --> 01:41:41.239 legal segment. That's just not taxable. But you've got to 1648 01:41:41.359 --> 01:41:44.560 keep records and try to avoid I have to account 1649 01:41:44.640 --> 01:41:46.600 I'm going to pay to here if it's a business 1650 01:41:46.600 --> 01:41:53.600 account only business transactions, personal account only personal transactions. Yeah, 1651 01:41:53.800 --> 01:41:54.840 try to keep it that way, sir. 1652 01:41:56.199 --> 01:41:59.640 In other of us, I'll pay times for my body 1653 01:41:59.680 --> 01:42:03.119 out of my own personal acts. 1654 01:42:03.680 --> 01:42:06.560 If you make personal. If you make personal, you are 1655 01:42:06.640 --> 01:42:10.640 not your company. So if you own your company, you 1656 01:42:10.760 --> 01:42:15.600 are not your company. The income your company receives pays 1657 01:42:15.800 --> 01:42:19.560 company in compact when your company pays you is salary. 1658 01:42:20.279 --> 01:42:23.199 You pay income on that income, and your company has 1659 01:42:23.279 --> 01:42:26.720 paid to you, your company will deduct the salary. Thats 1660 01:42:26.800 --> 01:42:29.520 paid to you. So let's say someone gives me a 1661 01:42:29.680 --> 01:42:32.439 check and I did that check to my own company. 1662 01:42:33.760 --> 01:42:37.560 My company will pay corporate income tax or that check 1663 01:42:37.760 --> 01:42:41.680 just business income. Well, my company pays be the owner 1664 01:42:41.840 --> 01:42:46.239 is salary. My company will deduct my salary from the 1665 01:42:46.359 --> 01:42:49.840 business as sign to myself, I am not my company. 1666 01:42:49.920 --> 01:42:53.000 I simply own it. So there are two separate people. 1667 01:42:53.520 --> 01:42:55.840 Because you own it to hundred percent, doesn't make it your. 1668 01:42:58.520 --> 01:42:59.640 Double double taxation. 1669 01:43:00.359 --> 01:43:14.840 No, it's not able tax. It's and the company you listening. 1670 01:43:15.800 --> 01:43:19.840 It's a deduction. Is a deduction. If you own a 1671 01:43:19.960 --> 01:43:25.159 reverse company and your name is mister reverse, the check 1672 01:43:25.399 --> 01:43:30.279 was given to reverse company, so reverse company will pay 1673 01:43:30.439 --> 01:43:35.359 income tax on the reverse income tax. Reverse company in contact. 1674 01:43:35.880 --> 01:43:39.720 Reverse company then write you a check to pay you 1675 01:43:39.960 --> 01:43:45.199 his salary. Reverse will doctor what they are paying to 1676 01:43:45.359 --> 01:43:50.600 you as salary from their income. So reverse company will 1677 01:43:50.640 --> 01:43:54.920 reduce their taxes by paying you a salary. When you 1678 01:43:55.079 --> 01:43:57.399 get that income, you would then go and pay to 1679 01:43:57.479 --> 01:44:00.560 the government's income tax for revenue you see it from 1680 01:44:00.640 --> 01:44:06.279 reverse company. There's no double tax session what revers paid 1681 01:44:06.680 --> 01:44:10.880 the deduct what you end you also pay tax on. 1682 01:44:11.399 --> 01:44:15.359 Eventually somebody want paid tax you can't avoid it. The 1683 01:44:15.520 --> 01:44:17.840 only way you can avoid that tax is to do 1684 01:44:18.079 --> 01:44:21.079 what I does too. Just do okay. 1685 01:44:21.239 --> 01:44:25.000 So, in summary, my company was fired from guys. 1686 01:44:28.119 --> 01:44:36.199 Income perfect. I'm not sure if you'll listen to what 1687 01:44:36.279 --> 01:44:39.399 I'm saying. It's not a double taxation. You are only 1688 01:44:39.479 --> 01:44:44.319 paying one tax. Many Nigerians do business with their personal name. 1689 01:44:45.279 --> 01:44:47.520 If you do this your personal name, you're going to 1690 01:44:47.680 --> 01:44:51.359 just pay personal income tax. If you do this your 1691 01:44:51.479 --> 01:44:54.720 company name. Your company receives that check. You can go 1692 01:44:54.800 --> 01:44:57.079 to that company and say, okay, my company, give me 1693 01:44:57.119 --> 01:45:01.479 a tex So that company will give that check as income. 1694 01:45:01.960 --> 01:45:05.640 Your company will write off that payent you as a 1695 01:45:05.800 --> 01:45:09.000 cost of doing business, So your company will not pay 1696 01:45:09.079 --> 01:45:12.640 a tax anymore. Who will pay attack you because you 1697 01:45:12.840 --> 01:45:16.000 have collected the money. So it's not a double taxation. 1698 01:45:16.399 --> 01:45:20.000 You are simply shaping who the ultimate tax payer would be. 1699 01:45:20.119 --> 01:45:23.520 That's all you're doing. All right, that's the one that's 1700 01:45:23.560 --> 01:45:25.039 that's got I've got. 1701 01:45:28.640 --> 01:45:31.600 The last question that run. I'm back again. 1702 01:45:32.199 --> 01:45:34.119 You just want to ask one very technical question in 1703 01:45:34.239 --> 01:45:39.359 your ampordance. I want to ask if my company was 1704 01:45:39.479 --> 01:45:42.319 separate from me lose money? 1705 01:45:43.800 --> 01:45:50.479 Is it piple if comment to loan some load an individual. Yes, okay, 1706 01:45:51.159 --> 01:45:55.600 if that is possible. You area said that if the 1707 01:45:56.119 --> 01:45:58.520 loan is not paid back, that could be written as 1708 01:45:58.560 --> 01:45:59.439 a banda right. 1709 01:45:59.720 --> 01:46:06.479 Yes, So if you're a company and if money, if. 1710 01:46:06.000 --> 01:46:09.159 I'm the the look from my company, do I pay 1711 01:46:09.319 --> 01:46:10.520 tax on the loan receive? 1712 01:46:11.039 --> 01:46:13.600 No, you pay tax on the interest you are paying, 1713 01:46:13.640 --> 01:46:16.000 but the loan is is not income to you, right. 1714 01:46:17.479 --> 01:46:17.600 Right? 1715 01:46:18.319 --> 01:46:20.359 Okay, that's fine that that looks to me. 1716 01:46:20.720 --> 01:46:28.439 That's just so people don't get confused. If you do that, 1717 01:46:28.600 --> 01:46:30.359 the tax is gonna come up your ass because I 1718 01:46:30.359 --> 01:46:33.760 don't know. You cannot take a company and take all 1719 01:46:33.840 --> 01:46:36.079 the money off your own company. That's what it's called 1720 01:46:36.279 --> 01:46:40.960 the same party transactions. It's not it's not it's not 1721 01:46:41.159 --> 01:46:45.039 at arms. Let You cannot buy your own house at 1722 01:46:45.159 --> 01:46:47.720 one NIRA and say oh the house is what one 1723 01:46:47.760 --> 01:46:49.720 and I won't pay tax and they won't agree with that. 1724 01:46:50.119 --> 01:46:52.640 So keep that in mind. When you do a transaction, 1725 01:46:52.920 --> 01:46:56.359 it must be it must not be personal or it 1726 01:46:56.520 --> 01:46:59.359 must not be tainted by your own personal When you 1727 01:46:59.560 --> 01:47:03.199 borrow my from your company, it's not ambslent. So in 1728 01:47:03.319 --> 01:47:06.960 America they are very very clear the IRESs would impute 1729 01:47:07.119 --> 01:47:11.039 interest and charge on that transaction. If you if you 1730 01:47:11.199 --> 01:47:14.399 give if you sell the house to your son and 1731 01:47:14.640 --> 01:47:17.279 you give that house to your sons below market price, 1732 01:47:17.439 --> 01:47:20.000 i als will charge you at the market price and 1733 01:47:20.199 --> 01:47:22.960 ask your son to pay that has taxes to them. 1734 01:47:23.239 --> 01:47:26.760 To be very careful about trying to do these transactions. 1735 01:47:26.800 --> 01:47:29.840 You can't they're not You can't deceive them by saying, well, 1736 01:47:29.840 --> 01:47:35.159 I'm going to borrow money. Just be careful because you're 1737 01:47:35.199 --> 01:47:38.880 asking me yes or no, I'm swing, but I'm telling 1738 01:47:38.920 --> 01:47:41.720 you be careful. They look at this transaction if it's 1739 01:47:41.760 --> 01:47:44.680 not if it's a if it's a same party transaction, 1740 01:47:45.119 --> 01:47:47.800 some rules coming to play there. You can't borrow money 1741 01:47:48.319 --> 01:47:51.760 or say a house is what one nira, then buy 1742 01:47:51.800 --> 01:47:54.119 it for one mira and then pay taxes on one 1743 01:47:54.279 --> 01:47:59.319 one house? What's a billion? It doesn't. Yes, sir, I'm 1744 01:47:59.359 --> 01:48:03.359 opening a had been what we'll been the who the 1745 01:48:07.359 --> 01:48:16.800 all right? Okay, Mike, Gangs of London, Gangs of I 1746 01:48:16.880 --> 01:48:19.840 can hear you go ahead, Yeah, thank you very much 1747 01:48:19.920 --> 01:48:20.399 for me. 1748 01:48:20.720 --> 01:48:25.000 And I just have one question and let's as you 1749 01:48:25.079 --> 01:48:29.319 really live abroad and then you have account maybe saying 1750 01:48:29.520 --> 01:48:31.720 or your father, you rightly send months to your father 1751 01:48:31.840 --> 01:48:37.000 to buy your property. What becomes of that account in Angela? 1752 01:48:37.079 --> 01:48:40.079 I mean, who would like my own kids. 1753 01:48:40.039 --> 01:48:44.039 Or my father will be taxed again? Set up again, 1754 01:48:44.319 --> 01:48:47.279 Just understand where you're going to start on the talk. 1755 01:48:48.399 --> 01:48:53.279 I regularly buy properties in an I sent the money 1756 01:48:53.399 --> 01:48:55.119 to because he is my father. 1757 01:48:55.279 --> 01:48:56.680 Normally mixed people chased. 1758 01:48:57.239 --> 01:49:01.039 So I'm asking who the tax man and see the 1759 01:49:01.359 --> 01:49:05.119 cash flow in my accounts as a tax leble income. 1760 01:49:05.640 --> 01:49:08.560 You're jumping. So you're jumping. So who is buying the property? 1761 01:49:08.680 --> 01:49:10.920 Whose name is by the property? Who you are? 1762 01:49:11.920 --> 01:49:11.960 Is? 1763 01:49:12.239 --> 01:49:14.960 My is in my name, but it doesn't go from 1764 01:49:15.000 --> 01:49:16.560 my account in Nigelia account. 1765 01:49:16.640 --> 01:49:18.279 He goes off from my father's account. 1766 01:49:19.760 --> 01:49:22.359 So your fathers buy the who has the type of 1767 01:49:22.439 --> 01:49:23.279 the of the property? 1768 01:49:25.600 --> 01:49:25.640 Me? 1769 01:49:27.079 --> 01:49:29.920 So okay, so you have the company and then you 1770 01:49:30.000 --> 01:49:33.399 have a third party giving you money to buy the property. 1771 01:49:35.319 --> 01:49:37.079 No, no, no, that's okay. 1772 01:49:37.159 --> 01:49:41.119 So now I'm saying as you mean you you are, 1773 01:49:41.560 --> 01:49:42.239 you're living. 1774 01:49:43.439 --> 01:49:47.239 Abroad again and you you want to buy the property 1775 01:49:47.319 --> 01:49:47.880 in Angelia. 1776 01:49:48.600 --> 01:49:49.000 You don't. 1777 01:49:49.199 --> 01:49:52.800 Let's just assume you don't have NA. You don't it 1778 01:49:53.159 --> 01:49:57.319 through someone's soon's is your father's account? 1779 01:49:57.920 --> 01:50:02.000 If you say the letting me and then if your 1780 01:50:02.000 --> 01:50:07.039 father buys that property in your name. Okay, So the TAXI. 1781 01:50:11.000 --> 01:50:14.319 The cash your father's account as. 1782 01:50:14.239 --> 01:50:15.279 A tax level income. 1783 01:50:16.319 --> 01:50:19.880 No, but it's not I hear. It's not income right, 1784 01:50:20.000 --> 01:50:23.479 it's just a transfer. It's not income. So the money 1785 01:50:23.560 --> 01:50:26.560 came in to buy something, it's not income. Your father 1786 01:50:26.760 --> 01:50:29.720 making income from it. It was used to buy property. 1787 01:50:29.800 --> 01:50:32.399 So when your father is fighting taxes, your father's gonna 1788 01:50:32.439 --> 01:50:35.479 say I made income of ten I raby. The tax 1789 01:50:35.640 --> 01:50:38.800 would say way, so we saw TEXTIVI DOT come to 1790 01:50:38.880 --> 01:50:41.840 your account, they will sell come and explain this. He said, 1791 01:50:41.840 --> 01:50:44.760 all that money was for someone to buy property. It's 1792 01:50:44.800 --> 01:50:47.560 not it's not I don't recommend it. That's what I'm saying. 1793 01:50:47.600 --> 01:50:50.199 Have your own transactional account. But you will pay taxing 1794 01:50:50.239 --> 01:50:52.159 because you can explain what it is for. When you 1795 01:50:52.279 --> 01:50:54.640 send them one of my America you put to buy 1796 01:50:54.960 --> 01:50:57.039 house in Nigeria. That's what you put on the wire. 1797 01:50:57.760 --> 01:51:00.479 What you got to Nigerian bank that to buy money 1798 01:51:00.520 --> 01:51:04.920 Nager would be stored in the bags wire instruction. Your 1799 01:51:05.000 --> 01:51:07.079 father will also say this money is to buy a 1800 01:51:07.079 --> 01:51:10.479 house in Niger. That's why you have to memorize your transfers. 1801 01:51:11.680 --> 01:51:14.079 So in your father fight. If your father does those 1802 01:51:14.159 --> 01:51:18.520 file taxes, the tax man can see, okay, you got 1803 01:51:18.600 --> 01:51:21.880 testy million, come and pay tax on testy million. But 1804 01:51:22.039 --> 01:51:24.600 when you file taxes you say I got a tax 1805 01:51:24.680 --> 01:51:28.399 of ten era. Okay, But there's when they print you 1806 01:51:28.720 --> 01:51:31.279 because in America again the print was called the ten 1807 01:51:31.359 --> 01:51:35.000 ninety nine. That would show the interest you have on 1808 01:51:35.079 --> 01:51:38.720 your bank account. If they do that, they can tell that, okay, 1809 01:51:38.800 --> 01:51:41.960 this money war. Was you end that interest on that 1810 01:51:42.199 --> 01:51:44.439 or you did not. But the point I'm making is 1811 01:51:44.800 --> 01:51:47.800 as long as your father file's income with the correct narration, 1812 01:51:48.079 --> 01:51:49.920 if the money is not going to got the title 1813 01:51:49.920 --> 01:51:53.600 of the property is not his right, the title is 1814 01:51:53.720 --> 01:51:56.119 not his, then then why would he pay tax on that? 1815 01:51:56.439 --> 01:51:59.199 But I don't encourage you to do that. You can 1816 01:51:59.319 --> 01:52:02.479 open up your own account buy directly. Why are you 1817 01:52:02.560 --> 01:52:04.640 doing to their account? Do does the company have money 1818 01:52:04.720 --> 01:52:07.560 to have an account? Pair to the company that is 1819 01:52:07.760 --> 01:52:14.239 that has the property, because they the owner of the property, 1820 01:52:14.520 --> 01:52:19.239 has to pay tax. The owner that you are buying 1821 01:52:19.279 --> 01:52:21.520 the property from is a person that don't pay the tax. 1822 01:52:22.079 --> 01:52:27.159 The president is receiving income. If you don't have an owner, 1823 01:52:27.359 --> 01:52:30.079 of course they wouldn't. They would impay it to you. Yeah, 1824 01:52:34.239 --> 01:52:39.279 So that's Lember answer YouTube. Real quick clarify if this 1825 01:52:39.520 --> 01:52:44.960 tax is on income or turnover the losses? Turn over 1826 01:52:45.640 --> 01:52:50.079 the losses? What is said for business jeezh over it 1827 01:52:50.199 --> 01:52:53.239 says toll over the intimation income. They said turnover. I 1828 01:52:53.239 --> 01:52:55.720 don't know what tournament means, but they said turn over 1829 01:52:55.960 --> 01:52:59.720 not income turn over. What about remote workers? Can they 1830 01:53:00.239 --> 01:53:03.079 to export their services and since they are paying in effect, 1831 01:53:03.600 --> 01:53:06.199 do they need to pay tax on this income? You know, 1832 01:53:06.239 --> 01:53:07.680 we just talked about it is that age and we 1833 01:53:07.760 --> 01:53:11.000 said the lord of Laci income. The law says if 1834 01:53:11.039 --> 01:53:16.119 you get dividends, rental royalties, that that's where you are 1835 01:53:16.159 --> 01:53:18.880 going to pay at tax. So we're assuming that you 1836 01:53:19.079 --> 01:53:23.880 have to take that income end abroad and then converted 1837 01:53:23.960 --> 01:53:26.920 to passive income and when that passive becom comes back 1838 01:53:26.960 --> 01:53:30.199 to Nigeria, then you don't pay tax on it. That's 1839 01:53:30.239 --> 01:53:32.920 what we're assumed because a lord of Nazi salary, he 1840 01:53:33.000 --> 01:53:37.680 says rent royalties, dibidends. So just just the answer going 1841 01:53:37.840 --> 01:53:41.199 to what is written in the law. Then along Nigeria 1842 01:53:41.279 --> 01:53:45.520 says income on exports are tax exempt, but it's exporting 1843 01:53:45.640 --> 01:53:49.079 talent inclusive. Yes, if you export talent because there's royalties there. 1844 01:53:49.399 --> 01:53:54.840 It's also tax exclusive. How do individual consultants how culate 1845 01:53:54.920 --> 01:53:59.880 their expenses before carpeting the income the same way? Take 1846 01:53:59.880 --> 01:54:03.319 an Excel sheet, Put your income, put your expenses. The 1847 01:54:03.520 --> 01:54:05.720 net is what you're going to be taxed on. If 1848 01:54:05.760 --> 01:54:08.319 you're about to do it, hire a consult and go 1849 01:54:08.439 --> 01:54:12.039 to university. All those nd students that do accounting. Ask 1850 01:54:12.119 --> 01:54:14.359 for the best students. Bring him and say, do my 1851 01:54:14.399 --> 01:54:16.720 account to me. It's a small business. He can do 1852 01:54:16.760 --> 01:54:18.960 it for you before launch pay him money. The students 1853 01:54:19.039 --> 01:54:20.640 you will love me. So don't try to do your 1854 01:54:20.680 --> 01:54:22.600 taxes by yourself if you don't know how to do it. 1855 01:54:23.359 --> 01:54:26.000 All right, you've got the floor. 1856 01:54:27.039 --> 01:54:29.880 Okay, thanks a lot. I just want to be if 1857 01:54:29.920 --> 01:54:32.840 you contribute to some of the questions I've had, I am. 1858 01:54:35.000 --> 01:54:39.720 Fantastic. So so I have my own question. 1859 01:54:41.680 --> 01:54:46.079 You cannot on the loans if I am taking your 1860 01:54:46.399 --> 01:54:50.840 financial statements and you told me that this is a loan. 1861 01:54:51.319 --> 01:54:54.319 The fact going to ask you for is the agreement. 1862 01:54:54.880 --> 01:54:58.359 If you do not have a contract, you if you 1863 01:54:58.399 --> 01:55:01.760 do have a contract, as for stan To says, on 1864 01:55:02.079 --> 01:55:05.319 that contract, so you cannot just wake up until the 1865 01:55:05.399 --> 01:55:08.800 taxman that oh, look, I give myself twenty million alone. 1866 01:55:09.319 --> 01:55:13.479 If you did that the contract with sputies. 1867 01:55:13.039 --> 01:55:16.880 Payment on that, I'm not allowing it at all. 1868 01:55:18.119 --> 01:55:21.920 On taxes, somebody said, so government's way to look away 1869 01:55:22.079 --> 01:55:26.199 on a twenty twenty five taxes. No, there is a 1870 01:55:26.399 --> 01:55:30.239 law that's currently running and you will have to abide 1871 01:55:30.279 --> 01:55:32.800 by that law and pa taxes based on that law. 1872 01:55:33.399 --> 01:55:34.359 Twenty twenty six. 1873 01:55:35.880 --> 01:55:39.159 New law is forty year twenty twenty six. 1874 01:55:40.039 --> 01:55:42.680 So he's asking so to be cless. So he's saying 1875 01:55:42.720 --> 01:55:46.920 that this new law will start from twenty twenty six. 1876 01:55:47.039 --> 01:55:48.920 That means that they will not use this new law 1877 01:55:49.039 --> 01:55:51.760 for twenty five income. That's what he's asking. 1878 01:55:52.560 --> 01:55:54.479 Yes, twenty transactions that's appoint in. 1879 01:55:54.520 --> 01:55:57.239 Twenty twenty five, this new law would. 1880 01:55:57.079 --> 01:55:58.000 Not apply to it. 1881 01:56:00.439 --> 01:56:03.960 Nobody's dis discarding that's happen five. 1882 01:56:04.079 --> 01:56:07.760 You say have to pay that, Okay, Then look like 1883 01:56:07.880 --> 01:56:11.359 I said, if there's this contract and there's no static events, 1884 01:56:11.520 --> 01:56:12.000 it's not in. 1885 01:56:12.079 --> 01:56:15.760 Lone fantastic fantastic open. What about this issue of if 1886 01:56:15.800 --> 01:56:18.960 I am moaning abroad the lord wasn't saying about sabody 1887 01:56:19.079 --> 01:56:23.600 saying royalties, dividends rand is this the music of salary? 1888 01:56:24.000 --> 01:56:26.720 If by statary back is that tax exemplein it has 1889 01:56:26.760 --> 01:56:28.399 to be the dividends and all that. 1890 01:56:29.760 --> 01:56:34.479 The mother understanding is if you end any wages, any income, 1891 01:56:35.279 --> 01:56:39.119 let's say wages, what the know is saying is which. 1892 01:56:39.000 --> 01:56:40.039 Is higher the. 1893 01:56:42.920 --> 01:56:46.119 You pay there, that's the way you say there, But 1894 01:56:46.279 --> 01:56:49.439 the one you'll pay in nineteer whichever is higher is 1895 01:56:49.600 --> 01:56:50.600 what Nigeria. 1896 01:56:50.359 --> 01:56:50.880 Going to take. 1897 01:56:51.840 --> 01:56:53.880 Is the one you're paying there is lower than what 1898 01:56:54.079 --> 01:56:56.840 is a playable in Ninetia they do different. You sill 1899 01:56:56.880 --> 01:56:58.399 have to pick pick that payments in Nigia. 1900 01:56:58.800 --> 01:57:03.600 But it's larry inclusive. So yes, whatever salary is, that's 1901 01:57:03.640 --> 01:57:06.359 the more on solid side. This this thing doesn't apply. 1902 01:57:06.479 --> 01:57:10.800 This passive income that says dividends, it's not going to 1903 01:57:10.840 --> 01:57:14.800 be applicable on that. There's dividends, there's interest, there's rents, 1904 01:57:15.119 --> 01:57:20.039 there's royalties derived outside Nigeria, so not salaries has to 1905 01:57:20.079 --> 01:57:25.279 be dividends inflancement. That's it full stop, all right, But 1906 01:57:25.399 --> 01:57:27.640 I don't go anywere from maniple, just stay right there, 1907 01:57:27.680 --> 01:57:30.680 don't go anyway. Many people have questions for you. Michael Hi, 1908 01:57:30.840 --> 01:57:31.760 Michael Casley, Hi. 1909 01:57:36.319 --> 01:57:41.359 Good evening, Carolyn, thank you so much for this platform. 1910 01:57:41.439 --> 01:57:42.399 I've been enjoying. 1911 01:57:42.960 --> 01:57:43.920 Thank you welcome. 1912 01:57:45.439 --> 01:57:51.279 So I have two questions very quickly. First one, I 1913 01:57:51.479 --> 01:57:52.479 listened to your. 1914 01:57:54.680 --> 01:58:01.600 The explanation on exports, so exporting products and services. 1915 01:58:02.520 --> 01:58:05.720 So in my case, I run an IT firm and 1916 01:58:08.359 --> 01:58:12.079 I think all my clients are abroad. You know, I 1917 01:58:12.159 --> 01:58:15.479 don't really have plans in Nigeria. So I'm a web 1918 01:58:15.560 --> 01:58:22.239 developer and I render those services. Now, I received payments here, 1919 01:58:22.600 --> 01:58:28.319 but I have a corporate account I used to receive payments. 1920 01:58:28.920 --> 01:58:31.960 So what I want to know is when they pay 1921 01:58:32.079 --> 01:58:33.079 me from there. 1922 01:58:33.039 --> 01:58:36.960 Because they get directly to the corporate nin accounts. They 1923 01:58:37.119 --> 01:58:41.800 use either lam Fight or World Remits and stuff, so 1924 01:58:41.920 --> 01:58:44.520 they use it to make the transfer directly to. 1925 01:58:44.600 --> 01:58:45.520 The corporate account. 1926 01:58:45.600 --> 01:58:48.520 So what I'm asking is am I going to be 1927 01:58:48.920 --> 01:58:53.239 taxed on this? Or I need to go and open 1928 01:58:53.800 --> 01:58:56.199 don't Celaria pounds you. 1929 01:58:56.479 --> 01:58:59.640 I don't know if perfectly because Lydia asked this question 1930 01:58:59.800 --> 01:59:03.239 before she was saying she sells goods abroad, and so 1931 01:59:03.359 --> 01:59:05.560 I was saying that they will not tax you based 1932 01:59:05.560 --> 01:59:10.359 on what I'm reading saying non oil exports goods and 1933 01:59:10.680 --> 01:59:18.079 services exported from Nigeria and repatrated through official channels that 1934 01:59:18.279 --> 01:59:21.520 means that the channel has got to be official. So 1935 01:59:21.680 --> 01:59:25.279 if length FI is official, you are fine. What did 1936 01:59:25.359 --> 01:59:28.840 they do is to go and clarify that the length 1937 01:59:28.840 --> 01:59:32.960 file is an official channel, because Yeah, the point again 1938 01:59:33.079 --> 01:59:35.880 is that if they pay you locally, that's where I 1939 01:59:35.920 --> 01:59:37.920 think you're going to run a file. If they say, oh, 1940 01:59:37.960 --> 01:59:40.000 we have an iraq a count and I we're going 1941 01:59:40.079 --> 01:59:42.520 to pay you an ira account to your ira account, 1942 01:59:42.640 --> 01:59:44.960 that's where I think you might run a file. The 1943 01:59:45.039 --> 01:59:48.600 government wants remittances. That's what I give you this tax back. 1944 01:59:48.920 --> 01:59:51.119 So if they're just paying you from Nigeria, it's not 1945 01:59:51.199 --> 01:59:55.000 a remittance broad they don't there's no dollar moving. So 1946 01:59:55.199 --> 01:59:57.039 that's why I think they will not give you that 1947 01:59:57.199 --> 01:59:59.399 tax bace I was saying. But one clarifying that the 1948 01:59:59.520 --> 02:00:04.319 left file, whether I'm using this a approved channel, and 1949 02:00:04.439 --> 02:00:07.600 then number two, make sure it's not coming locally. They 1950 02:00:07.680 --> 02:00:12.039 can't pay you. They can't pay you naira from the assort. 1951 02:00:12.159 --> 02:00:16.920 They will said you do their to their bank and 1952 02:00:16.960 --> 02:00:18.840 a bank will pay you, but they can't pay you 1953 02:00:19.000 --> 02:00:27.920 from givet That's what I will say. So that's fantastic. 1954 02:00:29.039 --> 02:00:32.640 So the second question is about my farm. I have 1955 02:00:32.840 --> 02:00:39.119 a farm. And I just registered this year, and I 1956 02:00:39.279 --> 02:00:41.239 also have a corporate account on it. 1957 02:00:42.479 --> 02:00:45.119 But I think I heard that. 1958 02:00:46.960 --> 02:00:51.159 I was at the office and they said as long 1959 02:00:51.239 --> 02:00:55.439 as I'm not going into branding, that if I brand, 1960 02:00:55.600 --> 02:00:58.680 if I process and brand, then i'll tax. 1961 02:00:58.920 --> 02:01:01.479 If I'm not branding and I'm just processing a role 1962 02:01:01.920 --> 02:01:04.159 and selling like that, that won't be taxed. 1963 02:01:04.640 --> 02:01:10.479 So I'm not trying to ask if I use the please, 1964 02:01:10.520 --> 02:01:13.800 I'm just asking this question just for clarifications, so I'm 1965 02:01:13.840 --> 02:01:17.880 not trying to do the tax evasion. So if I 1966 02:01:18.119 --> 02:01:25.159 use the agriculture account, you know, mostly for transactions. 1967 02:01:24.600 --> 02:01:28.159 In order to avoid tax, is that illegal or. 1968 02:01:28.760 --> 02:01:32.520 Is this allowed? I just want to so then, so 1969 02:01:32.720 --> 02:01:36.479 first of all, Michael, there's not like an agricultural account, right. 1970 02:01:36.600 --> 02:01:39.399 They don't care what you target. I think what they 1971 02:01:39.479 --> 02:01:43.039 care is is this receiving in flow. Remember inflow is 1972 02:01:43.159 --> 02:01:47.119 not income. In flow just allows them to see what 1973 02:01:47.359 --> 02:01:50.520 kind of transactions you are doing. So look at I 1974 02:01:50.800 --> 02:01:53.640 organized here. If we say, wow, you have an account 1975 02:01:53.640 --> 02:01:57.920 that living a millionaier every month, Okay, you can't come 1976 02:01:57.960 --> 02:02:00.840 tomorrow and say that the total path from that account 1977 02:02:01.159 --> 02:02:03.760 will be like one k. They want to know more. 1978 02:02:04.039 --> 02:02:05.960 It doesn't mean, because you get a million, you pay 1979 02:02:06.000 --> 02:02:07.439 that to a million, But they want to do more 1980 02:02:07.479 --> 02:02:10.279 because one million to one k is very wide margin. 1981 02:02:10.760 --> 02:02:13.359 So they don't care why I call it a Greek 1982 02:02:13.600 --> 02:02:15.880 or not a Greek, It's just it's an inflo right. 1983 02:02:15.960 --> 02:02:18.960 It isn't an insight into what you're doing. Let's not 1984 02:02:19.079 --> 02:02:21.039 go to do a Greek settle. If it's a brand 1985 02:02:21.079 --> 02:02:24.520 new firm, five years, no tax, end of story. It's 1986 02:02:24.560 --> 02:02:27.920 a fund that is now in existence, even if you branded. 1987 02:02:28.319 --> 02:02:31.560 Even if you branded, you can you can expense away 1988 02:02:31.680 --> 02:02:35.880 the expenses on that farm. You can expense it away, 1989 02:02:36.000 --> 02:02:38.880 even if it's brand. I think what they are talking 1990 02:02:38.920 --> 02:02:41.920 about is V eighty. You can correct me V eighty 1991 02:02:42.319 --> 02:02:46.399 because V eighty on raw a Greek is tax exempt. 1992 02:02:46.760 --> 02:02:49.600 So if I have corn, I don't pay V eighty 1993 02:02:49.760 --> 02:02:52.840 on corn. But if I have corn and I play 1994 02:02:52.920 --> 02:02:58.600 in that con meaning to cans corning hands in this market, 1995 02:02:59.319 --> 02:03:02.640 so matter would charge deviating on that corn have packaged 1996 02:03:02.720 --> 02:03:05.800 and labeled. I think that's what they're going to. But 1997 02:03:06.359 --> 02:03:09.560 as a role as yeah, yes, that's so that's where 1998 02:03:09.560 --> 02:03:11.600 they're going to. It's not really if if you brand, 1999 02:03:11.640 --> 02:03:15.279 if you make profit, expect the profit off. If you 2000 02:03:15.359 --> 02:03:18.199 buy a generator, expect it all. If you brand your 2001 02:03:18.520 --> 02:03:22.520 corn as a man of Michael Corn, that's fine, expensive, 2002 02:03:22.760 --> 02:03:26.239 but if you take the raw corn, the it is exempt. 2003 02:03:26.640 --> 02:03:28.479 But that raw corn you're not going to package you 2004 02:03:28.560 --> 02:03:31.359 putting you can't put one nice picture there? Then yeah, 2005 02:03:31.399 --> 02:03:33.520 exactly that's what I think, don't. 2006 02:03:36.279 --> 02:03:39.720 It don't matter what you do with your agricultural accounts. 2007 02:03:39.840 --> 02:03:41.199 I can save any transactions. 2008 02:03:41.920 --> 02:03:45.520 The time I left, we have asked if you can 2009 02:03:46.439 --> 02:03:50.920 into any company and provides you every single transaction that 2010 02:03:51.000 --> 02:03:59.760 has through that account, and who's not. 2011 02:04:01.119 --> 02:04:04.479 I'm laughing my evil laugh because so I'm not telling 2012 02:04:04.520 --> 02:04:08.840 people this right, mister tigle has was the person that 2013 02:04:09.159 --> 02:04:13.920 was defending the private sector. He was giving the privacy 2014 02:04:14.000 --> 02:04:16.520 to loophole on how to avoid tax. So it's very 2015 02:04:16.600 --> 02:04:18.920 very it would be hard for you to bring so 2016 02:04:19.079 --> 02:04:22.239 that hasn't seen before. So I prefer you. That's why 2017 02:04:22.279 --> 02:04:24.760 I'm doing this space. I want you to have the 2018 02:04:24.960 --> 02:04:28.399 legal ways to avoid tax. So many all that just 2019 02:04:28.560 --> 02:04:31.359 nonsense that I want to open no you know, to 2020 02:04:31.439 --> 02:04:35.800 find you out, and they're going to basically, so this 2021 02:04:36.000 --> 02:04:38.039 is better for you. Want to stand with the law 2022 02:04:38.159 --> 02:04:41.640 works and try to work with it. So YouTube, guys, 2023 02:04:41.680 --> 02:04:44.399 I'm so sorry. We have a storm. I think it's 2024 02:04:44.479 --> 02:04:47.039 affecting the quality of the of the internet. What I'm 2025 02:04:47.079 --> 02:04:49.159 going to try to do, I'm going to try to 2026 02:04:49.239 --> 02:04:53.159 re record this, this whole presentation and put it again 2027 02:04:53.239 --> 02:04:56.079 on YouTube. But I think it's breaking off if you 2028 02:04:56.279 --> 02:04:59.720 of the storm and two tight staying strong, but the 2029 02:05:00.319 --> 02:05:06.159 getting the heroes on it. So try to yeah, yeah, correct, 2030 02:05:06.359 --> 02:05:10.960 sorry that by thanks, that's. 2031 02:05:10.840 --> 02:05:19.680 The question quick quick, sorry, then leave me incorporate back. 2032 02:05:21.279 --> 02:05:27.800 Again fifty fifty. I had ask you. 2033 02:05:35.119 --> 02:05:42.239 First, then another STUDI did you also change from the authority? 2034 02:05:42.920 --> 02:05:47.680 If not your yeah? Over please guys, to fire, wouldn't 2035 02:05:47.720 --> 02:05:50.239 go to fire. That's how you avoided NASA. Let's go 2036 02:05:50.279 --> 02:05:56.760 ahead NASA. That's oh sorry, I'm so sorry, OK, bye, sorry, 2037 02:05:58.960 --> 02:05:59.319 go ahead. 2038 02:06:01.119 --> 02:06:09.640 It's this question about Nigerian resident and anyfferent income. So 2039 02:06:10.000 --> 02:06:12.920 I know you've been showed if you concentrate your and 2040 02:06:12.960 --> 02:06:15.479 then I think when the last person that's the question 2041 02:06:15.600 --> 02:06:17.359 and you said the country. 2042 02:06:18.520 --> 02:06:23.199 So in my own keys, my company is directly for 2043 02:06:23.319 --> 02:06:23.880 my service. 2044 02:06:24.000 --> 02:06:26.159 Where's your company or little? 2045 02:06:26.279 --> 02:06:29.199 The company or my clients are broad exactly for my 2046 02:06:29.399 --> 02:06:33.560 service to my nagerer and the mysterio account. How does 2047 02:06:33.800 --> 02:06:35.880 the new tax frem or effects. 2048 02:06:36.039 --> 02:06:40.920 That's they're looking for if that means that income is Again, 2049 02:06:41.520 --> 02:06:46.479 it does not say salary. It says it says service exported. Yeah, 2050 02:06:46.920 --> 02:06:50.920 so that means you are exporting a service. So but 2051 02:06:51.119 --> 02:06:56.119 again profits, I think you are covered. Back me up here. 2052 02:06:56.199 --> 02:07:01.159 It's the saying profits of any normal company in respect 2053 02:07:01.199 --> 02:07:04.199 of good or service exported from Nigeria and repatris So 2054 02:07:04.439 --> 02:07:07.600 profits are also covered. It doesn't have to be a salary. 2055 02:07:08.279 --> 02:07:10.199 That means a guy, you have to do a company 2056 02:07:10.880 --> 02:07:13.640 and that company you build them. Then when you they 2057 02:07:13.720 --> 02:07:15.760 said it went to your dorma account, it's profit to you, 2058 02:07:15.960 --> 02:07:19.520 then you're covered. That's what I would say, sir, okay, because. 2059 02:07:19.199 --> 02:07:20.880 I actually send that invoice and. 2060 02:07:23.119 --> 02:07:25.800 Yeah, try to do a company. Why it's profits. So 2061 02:07:26.079 --> 02:07:28.239 just like you are in line with the Act because 2062 02:07:28.640 --> 02:07:34.399 it's saying profits of a non Nigerian company not individual. 2063 02:07:35.119 --> 02:07:40.119 You see, the language is saying the profits of a 2064 02:07:40.479 --> 02:07:44.880 non oil Nigerian company in respect of the goods and 2065 02:07:45.439 --> 02:07:49.920 is exported from Nigeria and repatriated. So you have to 2066 02:07:50.000 --> 02:07:52.920 be a company not an individual. 2067 02:07:54.239 --> 02:08:00.319 Okay, then should so in that I have my company 2068 02:08:00.800 --> 02:08:02.239 and depicts to the company. 2069 02:08:03.720 --> 02:08:07.439 It's now movement for my personal of caple stuff. 2070 02:08:07.720 --> 02:08:10.239 That's fine. No, no, that's fine. So look at it 2071 02:08:10.319 --> 02:08:14.920 this way. Right, the money has come into this tax 2072 02:08:15.159 --> 02:08:18.439 exempt is good. You can do whatever I wanted. You're fine, 2073 02:08:20.119 --> 02:08:23.600 you follow. Yeah, but it has to be a company, 2074 02:08:23.880 --> 02:08:31.039 not individual company. Okay, it's an individual Yes, that's what 2075 02:08:31.119 --> 02:08:33.960 he's saying here. So I'm trying to follow the language 2076 02:08:34.159 --> 02:08:38.680 explicitly on the law. The law is saying the profits 2077 02:08:38.960 --> 02:08:43.680 of a non oil Nigerian company. So a comproper company 2078 02:08:43.760 --> 02:08:48.840 b brother simple gone from a company, right, Cave's going 2079 02:08:48.880 --> 02:08:52.119 to prop the company. Yeah, they're welcome, Montero. Hiye, thanks 2080 02:08:52.159 --> 02:08:56.720 so much. What farewell, sir? 2081 02:08:59.680 --> 02:09:03.760 This is asked questions better than this vat Yeah, so 2082 02:09:04.560 --> 02:09:06.520 with my companion because I. 2083 02:09:08.119 --> 02:09:09.560 What my company does this, I. 2084 02:09:09.720 --> 02:09:15.199 Do recycling plastic recycling, Okay, so I. 2085 02:09:17.039 --> 02:09:21.920 Pay people. 2086 02:09:23.239 --> 02:09:26.680 With plastic from and before that and I. 2087 02:09:26.800 --> 02:09:28.720 Would like to don't pay it into people that are 2088 02:09:28.720 --> 02:09:30.479 buying the process plastic from. 2089 02:09:31.600 --> 02:09:34.640 So what they're saying now, sir, is that if if 2090 02:09:34.880 --> 02:09:37.800 you pay the V eight is the people are buying 2091 02:09:37.840 --> 02:09:41.239 plastic from, you can write back that VID to your 2092 02:09:41.439 --> 02:09:45.000 to your account, so that imput, that is deductible. That's 2093 02:09:45.039 --> 02:09:47.840 what they're saying. Now, So if you pay input V 2094 02:09:47.960 --> 02:09:50.439 eighty you can deduct it. That's what they're saying. 2095 02:09:51.920 --> 02:09:53.680 Okay, so can I can? 2096 02:09:53.720 --> 02:09:57.600 I decided on to no if they ask you to pay, 2097 02:09:57.680 --> 02:09:59.840 pay but then have your records and writes it back, 2098 02:10:00.000 --> 02:10:01.600 write it back to your your income. 2099 02:10:02.560 --> 02:10:02.840 Okay. 2100 02:10:09.279 --> 02:10:19.920 Yeah, so you don't say, let me give you let 2101 02:10:20.000 --> 02:10:21.920 me give you a word of word of courture. Right, 2102 02:10:21.960 --> 02:10:24.239 there's so way in the act that says that you 2103 02:10:24.439 --> 02:10:30.840 cannot charge an expense as a deductible if that expenses 2104 02:10:31.000 --> 02:10:34.840 not pay import duty or V eighty. What I'll advice 2105 02:10:34.960 --> 02:10:38.439 you as a business V eighty is the law if 2106 02:10:38.640 --> 02:10:41.399 it is supposed to be collected. I would say, charge 2107 02:10:41.439 --> 02:10:45.680 your charge people. If the folks that are giving you business, imput, 2108 02:10:45.720 --> 02:10:47.840 do not charge your V eight okay, they didn't charge 2109 02:10:47.840 --> 02:10:50.479 your V eighty. What can you do about it? But 2110 02:10:50.720 --> 02:10:53.680 for you keep your deity records. That's what the law 2111 02:10:53.800 --> 02:11:00.159 is saying. Okay, yeah, yeah, matter, real quest. 2112 02:11:03.159 --> 02:11:09.079 Because soon if if I pay myself, I want to 2113 02:11:09.159 --> 02:11:11.039 know the better option, because. 2114 02:11:12.960 --> 02:11:15.520 I thought I don't know much about all this time. 2115 02:11:15.880 --> 02:11:17.640 Just because I'm putting in. 2116 02:11:18.600 --> 02:11:22.119 So I had that there is company in contact and 2117 02:11:22.199 --> 02:11:26.399 best in contact. So if I'm paying myself for my company, 2118 02:11:26.720 --> 02:11:29.239 will I be paying tax on that? 2119 02:11:29.399 --> 02:11:29.760 Say? 2120 02:11:29.840 --> 02:11:31.920 I'm not going to be paid tax on my company? 2121 02:11:33.920 --> 02:11:33.960 No? 2122 02:11:34.439 --> 02:11:36.560 No, Let me just try to explain again, just real 2123 02:11:36.640 --> 02:11:40.680 quick for you. Right, if your company makes one million ira, 2124 02:11:41.880 --> 02:11:44.840 your company has made one million error. Your company is 2125 02:11:44.920 --> 02:11:47.680 going to pay tax. Stay with me, let me, let 2126 02:11:47.720 --> 02:11:50.359 me mute you. You have lots of background. If your 2127 02:11:50.439 --> 02:11:53.279 company receives one million ERA, your company is going to 2128 02:11:53.399 --> 02:11:57.479 pay tax on one million ERA. Fine. Now, let's say 2129 02:11:57.479 --> 02:12:03.479 your company pays you his salary of nine hundred thousand naira. 2130 02:12:03.680 --> 02:12:07.119 What will happen? Your company will write off that nine 2131 02:12:07.279 --> 02:12:11.119 hundred thousand as an expense to the company, So your 2132 02:12:11.199 --> 02:12:15.199 company will only pay tax on one hundred thousand nira. 2133 02:12:16.199 --> 02:12:21.079 You that received income of nine hundred thousand, You will 2134 02:12:21.159 --> 02:12:27.359 now pay personal income tax on that nine hundred thousand. 2135 02:12:27.920 --> 02:12:32.000 Does that make you understand what I just expensive? Authors? 2136 02:12:32.159 --> 02:12:32.359 Where? 2137 02:12:35.920 --> 02:12:39.640 Yes? All right? Perfect, excellent, All right, let's go to 2138 02:12:39.640 --> 02:12:44.640 another NAZA. Go ahead, good evening, Thank you so much 2139 02:12:44.640 --> 02:12:47.800 for this opportunity. I would like to ask three questions 2140 02:12:47.880 --> 02:12:48.439 and I'll try. 2141 02:12:48.600 --> 02:12:51.920 I'll make it quick. First, I do music, and I 2142 02:12:52.119 --> 02:12:56.399 also earn realities and also currently do not recite in Nigeria. 2143 02:12:56.479 --> 02:12:57.720 I spend less than. 2144 02:12:57.760 --> 02:13:04.319 Ninety days in Nigeria and the music is reproduced in Nigeria. 2145 02:13:04.800 --> 02:13:06.880 I come back home to my recording and then I 2146 02:13:07.079 --> 02:13:10.239 go back and I spend more than nineteen days. Then 2147 02:13:11.159 --> 02:13:15.039 basically I get paid royalities and dis realities to go 2148 02:13:15.680 --> 02:13:20.000 back into my dorm account in Nigeria. Do I get 2149 02:13:20.199 --> 02:13:26.560 taxed for it? Secondly, if I am reportrating funds. 2150 02:13:27.439 --> 02:13:31.159 That's the first one. So you end the income in Nigeria. 2151 02:13:32.800 --> 02:13:37.359 No, No, no, I it's w's it's a worldwide My 2152 02:13:37.479 --> 02:13:38.319 royality is my. 2153 02:13:39.680 --> 02:13:40.199 But what what what? 2154 02:13:40.359 --> 02:13:40.399 What? 2155 02:13:40.520 --> 02:13:43.479 What about Nigeria now? Not worldwide? So do you any 2156 02:13:43.600 --> 02:13:44.760 income from Nigeria? 2157 02:13:45.800 --> 02:13:45.840 No? 2158 02:13:46.600 --> 02:13:48.600 So that they don't pay tax in Nigeria. 2159 02:13:49.520 --> 02:13:50.119 Yes, I don't pay. 2160 02:13:50.920 --> 02:13:52.039 So end the story right. 2161 02:13:53.520 --> 02:13:56.199 Okay, Well these funds. 2162 02:13:56.000 --> 02:13:59.239 I reportrayed them basically back to my thomb accounts in Nigeria. 2163 02:13:59.399 --> 02:14:05.239 Okay, I get taxed. No, it's a transfer, it's not income. Okay. 2164 02:14:05.800 --> 02:14:08.840 Then secondly, I also work here. 2165 02:14:10.359 --> 02:14:14.279 But why I am You're moving away very quickly? What's 2166 02:14:14.319 --> 02:14:15.640 the more doing in your dumb account. 2167 02:14:17.279 --> 02:14:23.279 Just savings is the savings, So who spends it? Sometimes 2168 02:14:23.319 --> 02:14:26.279 I send it to family or as I wish. 2169 02:14:28.000 --> 02:14:28.199 Yeah. 2170 02:14:28.800 --> 02:14:33.039 Then secondly, this one is my own income from my 2171 02:14:33.239 --> 02:14:36.079 job and all that, and I send it back home. 2172 02:14:39.520 --> 02:14:45.319 Because we said if you send money from abroad dividends, interest, rent, royalties, 2173 02:14:45.560 --> 02:14:46.600 this is not a business. 2174 02:14:47.079 --> 02:14:51.079 They don't type what what we're not clarified. Its salaries, 2175 02:14:51.199 --> 02:14:54.880 part of dividends, interest, rent and royalty. That's what we 2176 02:14:55.000 --> 02:14:57.439 don't know. So I, for instance, you took your salary 2177 02:14:57.479 --> 02:15:00.720 in America, and what is set. We got deposit in 2178 02:15:00.760 --> 02:15:04.319 America and the city paid you an income stream and 2179 02:15:04.439 --> 02:15:07.000 you send that income to Nigeria. They don't get tax 2180 02:15:07.079 --> 02:15:12.159 on it. But that's it. Dividends, interest, rents or royalties. 2181 02:15:13.239 --> 02:15:15.720 There is their salary. The way they talk about profit 2182 02:15:15.960 --> 02:15:19.319 is on if you are exporting goods and services, but 2183 02:15:19.359 --> 02:15:22.520 in this case, you are we are remitting. Okay. 2184 02:15:23.119 --> 02:15:26.439 Lastly, because this is also as regards sending money to 2185 02:15:26.479 --> 02:15:30.760 because I'm considering my parents, they are aged tending one 2186 02:15:30.920 --> 02:15:33.520 to them to their accounts directly? 2187 02:15:33.680 --> 02:15:34.840 Do they get taxed for it? 2188 02:15:35.600 --> 02:15:37.800 If you send less than internet toal to them, they 2189 02:15:37.800 --> 02:15:42.000 don't get taxed as a whole if they're injured. Retied. Also, 2190 02:15:42.119 --> 02:15:45.880 do not pay tax on retirement income. So if you 2191 02:15:46.000 --> 02:15:49.800 are sending upkeep allowance retirement income, how old are your parents? 2192 02:15:49.840 --> 02:15:50.960 Aren't more than seventy? 2193 02:15:51.760 --> 02:15:54.720 How old are they My parents are not more than 2194 02:15:54.840 --> 02:15:57.319 seventy they're both retired. 2195 02:15:57.520 --> 02:15:59.920 So the O parents should file a tax and said 2196 02:16:00.119 --> 02:16:04.560 got money as up keep from their son, so they 2197 02:16:04.560 --> 02:16:06.319 would fire that they receive that money, but they're not 2198 02:16:06.359 --> 02:16:08.359 gonna pay tax. But that money is not they're not 2199 02:16:08.520 --> 02:16:10.840 it's not income to them. They have to still file it, 2200 02:16:11.600 --> 02:16:14.640 but as they received it. But you know it's only 2201 02:16:14.800 --> 02:16:17.840 kay they're exempt and all that. So these are great 2202 02:16:17.920 --> 02:16:19.920 areas that the Act is not very very clear on 2203 02:16:20.359 --> 02:16:23.079 because it's like in an in the India abroad, if 2204 02:16:23.119 --> 02:16:25.640 you're setting it, you do not gonna pay taxes. I 2205 02:16:25.680 --> 02:16:27.560 don't think you have it. In Nigeria, they just stopped 2206 02:16:27.560 --> 02:16:29.479 at the income of eight under a key. I'm sure 2207 02:16:29.479 --> 02:16:31.319 there will a minute as we go along, but at 2208 02:16:31.319 --> 02:16:34.360 a certain age they shouldn't be paying taxes. I know, 2209 02:16:34.479 --> 02:16:37.120 if they received a pension, they don't pay tax. But 2210 02:16:37.239 --> 02:16:40.680 if someone received money from his son abroad ten million 2211 02:16:40.920 --> 02:16:43.959 era a month from his son a broad he paid tax. 2212 02:16:44.239 --> 02:16:46.079 The tax law is not very very clear on that. 2213 02:16:46.360 --> 02:16:48.520 That's what I'm saying. I'm trying to just stay on 2214 02:16:48.600 --> 02:16:51.200 the ministry of the tax laws. It's not very very clear. 2215 02:16:51.239 --> 02:16:52.760 You don't pay tax on not pay. 2216 02:16:52.680 --> 02:16:56.360 Tax on that. Yeah, that's the that's the area most 2217 02:16:57.200 --> 02:16:59.520 because thousand on us. 2218 02:16:59.600 --> 02:17:03.639 And then you know, I would narrat it properly, nited 2219 02:17:03.760 --> 02:17:08.159 properly as as a welfare payments income welfare to my 2220 02:17:08.399 --> 02:17:11.399 family or medical expence my family because it's medical as well. 2221 02:17:11.479 --> 02:17:15.639 You know, up keep allow once food, food, medical, up 2222 02:17:15.760 --> 02:17:18.360 allance your parents sending to them. So let that narration 2223 02:17:18.600 --> 02:17:23.079 be there. Yeah, that's what I'll say. Yeah, thank you, 2224 02:17:23.200 --> 02:17:27.200 all right, thanks so much, shug shugg, Yes. 2225 02:17:27.120 --> 02:17:29.239 I kind of thanks so much. A couple of my 2226 02:17:29.360 --> 02:17:32.840 questions have been answered. But I do have an LLC 2227 02:17:33.639 --> 02:17:35.000 export software services. 2228 02:17:35.520 --> 02:17:37.200 The only incomes. 2229 02:17:36.799 --> 02:17:40.239 Upon me to be covered that trans explicively from this expert. 2230 02:17:40.719 --> 02:17:43.719 When I'm filing, do and I move all of the. 2231 02:17:43.959 --> 02:17:48.079 Out as well, just's in and out two transactions just 2232 02:17:48.200 --> 02:17:51.680 like that. If I'm filing, add do I say that 2233 02:17:51.760 --> 02:17:54.399 there's no profit or how does it look like to say. 2234 02:17:54.280 --> 02:17:58.639 That you are to file out in you will pay 2235 02:17:58.680 --> 02:18:03.079 tax your codor to file income income is in. There's income, 2236 02:18:03.159 --> 02:18:06.440 but there's no taxable income because the law is saying 2237 02:18:06.479 --> 02:18:09.639 that any profit of any non Nagerian oil company, that's 2238 02:18:09.760 --> 02:18:11.879 if you're not in oil, you're not in a non 2239 02:18:11.959 --> 02:18:16.959 oil service and you export goods or services and you 2240 02:18:17.079 --> 02:18:19.799 bring the money back to official change, that income is 2241 02:18:19.920 --> 02:18:23.079 not taxable. So you file I received income, was your 2242 02:18:23.120 --> 02:18:26.120 taxable income zero? Because that income are come to law 2243 02:18:26.319 --> 02:18:28.799 is exempt. That's what you file. You still fire, boy, 2244 02:18:28.840 --> 02:18:31.280 you won't pay tax on that income. So make sure 2245 02:18:31.319 --> 02:18:34.079 you file and then capture it with your proof and say, yeah, 2246 02:18:34.159 --> 02:18:36.520 this one was I sent pay money to I exported 2247 02:18:36.559 --> 02:18:38.879 this service to this, they paid me this. I'm not 2248 02:18:38.959 --> 02:18:46.159 paying tax on this this. You have to file, yes, 2249 02:18:46.360 --> 02:18:51.200 every you have to file. Correct. Yeah, if you don't file, 2250 02:18:51.479 --> 02:18:54.639 then they're going to tax you on that income because 2251 02:18:54.680 --> 02:18:58.959 you haven't told that income is not exempt. You started 2252 02:18:59.000 --> 02:19:03.760 the arresma was here right, yeah all right, perfect? Yeah, 2253 02:19:03.840 --> 02:19:06.959 sorry about this real quick? God go ahead? 2254 02:19:07.200 --> 02:19:09.600 Yeah, yes, Then when. 2255 02:19:10.000 --> 02:19:11.959 You when it comes to that corporate account, he also 2256 02:19:12.120 --> 02:19:15.200 moves to let's see an investment. 2257 02:19:14.799 --> 02:19:20.000 Company account for investments that dimension. 2258 02:19:20.719 --> 02:19:23.280 So you see in America they have on it called basis. 2259 02:19:24.319 --> 02:19:26.840 If money has come in, it already has a basis. 2260 02:19:27.399 --> 02:19:30.680 In Nigeria, it's not really that we don't have basis. 2261 02:19:31.000 --> 02:19:33.799 So the one that you've brought in has come to Nigeria. 2262 02:19:34.399 --> 02:19:36.959 You it's now tax free. If you take that money 2263 02:19:37.040 --> 02:19:40.479 and invest, it should also be taxing because taxes have 2264 02:19:40.559 --> 02:19:44.239 already been quote unquote paid on that income. You see, 2265 02:19:44.639 --> 02:19:47.799 so it should when you buy assets usually shouldn't pay 2266 02:19:47.840 --> 02:19:51.399 any tax anymore because that income is going from taxics. 2267 02:19:51.399 --> 02:19:53.040 So what I wur advice to do is to keep 2268 02:19:53.120 --> 02:19:56.879 proper records to say when I bought this trane of investment, 2269 02:19:57.000 --> 02:20:01.040 this money came from this income. I aim from exporting 2270 02:20:01.079 --> 02:20:05.399 goods as services. Show them the paper trill, Show the 2271 02:20:05.479 --> 02:20:09.239 paper trill. I exported a million era water services to America. 2272 02:20:09.680 --> 02:20:12.639 I got paid error. I use this woman on to 2273 02:20:12.719 --> 02:20:15.840 write a contract note to a stop working firm. So 2274 02:20:16.000 --> 02:20:19.000 like everything is now tax free because that income has 2275 02:20:19.079 --> 02:20:21.639 already been taxed. Where do you feelish If you don't 2276 02:20:21.680 --> 02:20:25.239 have paperwork to justify this this transaction, then they will 2277 02:20:25.239 --> 02:20:26.680 say no, no, no, no no, I read this money 2278 02:20:26.719 --> 02:20:29.319 came from your income in yeah bah blah blah blah blah. 2279 02:20:29.520 --> 02:20:32.079 But if you have the paper, trill fantastic. So I 2280 02:20:32.120 --> 02:20:35.079 would create just like you said, any transactional name it. 2281 02:20:35.280 --> 02:20:37.959 Just name it so you can see they can see 2282 02:20:37.959 --> 02:20:40.319 where the true is coming from. If you do investments 2283 02:20:40.520 --> 02:20:44.000 outside this American type, then do it on a separate 2284 02:20:44.920 --> 02:20:47.719 css you see see what I'm saying. So if I 2285 02:20:47.920 --> 02:20:51.639 do I sell exported goods, I use it when I 2286 02:20:51.719 --> 02:20:56.600 buy stocks, but I also buy stocks from my Nigerian income, 2287 02:20:56.879 --> 02:20:59.959 I will separate both CSCs. I will just separate them, 2288 02:21:00.079 --> 02:21:03.239 not to avoid waha, so I'll turn the f arrest. 2289 02:21:03.479 --> 02:21:06.399 This cs CS is for me when I do the 2290 02:21:06.479 --> 02:21:09.000 Igerian things or my number of stuff I buy here. 2291 02:21:09.040 --> 02:21:12.200 Remember that CI schemes are also tax exams. So if 2292 02:21:12.200 --> 02:21:15.200 you buy met your fund, if you buy an Etsy, 2293 02:21:15.280 --> 02:21:17.440 also tax exams. So the way you want to lock 2294 02:21:17.520 --> 02:21:18.760 this thing that if you want to lock it down 2295 02:21:18.840 --> 02:21:23.040 companies to say export bring the money back, then use 2296 02:21:23.079 --> 02:21:26.120 that money and buy e coactive scheme. Then you've flocked 2297 02:21:26.200 --> 02:21:30.040 off any taxes whatsoever. You only pay a tax now, 2298 02:21:30.159 --> 02:21:32.959 or you only expose this to potential taxes if you 2299 02:21:33.079 --> 02:21:35.840 buy an individual or if you buy that and go 2300 02:21:36.000 --> 02:21:39.760 ta cevents singularly, then they might ask you a question. 2301 02:21:39.840 --> 02:21:41.840 But if you have people to say I bought this 2302 02:21:42.040 --> 02:21:44.079 from the money I used to I used to export 2303 02:21:44.079 --> 02:21:48.639 to America, then of course you're homebrid Thank for showing 2304 02:21:48.639 --> 02:21:51.440 your high. Let's get a quay. Were about to run 2305 02:21:51.479 --> 02:21:57.920 down quay designer, que designer. We'll have to run down mostly. Hey, 2306 02:21:58.079 --> 02:21:58.719 hi doing. 2307 02:22:00.639 --> 02:22:01.520 Yeah it's cute. 2308 02:22:01.639 --> 02:22:03.799 Actually I apologize. 2309 02:22:05.600 --> 02:22:09.920 Yeah, So quick quick question. I just want to ask Steve. 2310 02:22:10.879 --> 02:22:12.239 Inheritances get that? 2311 02:22:12.559 --> 02:22:15.639 So they don't. They don't. They don't. 2312 02:22:17.600 --> 02:22:18.840 So like if your. 2313 02:22:18.920 --> 02:22:24.639 Parents, your pension from your person gets into your you don't. 2314 02:22:24.559 --> 02:22:30.920 A life insurance. Inheritance gives a non taxable correct, thank 2315 02:22:31.000 --> 02:22:34.280 you very welcome. You got you just get you you 2316 02:22:34.319 --> 02:22:40.559 cant you go, Corey, I don't. I'm very well for asking. 2317 02:22:41.840 --> 02:22:44.719 Okay, so I have a few questions. 2318 02:22:47.000 --> 02:22:47.520 Looking at. 2319 02:22:49.120 --> 02:22:53.239 Do coming to now I have for this apparents Now, 2320 02:22:53.319 --> 02:22:54.760 if you have that you talked. 2321 02:22:54.559 --> 02:22:57.479 About gift, you are giving a nation. 2322 02:22:59.799 --> 02:23:02.479 So each again that you move lived in like you said, 2323 02:23:03.360 --> 02:23:08.479 at a particularity, as if you're giving the machine as gift. 2324 02:23:09.879 --> 02:23:12.399 Didn't need to file and be taxed. 2325 02:23:12.520 --> 02:23:15.959 All income has got to be filed all every what 2326 02:23:16.040 --> 02:23:19.200 are you earn income? You don't earn income, you have 2327 02:23:19.360 --> 02:23:22.000 to file. You fiance, say I got the little income. 2328 02:23:22.159 --> 02:23:24.760 If your sole give you money, you filance. Say I 2329 02:23:24.840 --> 02:23:26.639 got a gift from my son. You're not going to 2330 02:23:26.680 --> 02:23:29.920 pay tax? Files on me. You pay tax, but finding 2331 02:23:30.000 --> 02:23:31.719 me that you are reporting, you also that list and 2332 02:23:31.760 --> 02:23:35.559 I got this income and letting you know it's not taxable. 2333 02:23:36.040 --> 02:23:38.559 So they have to still file. Yeah, they won't pay tax, 2334 02:23:38.719 --> 02:23:39.600 but they have to file. 2335 02:23:41.360 --> 02:23:41.639 Okay. 2336 02:23:41.760 --> 02:23:45.440 So so now you you work for. 2337 02:23:46.920 --> 02:23:50.959 A fame, you work with the company, and now you 2338 02:23:51.159 --> 02:23:51.799 have a car. 2339 02:23:51.760 --> 02:24:00.280 Loon which they dedut out of before you know meeting 2340 02:24:00.440 --> 02:24:03.799 or pay your worthy it could have to pay you. 2341 02:24:04.120 --> 02:24:06.440 Now this is between you and the company. 2342 02:24:06.920 --> 02:24:10.479 How should the face of this benner in terms of 2343 02:24:10.600 --> 02:24:12.399 the tax and. 2344 02:24:13.040 --> 02:24:19.040 As well, if you have let's say an LLC, whether 2345 02:24:19.079 --> 02:24:22.920 you're using that your loan, your loan car or the 2346 02:24:23.239 --> 02:24:23.719 car that is. 2347 02:24:23.719 --> 02:24:27.920 On loan to work, can you make the doctrine of 2348 02:24:28.239 --> 02:24:29.360 the acis. 2349 02:24:29.079 --> 02:24:32.239 You do on that cartoon as a business for an 2350 02:24:32.280 --> 02:24:38.079 individual as a business, yes, you can do. 2351 02:24:39.440 --> 02:24:40.959 Now in the face of the company. 2352 02:24:41.079 --> 02:24:45.319 Now that is where you work with and the cargo 2353 02:24:45.559 --> 02:24:47.600 is to be deducted before your payment. 2354 02:24:48.120 --> 02:24:50.399 Well, let's say for instance, your total. 2355 02:24:50.200 --> 02:24:55.680 Paid it's to fifty and you pay only a. 2356 02:24:55.879 --> 02:25:01.360 Loan of fifty thousand, are your cacode now becomes two hundreds, So. 2357 02:25:01.600 --> 02:25:04.559 It's your past now calculated. 2358 02:25:06.719 --> 02:25:08.520 Or only two hundred on. 2359 02:25:08.639 --> 02:25:13.840 The two fifty. So for a car loan you have 2360 02:25:14.280 --> 02:25:17.520 the it doesn't matter, it doesn't matter what you call it. 2361 02:25:17.879 --> 02:25:20.559 There is no The only loan that they're giving you 2362 02:25:20.680 --> 02:25:24.959 repriven is the mortgage loan. That's for the individual. They 2363 02:25:25.120 --> 02:25:28.799 only reprieve you get on the individual side is the 2364 02:25:29.600 --> 02:25:33.440 mortgage loan. That's all they're giving you repriven on that 2365 02:25:34.239 --> 02:25:38.719 benefiting kind are income benefits and kind are income to 2366 02:25:38.799 --> 02:25:40.600 the company gives you a house and your carey to 2367 02:25:40.680 --> 02:25:44.360 live in. Right, that's also taxable to you as income 2368 02:25:44.440 --> 02:25:47.760 to you. So only so the only thing there is 2369 02:25:47.840 --> 02:25:49.840 going to be mortgaged. If you, if you, if you, 2370 02:25:50.280 --> 02:25:54.120 if you are paying interest on a mortgage, you can 2371 02:25:54.319 --> 02:25:57.360 claim that every other loan is not plavable. 2372 02:25:58.879 --> 02:26:02.360 So so what now when you use that car now 2373 02:26:02.479 --> 02:26:03.920 to work for a company, you. 2374 02:26:04.120 --> 02:26:07.520 But I asked you, I asked you individual or company? 2375 02:26:07.600 --> 02:26:12.280 You set company? But the guys. But the guys over 2376 02:26:12.639 --> 02:26:15.079 for your question. Yeah, the company will write it off 2377 02:26:16.000 --> 02:26:18.760 as a cost of doing business. So the company goes 2378 02:26:18.799 --> 02:26:22.639 and gets car higher and it's pain leads or whatever payment. 2379 02:26:22.719 --> 02:26:25.520 The company can write off that leads a great lease 2380 02:26:25.600 --> 02:26:29.600 payment as cost of doing business. The company can. The 2381 02:26:29.760 --> 02:26:30.840 individual cannot. 2382 02:26:33.399 --> 02:26:36.479 In a case where you want that company, do you 2383 02:26:36.680 --> 02:26:37.239 own a car? 2384 02:26:37.600 --> 02:26:39.920 Who you are using it to do the company, So 2385 02:26:40.000 --> 02:26:40.799 you're asking. 2386 02:26:40.559 --> 02:26:43.319 A question, you get a different answer. The company can, 2387 02:26:43.760 --> 02:26:51.200 the individual cannot. Mm hmmm, all right, the company can. 2388 02:26:51.639 --> 02:26:54.760 There are two different people that, don't you general ask 2389 02:26:54.840 --> 02:26:57.520 the question? Maybe no, no, no. If you own a 2390 02:26:57.680 --> 02:27:01.200 car and you are paying interest as an individual, you 2391 02:27:01.319 --> 02:27:04.159 can't write it off. The company can own a car 2392 02:27:04.639 --> 02:27:07.200 and write it off i e. The interest payment the 2393 02:27:07.280 --> 02:27:10.799 mortgage of the company can, but not the individual. It's particular. 2394 02:27:11.879 --> 02:27:14.559 I'm not saying it's not a company now that owns 2395 02:27:14.639 --> 02:27:17.520 this car. Let's say this company like this is a 2396 02:27:17.559 --> 02:27:21.760 different entity vehicle. 2397 02:27:21.959 --> 02:27:26.639 Yes, the individual cannot write off any loan apart from 2398 02:27:26.840 --> 02:27:32.559 mortgage interests. It's a simple full stop any other I 2399 02:27:33.920 --> 02:27:34.159 get it. 2400 02:27:34.280 --> 02:27:37.440 So when I'm just probably get what I'm trying to say, 2401 02:27:37.680 --> 02:27:42.120 I'm saying, now this company owns he doesn't own this car, 2402 02:27:42.440 --> 02:27:45.159 but this individual owns. So if the person uses this 2403 02:27:45.399 --> 02:27:48.639 car now to do the business for this company's not 2404 02:27:48.760 --> 02:27:49.159 writing it. 2405 02:27:49.479 --> 02:27:53.600 Can the company right off that expense that is car? 2406 02:27:53.920 --> 02:27:55.920 How can a company write up an experts owned by 2407 02:27:55.959 --> 02:28:03.399 a personal by a person by a person? What's the connection? Again, 2408 02:28:03.760 --> 02:28:05.520 you're trying to ask the question to get an answer 2409 02:28:05.600 --> 02:28:08.360 that you like. What is the content between the company 2410 02:28:08.520 --> 02:28:13.719 and the personal owned car? What's the connection? None? So 2411 02:28:14.040 --> 02:28:16.879 if you the company owns the car, yes, if the 2412 02:28:17.000 --> 02:28:20.200 individual owns the car, no, you can't change the answer 2413 02:28:20.280 --> 02:28:23.120 by asking you get to go. I hear you. You're 2414 02:28:23.159 --> 02:28:25.440 not gonna get different answer. I didn't write the facts flow, 2415 02:28:25.799 --> 02:28:30.600 So let's move on. Are you are you good? Sorry 2416 02:28:30.639 --> 02:28:34.200 about that? The profess are incredible? How incredible? 2417 02:28:37.319 --> 02:28:47.959 So I'm I need to please wants to get psational 2418 02:28:48.040 --> 02:28:48.799 charges content? 2419 02:28:51.479 --> 02:28:53.760 Simple charge? Simple? 2420 02:28:54.239 --> 02:29:00.639 So I mean I had you speak about patras on 2421 02:29:00.760 --> 02:29:01.520 an investments. 2422 02:29:01.760 --> 02:29:04.920 Yeah, so you will to pate money as as an 2423 02:29:04.959 --> 02:29:08.520 individual into your into your accounts. 2424 02:29:08.799 --> 02:29:13.520 Yes, you're not paying yes when you invest I'm invested 2425 02:29:13.559 --> 02:29:16.319 in the company like that, and then I need the 2426 02:29:16.520 --> 02:29:18.680 plan you're paying that from that No. 2427 02:29:18.799 --> 02:29:21.719 So what just that's very clear. If you are an 2428 02:29:21.840 --> 02:29:29.159 individual and you are repatrating money that comes from dividend, interest, 2429 02:29:30.000 --> 02:29:34.040 rent or royalty, then you don't pay tax on that. 2430 02:29:34.360 --> 02:29:36.719 They did not mention salary. So if you work for 2431 02:29:37.239 --> 02:29:41.399 a Facebook in America, the salary from Facebook, they didn't 2432 02:29:41.440 --> 02:29:43.600 mention it. They're saying, if you take your salary from 2433 02:29:43.680 --> 02:29:47.719 Facebook and you buy US Treasury bills, and US Treasury 2434 02:29:47.799 --> 02:29:50.959 bills pay you an interest that interest, you bring it 2435 02:29:51.000 --> 02:29:54.479 to Nigeria, you don't pay tax on it. But for 2436 02:29:54.639 --> 02:29:59.399 a business, if a business exports and gets income, and 2437 02:29:59.559 --> 02:30:02.840 it's true official challenges also not paid packs on it. 2438 02:30:03.000 --> 02:30:10.600 So two differentiations. Individual dividends, rent, royalties and interest. For company, 2439 02:30:10.719 --> 02:30:13.120 it can be anything as long as it comes through 2440 02:30:14.000 --> 02:30:15.479 your approved channels. 2441 02:30:15.520 --> 02:30:21.159 Yeah, again does talk plenty because it is batter with 2442 02:30:21.360 --> 02:30:25.399 something that rand somewhere. So as well as an individual 2443 02:30:25.520 --> 02:30:29.719 working abroad and me in salary and you're being taxed 2444 02:30:29.760 --> 02:30:33.559 about and not, then your tax broad on that salary. 2445 02:30:34.440 --> 02:30:38.879 So you're saying, but that's salary to anglia naa can 2446 02:30:39.920 --> 02:30:45.879 when probably this too countries already that's treaty. Another double position. 2447 02:30:47.680 --> 02:30:50.280 You're asking two different questions. You're asking the first question. 2448 02:30:50.319 --> 02:30:53.319 You didn't mention double taxation. If I'm a double treated, 2449 02:30:53.360 --> 02:30:56.319 then the treaty would suffice. It's not the pack the 2450 02:30:56.440 --> 02:30:58.799 tax law, right, that would be. That's a different thing. 2451 02:30:59.280 --> 02:31:02.200 If you're country has an agreement with France that stays. 2452 02:31:02.239 --> 02:31:04.120 If you work in France you don't pay tax, then 2453 02:31:04.159 --> 02:31:06.440 you will pay tax at the end of story. But 2454 02:31:06.639 --> 02:31:09.879 the law is saying giveing them interest, rent and royalty. 2455 02:31:10.159 --> 02:31:13.600 You didn't mention salary, so specializes included. But it didn't mention. 2456 02:31:13.760 --> 02:31:18.360 I don't say mentions. That's the. 2457 02:31:21.200 --> 02:31:22.079 Double special. 2458 02:31:24.399 --> 02:31:30.159 If I patras that money university, that's point. When you 2459 02:31:30.239 --> 02:31:32.959 repurchase one, then you have I already paid tax on it. 2460 02:31:34.840 --> 02:31:36.879 So it's fine if only paid tax and you're not 2461 02:31:36.959 --> 02:31:40.120 going to avoid the tax. Double tax just simply means 2462 02:31:40.159 --> 02:31:42.559 that if you pay tax in Canada, you've paid tax 2463 02:31:42.600 --> 02:31:44.520 in Nigeria and that's all it is. So if only 2464 02:31:44.559 --> 02:31:46.440 pay the tax. So if no, there's no problem with that. 2465 02:31:48.479 --> 02:31:51.559 What they are what they are saying. What they are saying, 2466 02:31:52.319 --> 02:31:55.600 if you bring in interest in come from America, it 2467 02:31:55.719 --> 02:32:00.600 is tax free, that's what they're saying. But if double 2468 02:32:00.680 --> 02:32:04.479 touched on reason Philip paid tax abroad. All right, so. 2469 02:32:06.719 --> 02:32:08.159 Yeah, thank you to find that question. 2470 02:32:09.479 --> 02:32:13.680 So I, as an individual, I don't live in Nigeria, 2471 02:32:14.479 --> 02:32:18.399 but re purtraces money to my accountments for savilis or 2472 02:32:18.440 --> 02:32:21.639 whatever or a familion kids, do I ask. 2473 02:32:21.520 --> 02:32:26.840 To file No. The way they define in Nigerian, it's 2474 02:32:27.040 --> 02:32:30.680 very simple. You can be in Niger. First of all, 2475 02:32:31.079 --> 02:32:36.799 all your income. If you are in Nigerian resident not 2476 02:32:36.959 --> 02:32:43.159 citizens residents, any income you make world wide is taxable. 2477 02:32:43.760 --> 02:32:48.840 I repeat, if you are in Nigerian residence, any income 2478 02:32:48.959 --> 02:32:51.959 you make world wide is taxable. Let me give you 2479 02:32:51.959 --> 02:32:56.040 an example. Joshua just fought on Saturday, right, and just 2480 02:32:56.600 --> 02:33:01.639 for on Saturday. Jeshua is in Niger and a UK person. 2481 02:33:01.760 --> 02:33:05.159 Let's say he's in Nigerian. Does he spend one than 2482 02:33:05.479 --> 02:33:09.079 three days in Nigeria? No, so the money he ended 2483 02:33:09.079 --> 02:33:12.479 in Saudi Arabia will not be taxed in Nigeria. But 2484 02:33:12.639 --> 02:33:17.479 let's say until Joshua spent two hundred days in Nigeria 2485 02:33:17.879 --> 02:33:21.600 last into Internet six. If he goes to fights in 2486 02:33:21.760 --> 02:33:25.920 Saudi Arabia, the income he makes in Saudi, the fourteen 2487 02:33:25.920 --> 02:33:28.000 million dollars he paid in Saudi, he will pay tax 2488 02:33:28.079 --> 02:33:31.440 on that income to Nigeria because he has spent twenty 2489 02:33:31.479 --> 02:33:35.079 days in Nigeria or less. Say until Joshua does all 2490 02:33:35.120 --> 02:33:39.280 spend a day in Nigeria but maintains his permanent home 2491 02:33:39.399 --> 02:33:42.239 in Nigeria, he will pay tax in Nigeria. Let's say 2492 02:33:42.319 --> 02:33:46.200 he doesn't spend today in Nigeria, does not behome in Nigeria, 2493 02:33:46.719 --> 02:33:51.360 but has huge investment in Nigeria, has a huge family 2494 02:33:51.440 --> 02:33:54.479 in Nigeria. He also paid tax in Nigeria. Let's say 2495 02:33:54.559 --> 02:33:58.239 until Joshua ends money in Saudi Arabia and that income 2496 02:33:58.680 --> 02:34:03.360 will not be taxed in UK. Niger were taxing. So 2497 02:34:03.520 --> 02:34:07.079 the residency is clarifying. If you are in a resident, 2498 02:34:07.120 --> 02:34:11.559 they don't care about your citizenship. They care about your residency. 2499 02:34:12.040 --> 02:34:15.479 If you live in Niger for more than one three days, 2500 02:34:16.040 --> 02:34:18.760 that makes you a resident. And if you're a resident, 2501 02:34:18.920 --> 02:34:23.840 you don't pay personal income tax to the Nigerian tax authority. 2502 02:34:24.360 --> 02:34:31.600 Makes sense, Yeah, clear, just I just need to be clear. 2503 02:34:32.000 --> 02:34:36.920 So as a non residents citizens live in that broad 2504 02:34:38.319 --> 02:34:42.120 living with the country where there's a double taxes on treaty. Yeah, 2505 02:34:42.239 --> 02:34:46.040 you only be purchased the way home and the end 2506 02:34:46.120 --> 02:34:48.319 of the year you don't have to file because they're not. 2507 02:34:48.360 --> 02:34:51.200 Supposed to be tax right, correct, you're not filed because 2508 02:34:51.200 --> 02:34:53.040 you're not supposed to pay tax whever are giving the 2509 02:34:53.120 --> 02:34:56.559 money to. If you're giving an individual that you don't 2510 02:34:56.600 --> 02:34:59.639 have to file. If you are buying shares that company 2511 02:34:59.680 --> 02:35:02.120 will be told we'll do we're told in tax receipts 2512 02:35:02.159 --> 02:35:06.520 on that your investment. Yes, but you that's doing the remittance, 2513 02:35:06.639 --> 02:35:10.520 you should be fine if you qualify it doesn't have qualifications. 2514 02:35:10.600 --> 02:35:14.959 Happen here? Yeah, thank you, Yeah, welcome man. Yeah, let's 2515 02:35:15.000 --> 02:35:17.639 get while here. We got to go guys our while ben, 2516 02:35:17.879 --> 02:35:20.479 how long do we have? Hardstop is going to be 2517 02:35:20.920 --> 02:35:29.760 about twenty minutes? And had stop is not ready? Yes, 2518 02:35:29.840 --> 02:35:39.319 let's get Kingsley Kingsley eBay h So please no one 2519 02:35:40.120 --> 02:35:44.719 signing most of all that, imagine. So I want to 2520 02:35:44.799 --> 02:35:49.319 know if you are supposed to pay on the profits? Yes, now, 2521 02:35:52.680 --> 02:35:54.799 if it's profit, you pay tax on the profit now 2522 02:35:57.159 --> 02:36:04.600 as a simple one. Now, Oh, I tried to ask 2523 02:36:04.639 --> 02:36:07.159 that because you made the property the loan, you shouldn't 2524 02:36:07.159 --> 02:36:12.440 pay tax. No, you you you pay nets. You pay 2525 02:36:12.559 --> 02:36:17.639 profit on net net income only if you're a company, 2526 02:36:18.000 --> 02:36:21.520 if you're buying shares in your personal name. And it 2527 02:36:21.600 --> 02:36:27.479 is not a collective investment skin they're gonna pay tax, right, 2528 02:36:27.559 --> 02:36:31.920 that's a simple one. Yeah, all right, good investment for you. 2529 02:36:32.120 --> 02:36:38.120 I will lay ub. Are you ready to speak our 2530 02:36:38.520 --> 02:36:44.600 married Let's get to bury to bury to bury money business. 2531 02:36:44.760 --> 02:37:02.639 That's question for the sake of its familiar. 2532 02:37:05.000 --> 02:37:06.920 So my rest is that I'm going the business. 2533 02:37:07.959 --> 02:37:12.600 So what Syle believes are the same thing is a 2534 02:37:12.959 --> 02:37:14.479 legal leads you that will. 2535 02:37:14.280 --> 02:37:18.399 Not make me to avoid the tasks as a see 2536 02:37:18.479 --> 02:37:19.280 you because. 2537 02:37:19.159 --> 02:37:20.440 Number the business of. 2538 02:37:23.000 --> 02:37:25.760 Yeah, better way with maybe when I have the very 2539 02:37:25.799 --> 02:37:28.639 beginning we clarify those things that you have to do, 2540 02:37:29.319 --> 02:37:32.760 and they're very very easy to to find online. They 2541 02:37:32.799 --> 02:37:35.959 about five of them. And number one, you have to 2542 02:37:36.120 --> 02:37:39.680 pay pension. Contribute to your pensioning from act your retirement 2543 02:37:39.680 --> 02:37:43.520 servis accounts contribute there. And number two if you pay 2544 02:37:43.680 --> 02:37:46.719 for if you pay for life insurance for yourself and 2545 02:37:46.799 --> 02:37:51.040 your spouse, that's number two. Number three n H I 2546 02:37:51.280 --> 02:37:55.959 S and NH larger housing fund mortgage interest. Of course 2547 02:37:56.000 --> 02:38:00.799 it's also the doctor from your your paycheck, from your taxes, 2548 02:38:00.879 --> 02:38:03.639 and of course rents. Rent is capped at five thousand, 2549 02:38:04.040 --> 02:38:06.680 twenty percent or whatever you're rented. So this is all 2550 02:38:06.760 --> 02:38:09.360 if you just google what a tax exempt. 2551 02:38:09.239 --> 02:38:09.719 To give it to you. 2552 02:38:09.959 --> 02:38:12.239 We're just trying to add more color to distance. And 2553 02:38:12.600 --> 02:38:14.639 like I said, the only thing that to me that 2554 02:38:14.760 --> 02:38:19.559 allows you more, should we say flexibility is the pension side, 2555 02:38:19.600 --> 02:38:22.559 the additional due contributions, because there you can do much 2556 02:38:22.639 --> 02:38:25.399 much more. You can do more and you can withdraw 2557 02:38:25.520 --> 02:38:28.120 more after five years. So our advice that you go 2558 02:38:28.239 --> 02:38:30.440 back and into the recording or you go on and 2559 02:38:30.559 --> 02:38:33.120 I got put this in there give you just much more. Yeah, 2560 02:38:34.680 --> 02:38:38.239 thank you much welcome. Let's let me get gentlemen. 2561 02:38:38.920 --> 02:38:39.399 Is is. 2562 02:38:41.159 --> 02:38:45.879 This or itch is on? It is a right? It 2563 02:38:46.280 --> 02:38:49.280 is on that all right? It isn't Red's get if 2564 02:38:49.360 --> 02:38:54.600 fram if fram or her rousic that's the kay different. 2565 02:38:56.239 --> 02:38:58.200 Look look how are you doing now? 2566 02:39:00.760 --> 02:39:03.959 Verment? No, my question is I have to press. 2567 02:39:05.840 --> 02:39:10.479 I'm an ecologist and like fils, I don't have my 2568 02:39:10.600 --> 02:39:11.319 little spiture. 2569 02:39:12.760 --> 02:39:18.680 I I get fish it because I have a special 2570 02:39:19.120 --> 02:39:19.639 like there. 2571 02:39:21.840 --> 02:39:24.079 And pay money into my accounts. 2572 02:39:24.719 --> 02:39:27.079 I have those fitures that I use, so I pick 2573 02:39:27.159 --> 02:39:31.280 your spiritual, I pay my gendors and pay everybody after 2574 02:39:31.479 --> 02:39:32.200 your transaction. 2575 02:39:32.879 --> 02:39:37.959 Please, how can I not be this this boxt do 2576 02:39:38.079 --> 02:39:41.520 you have a are you are you paying individual or 2577 02:39:41.680 --> 02:39:44.200 do you have a business that is on the business. 2578 02:39:45.399 --> 02:39:46.719 You know, I don't. 2579 02:39:46.879 --> 02:39:49.479 I want to consent to my personal account. 2580 02:39:49.600 --> 02:39:52.239 Okay, now, so you number one thing you have to 2581 02:39:52.319 --> 02:39:55.159 do tomorrow is set up a business for this activity 2582 02:39:55.239 --> 02:39:58.600 that you're doing. Why because all the all the petrol 2583 02:39:58.719 --> 02:40:00.840 you used to go from a supposed to the hospital. 2584 02:40:01.719 --> 02:40:04.079 You can't write it off if you have a business. 2585 02:40:04.879 --> 02:40:07.840 So you have to set up a business tomorrow to 2586 02:40:08.000 --> 02:40:12.159 do this state activity so that all your income comes 2587 02:40:12.200 --> 02:40:15.319 to your business and all your expenses also go to 2588 02:40:15.440 --> 02:40:18.719 your business. That's going to be your The easiest thing 2589 02:40:18.760 --> 02:40:21.040 to do. The rest, of course, is going to be 2590 02:40:21.120 --> 02:40:24.479 this year getting your open up. Have a passion account. 2591 02:40:24.520 --> 02:40:28.319 I haven't a passion account, brother, pasion account, life insurance 2592 02:40:28.479 --> 02:40:30.639 all that I walk with. 2593 02:40:32.239 --> 02:40:40.040 On the other time, I have my pensionary. Another wrest 2594 02:40:40.079 --> 02:40:40.319 of them. 2595 02:40:40.360 --> 02:40:40.680 That's it. 2596 02:40:40.719 --> 02:40:41.600 There I walked up to. 2597 02:40:44.079 --> 02:40:45.879 And I told them that I want to. 2598 02:40:47.479 --> 02:40:48.639 Start from making. 2599 02:40:48.760 --> 02:40:52.959 Extract on top of my pension and the WEF I'm doing. 2600 02:40:57.040 --> 02:40:59.799 Don't don't know what they're talking about. So go to 2601 02:41:00.079 --> 02:41:02.879 new PFA. You can make as you know that think 2602 02:41:02.879 --> 02:41:05.399 you can make up to one head of your income 2603 02:41:05.559 --> 02:41:07.799 in addition to your account, so you can do an 2604 02:41:07.840 --> 02:41:12.559 additional voluntary contribution. Advice you do that because it to 2605 02:41:12.719 --> 02:41:16.120 remove your it to reduce your taxable income above the line. 2606 02:41:16.520 --> 02:41:18.639 With mean that as a doctor, you should be paying 2607 02:41:18.680 --> 02:41:22.079 a lot of taxes. But when you do additional voluntary contribution, 2608 02:41:22.360 --> 02:41:27.000 you are bringing your tax income lower, not just expenses 2609 02:41:27.040 --> 02:41:31.079 you have bringing your income lower. So you're definitely about 2610 02:41:31.079 --> 02:41:33.559 to do additional country contributionionalized think you should do that. 2611 02:41:34.200 --> 02:41:36.120 So I was saying in terms of order, go rest 2612 02:41:36.159 --> 02:41:39.120 of the company tomorrow, go to your PFE. They tell 2613 02:41:39.120 --> 02:41:41.000 you the same thing. Go to a new PFA, do 2614 02:41:41.120 --> 02:41:44.879 additional country contributions. Then think about how you can also 2615 02:41:45.159 --> 02:41:49.799 in your business capture all the expenses to reduce your taxes. 2616 02:41:49.920 --> 02:41:51.159 That's all you should do, sir. 2617 02:41:53.159 --> 02:41:55.760 So my second question now is. 2618 02:41:59.239 --> 02:42:00.399 He's left Now. 2619 02:42:02.639 --> 02:42:07.200 I want to know exactly peculiarity I ended absolute popularity. 2620 02:42:07.479 --> 02:42:13.639 So transitation that goes to the hospital to an hospital 2621 02:42:14.239 --> 02:42:15.520 because acting. 2622 02:42:15.280 --> 02:42:16.799 Now and you have six straight. 2623 02:42:16.760 --> 02:42:18.760 Head care and such a service. 2624 02:42:18.680 --> 02:42:21.319 Doesn't it doesn't want it doesn't matter for you because 2625 02:42:21.360 --> 02:42:24.680 if you're not the hospital and yes, so if. 2626 02:42:24.840 --> 02:42:28.159 Because I because the easiest for me to do is 2627 02:42:28.479 --> 02:42:29.719 to set up an hospital. 2628 02:42:30.559 --> 02:42:35.719 You see pay tax, so okay, the hospital sleep pays tax. 2629 02:42:36.200 --> 02:42:36.879 Everybody pays. 2630 02:42:37.280 --> 02:42:41.760 I have friends and friends who own hospitals and they 2631 02:42:41.879 --> 02:42:44.239 say that they don't they don't. 2632 02:42:44.120 --> 02:42:46.600 Pay tax like the tax that I just to pay 2633 02:42:47.200 --> 02:42:47.520 for the. 2634 02:42:47.600 --> 02:42:52.600 Start the personal little comptext of the staff there. 2635 02:42:52.840 --> 02:42:58.159 But government to look away from me because the younglement reads. 2636 02:42:58.479 --> 02:43:00.159 Headcres that. 2637 02:43:01.680 --> 02:43:06.040 That's false. Especially going forward. Everybody has to pay income tact. 2638 02:43:07.040 --> 02:43:10.799 Everybody's gonna pay in contact. So that's false. If you 2639 02:43:10.959 --> 02:43:14.760 if you when you pay, when you pay salaries, the 2640 02:43:15.120 --> 02:43:19.600 hospital would reduce it taxes. Then the staff that received 2641 02:43:19.639 --> 02:43:26.959 his salary have got to go and file personal income taxes. Yes, sir, 2642 02:43:28.159 --> 02:43:31.040 all right, you gotta let you go. You're very welcome. 2643 02:43:31.200 --> 02:43:31.399 Yep. 2644 02:43:32.120 --> 02:43:42.639 Let's get my senior father to mar h mar berle Inge. Sir. 2645 02:43:42.799 --> 02:43:46.840 How are you doing today? I'm doing a nice speaking 2646 02:43:46.920 --> 02:43:50.239 with same here air. How can I be a sister sir? 2647 02:43:50.280 --> 02:43:51.200 How can I help today? 2648 02:43:51.639 --> 02:43:53.920 Okay? The question I want to ask, let me be 2649 02:43:55.799 --> 02:43:59.719 I registered. My accompany is two thousand and ten bits. 2650 02:44:00.040 --> 02:44:02.120 To be candid, I've not paid tax before. 2651 02:44:02.760 --> 02:44:06.719 So my question now you advice I continue with this 2652 02:44:06.879 --> 02:44:10.399 compaign because I don't want to have issue with taxman, 2653 02:44:10.600 --> 02:44:14.360 or I really say start all over again and start. 2654 02:44:16.799 --> 02:44:18.520 It's a difficult question because I'm not the f I 2655 02:44:18.639 --> 02:44:20.159 R S right. What I would say is that if 2656 02:44:20.200 --> 02:44:22.520 you start to pay your real taxes from to internec, 2657 02:44:22.680 --> 02:44:24.520 I think it will be fine. I think it will 2658 02:44:24.520 --> 02:44:27.520 be fine. You know, they give the tax, they give 2659 02:44:27.559 --> 02:44:30.799 it a tax what's it called tax holiday or tax 2660 02:44:31.120 --> 02:44:33.799 when they give you like amnesty, even tax amnesty a 2661 02:44:33.879 --> 02:44:35.920 few years ago. Maybe should have taken advantage of that. 2662 02:44:36.680 --> 02:44:39.159 But I suspect in my hat that if you start 2663 02:44:39.239 --> 02:44:42.239 from to entiney six I start to pay your real 2664 02:44:42.479 --> 02:44:45.040 tax will be fine. I can't I can of course 2665 02:44:45.079 --> 02:44:48.079 guarantee that, but I will say start if you think 2666 02:44:48.120 --> 02:44:50.879 it's bad instead of a new company, doesn't cost you 2667 02:44:51.000 --> 02:44:53.479 more money. But I suspected just start off on your own, 2668 02:44:54.079 --> 02:44:56.319 they would accept that from you. So that's why I suspect. 2669 02:44:56.399 --> 02:45:02.799 Yeah, okay, guys, I want to because you know THEO 2670 02:45:03.639 --> 02:45:14.040 and that's. 2671 02:45:09.000 --> 02:45:11.719 Why we're doing this. That's why I'm trying to give 2672 02:45:11.719 --> 02:45:13.719 a lot of mention because we can't say we we 2673 02:45:13.879 --> 02:45:16.559 we know it's not a strategy. You have to say no, 2674 02:45:16.760 --> 02:45:19.520 what is in the law, then that say this is 2675 02:45:19.600 --> 02:45:22.319 what I can I can used to get around the law. 2676 02:45:22.440 --> 02:45:25.159 That's what I'm saying. So we try to do this 2677 02:45:25.280 --> 02:45:31.280 to help people that want to pay taxes. Exactly. Okay, fantastic, 2678 02:45:32.000 --> 02:45:35.079 You're very welcome, Thanks so much. All right, so let's 2679 02:45:35.120 --> 02:45:40.799 get yeah, let's get smart pro peace, smart pro printers, 2680 02:45:40.879 --> 02:45:41.440 smart pro. 2681 02:45:45.319 --> 02:45:51.200 You doing so, thank you for this opportunity and thinking 2682 02:45:53.000 --> 02:45:55.040 to unite about this as. 2683 02:45:56.479 --> 02:45:59.680 My question is not normal to question? 2684 02:46:00.079 --> 02:46:00.840 First is. 2685 02:46:02.760 --> 02:46:05.280 I don't know if you have already explained, because I 2686 02:46:05.319 --> 02:46:09.559 actually can relate before you've already started. 2687 02:46:09.440 --> 02:46:10.840 Life before I joined. 2688 02:46:11.280 --> 02:46:14.520 So I want to ask if I received a dividend from. 2689 02:46:16.120 --> 02:46:16.159 That. 2690 02:46:16.319 --> 02:46:17.120 I both. 2691 02:46:22.639 --> 02:46:26.200 Concrete on the. 2692 02:46:29.079 --> 02:46:32.520 It has got to be the very mute you. It's 2693 02:46:32.520 --> 02:46:36.040 got to be a collective investment scheme to avoid taxes 2694 02:46:36.159 --> 02:46:38.600 personal income taxes. So if you if you buy from 2695 02:46:38.680 --> 02:46:43.360 a collective investment scheme, right then those are exams collect 2696 02:46:43.440 --> 02:46:46.760 investment scheme. If you just buy normal, you're gonna pay 2697 02:46:46.799 --> 02:46:49.600 tax on that. So yeah, the law is saying I 2698 02:46:49.680 --> 02:46:53.799 can rid your exact law. It's saying you have to 2699 02:46:53.879 --> 02:46:56.440 buy from a collect investments or the worm if you 2700 02:46:56.559 --> 02:47:00.200 just buy the individual stockes income or that dividend be 2701 02:47:00.840 --> 02:47:06.440 assessors in common and you pay tax on that. Does 2702 02:47:06.520 --> 02:47:10.840 that make sense? Okay? I think it's gonna start for you. 2703 02:47:11.079 --> 02:47:12.840 Are you okay with the answer? Do you hear me? 2704 02:47:14.760 --> 02:47:16.680 All right? I think it's dropped off. All right, let's 2705 02:47:16.719 --> 02:47:26.479 get Mary and and will you you guys guys have 2706 02:47:26.559 --> 02:47:26.879 to help me. 2707 02:47:29.360 --> 02:47:32.799 Thank you for the information you're sharing. And I have 2708 02:47:32.959 --> 02:47:34.000 about three questions. 2709 02:47:34.639 --> 02:47:37.959 He has to do. One with the last person that asked. 2710 02:47:37.799 --> 02:47:43.239 Questions about dividend taxes. I thought that way you buy share. 2711 02:47:43.040 --> 02:47:47.159 Their company and you paid dividend, that they already what 2712 02:47:47.399 --> 02:47:50.799 is called with holding task that is already doubted automatic 2713 02:47:50.920 --> 02:47:53.479 from the divid and before it gets to your account. 2714 02:47:54.399 --> 02:47:57.399 Yes, yes, it's an exemption. They want to encourage to 2715 02:47:57.479 --> 02:48:00.719 buy share. So if you buy through a collecting men's scheme, 2716 02:48:01.399 --> 02:48:02.360 no way to tax. 2717 02:48:04.000 --> 02:48:07.600 But if you buy through a broker when you didn't expect. 2718 02:48:07.360 --> 02:48:09.079 To you, it's not already. 2719 02:48:08.760 --> 02:48:09.680 Withhold before you. 2720 02:48:10.079 --> 02:48:15.719 Yes, but through a collective investment scheme or the collective Okay, 2721 02:48:15.840 --> 02:48:19.120 So if you buy directly, if you buy the stock individually, 2722 02:48:19.239 --> 02:48:21.959 you pay tax. If you just buy mutual phone and 2723 02:48:22.159 --> 02:48:28.399 ETF press, private equity, venture capital, you don't pay okay. 2724 02:48:28.559 --> 02:48:32.799 Okay direct Then my other two versions of the second 2725 02:48:32.879 --> 02:48:36.479 one is is the station where you invest in Nigeria, 2726 02:48:36.760 --> 02:48:41.000 where you invest in equipments. For instance, you you spend 2727 02:48:41.079 --> 02:48:44.719 money in Europe and shift some trucks to Nigeria to operate. 2728 02:48:45.719 --> 02:48:49.760 And I understand that you pay a company tax from. 2729 02:48:49.719 --> 02:48:52.079 The proceeds of those businesses. 2730 02:48:52.559 --> 02:48:56.440 But is there any tax benefits the fact that you 2731 02:48:56.959 --> 02:49:00.440 invested these equipments, invested in some of money through. 2732 02:49:00.559 --> 02:49:04.879 These equipment that you of course, if you do it 2733 02:49:04.959 --> 02:49:08.879 as a company, you get to write out all the expenses. 2734 02:49:09.000 --> 02:49:11.600 If you pay important duty, you write it out. If 2735 02:49:11.639 --> 02:49:15.239 you pay you write it out. If you have that 2736 02:49:15.360 --> 02:49:17.879 as an investment, you can also you might you may 2737 02:49:17.959 --> 02:49:20.600 be able to claim capital loss on that. I'm not 2738 02:49:21.000 --> 02:49:24.159 just saying so, of course you claim all the expenses 2739 02:49:24.600 --> 02:49:28.479 because youre is in that truck to do business in Nigeria. Yes, 2740 02:49:28.559 --> 02:49:31.680 you can claim the expenses. They are taxing your net profit, 2741 02:49:31.879 --> 02:49:32.760 not your turnover. 2742 02:49:33.559 --> 02:49:33.840 Okay. 2743 02:49:33.920 --> 02:49:39.280 So, and then they have a cap for year deductions 2744 02:49:39.440 --> 02:49:41.319 or is it over five years? 2745 02:49:42.360 --> 02:49:45.479 No, If you make profits, you pay income. That's it. 2746 02:49:46.680 --> 02:49:50.559 If you make if you make profit, then you pay income. 2747 02:49:51.799 --> 02:49:54.239 Okay, if you make profit then so how do you 2748 02:49:54.319 --> 02:49:55.239 get the adoptions? 2749 02:49:55.280 --> 02:49:58.319 Then when you when you file your expenses, you put 2750 02:49:58.360 --> 02:50:02.040 the deductions there. You write it, these are the costs 2751 02:50:02.200 --> 02:50:06.239 I used to make my profit. You write that out 2752 02:50:07.360 --> 02:50:12.000 your turnover. Okay, go ahead, your tourno less your expenses 2753 02:50:12.079 --> 02:50:15.520 is your gross gross, less taxes your net income. That's 2754 02:50:15.559 --> 02:50:17.520 what they're taxing. They're taxing your gross. 2755 02:50:18.159 --> 02:50:19.959 Yeah, okay, thank you. 2756 02:50:20.200 --> 02:50:24.120 And the last question is you're running this business. Obviously 2757 02:50:24.399 --> 02:50:29.399 you have a operationals and maybe rental. 2758 02:50:29.840 --> 02:50:31.399 You get to write those as well. 2759 02:50:31.920 --> 02:50:36.680 Correct. So the language is any any any expense used 2760 02:50:37.600 --> 02:50:42.959 wholly and exclusively to generate income can be written enough. 2761 02:50:43.680 --> 02:50:48.280 So if I if I have a school and I 2762 02:50:48.399 --> 02:50:52.639 go and buy a Lamborghini, I can't write that Lamborghini 2763 02:50:52.799 --> 02:50:55.559 off because that Lamborghini is not needed by the school. 2764 02:50:57.120 --> 02:51:01.079 But if I have if I'm the video, I needn't 2765 02:51:01.120 --> 02:51:04.120 like a Lamborghini to do my home video. So yeah, 2766 02:51:04.159 --> 02:51:06.280 I can write a Lamborghini. Or it has to be 2767 02:51:06.479 --> 02:51:10.920 exclusive to the business, not every expense. If you are 2768 02:51:11.600 --> 02:51:14.319 if you're a farmer, yes, and you are going to 2769 02:51:14.399 --> 02:51:17.600 a bucher, you rent private jet there they'll ask you 2770 02:51:17.719 --> 02:51:21.040 why private jets or what's wrong with flying first class 2771 02:51:21.200 --> 02:51:23.959 or whatever. But if you are a billionaire, you know, 2772 02:51:24.079 --> 02:51:25.719 and you are writing a private jet, you can say 2773 02:51:25.760 --> 02:51:27.840 for your security, you want to be flying. You know, 2774 02:51:28.200 --> 02:51:32.520 it's all has to be holy and exclusive to the 2775 02:51:32.719 --> 02:51:37.239 production of that income. You just can't good, you can't. 2776 02:51:37.399 --> 02:51:40.680 You can't be a farmer in a bell cutter. Then 2777 02:51:40.799 --> 02:51:44.120 go for summer holiday in Greece and right off the 2778 02:51:44.479 --> 02:51:47.200 holiday in Greece as an expense, no but a waiting 2779 02:51:47.280 --> 02:51:52.399 concern Greece and a bell cutter. But but if they're 2780 02:51:52.559 --> 02:51:59.120 holding a conference in Greece on new seeds for cocoa, 2781 02:51:59.360 --> 02:52:02.079 and you go to agrees to attend that conference for 2782 02:52:02.280 --> 02:52:05.760 new season cuckoo, then you go to the beach, you swim, 2783 02:52:06.120 --> 02:52:09.319 you do all that stuff. You can write that conference 2784 02:52:09.479 --> 02:52:14.440 off as the cost of doing business in makes sense, 2785 02:52:17.479 --> 02:52:22.159 then a lot towards American as well. That is correct. 2786 02:52:22.639 --> 02:52:26.559 It's very similar to the American system of self assessment. 2787 02:52:26.879 --> 02:52:27.319 And all that. 2788 02:52:27.680 --> 02:52:31.799 They're going to introduce small things. There's no basis if 2789 02:52:32.440 --> 02:52:34.879 if an American. If I say it business, no business 2790 02:52:34.959 --> 02:52:40.000 means there's no business here because it's too complex Nigerians 2791 02:52:40.040 --> 02:52:43.120 cannot do business with so I think down the line though, 2792 02:52:43.159 --> 02:52:46.399 introduce business to answer if you mean things, but you 2793 02:52:46.479 --> 02:52:49.479 can if you know American tax law, you see where 2794 02:52:49.559 --> 02:52:54.239 they are going to do this. Yeah, very correct, thanks 2795 02:52:54.280 --> 02:52:59.120 to Let's get also offer the ultimate offer, the ultimate 2796 02:53:00.120 --> 02:53:03.479 gotta go guys, I gotta go eat. I don't yeah. 2797 02:53:05.639 --> 02:53:08.319 I can hear you talking about ten minutes. Can hear you? Yeah? 2798 02:53:08.479 --> 02:53:12.719 Okay, okay, thank you. I have to praise the first 2799 02:53:12.840 --> 02:53:13.559 question is that. 2800 02:53:15.479 --> 02:53:19.959 If someone in salary and then because we already know 2801 02:53:20.159 --> 02:53:25.200 that before companies praying but already that's from it. And 2802 02:53:25.360 --> 02:53:30.280 then your income is still above eight hundred key ye 2803 02:53:30.719 --> 02:53:34.520 are you going to pay first nine contacts from that ending. 2804 02:53:34.440 --> 02:53:39.799 That you a salary? First question salary, yes, yes you pay, Yes, 2805 02:53:40.239 --> 02:53:43.920 any income above it you paying come personally contacts? 2806 02:53:45.879 --> 02:53:47.719 Okay okay. 2807 02:53:47.799 --> 02:53:52.120 Then my second quest that I in charge of prop 2808 02:53:52.280 --> 02:53:55.159 on in the office and my finals guy, I've been 2809 02:53:55.239 --> 02:53:58.440 telling me that from next year if you're bringing the 2810 02:53:58.559 --> 02:54:01.959 retail from fires. 2811 02:54:01.799 --> 02:54:08.360 So whether you're buying from it, so, I don't really 2812 02:54:08.520 --> 02:54:09.680 understand what you mean. 2813 02:54:09.879 --> 02:54:15.799 Does you mean that every company that them from generality 2814 02:54:15.920 --> 02:54:23.000 from FIUs or approve number for the company to the receipt. 2815 02:54:23.239 --> 02:54:24.639 That's the conquiestion. 2816 02:54:25.000 --> 02:54:27.360 No, I don't think it's a recist from fire Rest, 2817 02:54:27.440 --> 02:54:30.879 but I think that you have to make sure that 2818 02:54:31.000 --> 02:54:33.200 who you are buying from my advice, this is my 2819 02:54:33.319 --> 02:54:40.319 advice has a vatable license because if you buy good 2820 02:54:40.520 --> 02:54:45.319 from someone that is not vatible right and is supposed 2821 02:54:45.360 --> 02:54:49.399 to pay with that, you cannot claim that good and 2822 02:54:49.680 --> 02:54:52.719 services as a cost of doing business if it's that 2823 02:54:53.040 --> 02:54:56.879 an import duties. Let's say you buy a boss the 2824 02:54:57.040 --> 02:54:59.239 present bringing the boss into my gas supposed to have 2825 02:54:59.319 --> 02:55:02.360 paid imput duty. Let's say he brought that boss through, 2826 02:55:02.440 --> 02:55:04.920 but I agree he didn't pay taxes. If you buy 2827 02:55:05.040 --> 02:55:08.360 that bus, you cannot claim that boss as an expense 2828 02:55:08.520 --> 02:55:11.600 in your company. That's maybe where he's going to the air. 2829 02:55:11.680 --> 02:55:14.959 Fire is also asking people to try and get digital 2830 02:55:15.120 --> 02:55:20.879 that try to digitize your payment, your preferred digitization. So 2831 02:55:21.040 --> 02:55:23.079 they're also saying that that's maybe that's what you're also 2832 02:55:23.159 --> 02:55:26.280 saying that make sure that the company is either going 2833 02:55:26.360 --> 02:55:28.719 to get the digital or is telling towards that side. 2834 02:55:28.719 --> 02:55:32.280 They don't want cash or paper, they prefer digital. Because 2835 02:55:32.360 --> 02:55:35.559 going forward, you just come to your company plugging the 2836 02:55:36.559 --> 02:55:39.520 competency your company and download your transactions. That's what you're 2837 02:55:39.520 --> 02:55:40.799 going to go to. That's what he's trying to say. 2838 02:55:40.879 --> 02:55:45.639 Yeah, okay, okay, thank you so much. 2839 02:55:45.879 --> 02:55:50.040 Welcome, thank you for I appreciate you your lo lo 2840 02:55:50.319 --> 02:55:53.680 of your life. Catch them out of your life? Are you? 2841 02:55:55.799 --> 02:56:02.559 I you know, I'm trying to bunch of good people. 2842 02:56:03.840 --> 02:56:04.760 So I listened to. 2843 02:56:05.760 --> 02:56:16.319 Everything that he says. He's anybody any doing talk don't yourself? 2844 02:56:16.440 --> 02:56:24.040 So yes I can. 2845 02:56:26.079 --> 02:56:27.000 He said anybody. 2846 02:56:29.159 --> 02:56:35.520 I said that. I said, anybody. Everybody has got to file, 2847 02:56:35.760 --> 02:56:39.120 whether you and or you don't. You said you got 2848 02:56:39.159 --> 02:56:39.879 to fire out. 2849 02:56:40.159 --> 02:56:43.559 Then we talked to the correct about. 2850 02:56:44.959 --> 02:56:50.120 Christian is like you know, I'm talking about most of 2851 02:56:50.200 --> 02:56:56.520 what the most Irans question. I'm talking about living large 2852 02:56:56.760 --> 02:57:01.879 their own videos to do this companient U I. 2853 02:57:02.000 --> 02:57:06.680 Normally I'm callings took out a reading down. 2854 02:57:08.559 --> 02:57:10.600 Of course I belonged to that round. 2855 02:57:11.399 --> 02:57:15.840 Uh So I was at this question that yes me, I, 2856 02:57:16.399 --> 02:57:17.920 for example, lets you have this problem. 2857 02:57:17.959 --> 02:57:21.120 I have a got son of liking a show and 2858 02:57:21.239 --> 02:57:21.920 the lovely. 2859 02:57:21.719 --> 02:57:24.959 Show where I let's have your one. 2860 02:57:26.000 --> 02:57:29.399 Let's I had like the three problems I'm just think about. 2861 02:57:29.440 --> 02:57:32.239 I'm like three p people is working at spend places 2862 02:57:33.120 --> 02:57:37.079 you know, doing this uh cash con turn to and. 2863 02:57:38.559 --> 02:57:41.000 During the election time people wished to. 2864 02:57:41.159 --> 02:57:42.280 Open and. 2865 02:57:43.879 --> 02:57:47.200 I gotta gotta get to your question really quick. What's 2866 02:57:47.239 --> 02:57:47.600 the question? 2867 02:57:48.760 --> 02:57:51.440 So this I got like you are my boys to 2868 02:57:51.559 --> 02:57:58.040 walk like okay now for them like afully lest to 2869 02:57:58.520 --> 02:57:59.680 for the month? 2870 02:58:00.600 --> 02:58:01.760 You know that? 2871 02:58:03.120 --> 02:58:03.319 Yeah? 2872 02:58:03.520 --> 02:58:07.399 That the hopey argue that and I listened u uh 2873 02:58:08.360 --> 02:58:10.399 that I lit be more than will send. 2874 02:58:10.239 --> 02:58:13.120 You the record. But I used to chat there. 2875 02:58:13.680 --> 02:58:15.639 Okay, well you know what's what's the question? 2876 02:58:17.000 --> 02:58:17.079 Now? 2877 02:58:17.159 --> 02:58:21.840 The question is that how can inspire? But because I 2878 02:58:21.959 --> 02:58:27.440 can't page, that's not accounts, it's not account that age 2879 02:58:27.959 --> 02:58:31.200 whenever I come to my company the contron called the 2880 02:58:31.360 --> 02:58:31.920 really show. 2881 02:58:32.159 --> 02:58:35.280 Whenever I consume the JOS is a personal account, so 2882 02:58:35.399 --> 02:58:39.479 receive your money right to send still to businesses. And 2883 02:58:39.559 --> 02:58:43.680 I know you want we want to person to really competition. 2884 02:58:44.159 --> 02:58:46.879 So I got to find past one show. 2885 02:58:46.719 --> 02:58:48.719 You that I let the charge on C I s 2886 02:58:48.959 --> 02:58:49.639 the g. 2887 02:58:51.200 --> 02:58:54.799 How candid the parts is later too much? 2888 02:58:56.079 --> 02:59:01.360 Also? Yeah, so if if you're a bob, I know 2889 02:59:01.440 --> 02:59:03.520 we're sending here at every every organize