WEBVTT 1 00:00:01.000 --> 00:00:05.879 Well, so welcome guys to another money space with me Carlujah. 2 00:00:05.919 --> 00:00:08.880 Of course, on this space we're talking money, the economy, 3 00:00:09.080 --> 00:00:14.400 and of course finance. We are here every weekend Sunday, 4 00:00:15.480 --> 00:00:17.640 seven pm West, happening time. 5 00:00:18.320 --> 00:00:20.399 What we take those finance topics and don't make it 6 00:00:20.440 --> 00:00:21.920 easy for you this. 7 00:00:22.039 --> 00:00:25.480 Week, I'm going forward for every week in the month, 8 00:00:25.679 --> 00:00:28.039 right like one week in the month we're talking about 9 00:00:28.120 --> 00:00:34.679 our weld series. So we've defined world as an acroadym. 10 00:00:34.759 --> 00:00:37.719 I have to allow us have a topic where folks 11 00:00:37.799 --> 00:00:40.920 can come in with questions, can ask those questions and 12 00:00:40.960 --> 00:00:44.439 then get to replies, just basic stuff. Because one thing 13 00:00:44.479 --> 00:00:47.880 that attacks debate has taught me I think I knew 14 00:00:47.960 --> 00:00:52.000 this earlier was it's just a big gulf in Nigeria 15 00:00:52.600 --> 00:00:54.320 around personal finance. 16 00:00:54.479 --> 00:00:56.439 What we think is small and that. 17 00:00:56.520 --> 00:00:58.960 Everyone knows not a lot of people know it to 18 00:00:59.079 --> 00:01:03.000 understand it. So there's a lot of you know, knowledge 19 00:01:03.039 --> 00:01:05.799 gaps out there that we want to try to feel. 20 00:01:06.159 --> 00:01:08.480 So I want to have at least one of these 21 00:01:08.519 --> 00:01:11.840 spaces one week in a month where we're just talking 22 00:01:11.879 --> 00:01:17.359 around personal finance. That's going to be accessful abilities, debts, taxes, 23 00:01:17.519 --> 00:01:19.799 all that stuff that is you we're hearing about and 24 00:01:19.840 --> 00:01:21.159 it's all new to us. 25 00:01:21.840 --> 00:01:24.439 Look at the tax protectors come out. 26 00:01:25.120 --> 00:01:28.040 Nothing really new really if you if you live seeing 27 00:01:28.000 --> 00:01:31.079 in America in the West, nothing they're saying is really 28 00:01:31.079 --> 00:01:31.719 really new. 29 00:01:32.280 --> 00:01:34.359 But in Nigeria is so whole. You know, it's a 30 00:01:34.359 --> 00:01:35.000 lot of questions. 31 00:01:35.000 --> 00:01:38.079 I'm gonna pay taxify any money on this where I 32 00:01:38.079 --> 00:01:39.640 pay tax by emeny on that, So we can see 33 00:01:39.640 --> 00:01:41.519 it's a lot of knowledge gap. So this week is 34 00:01:41.519 --> 00:01:43.480 going to be for you guys to ask questions and 35 00:01:43.519 --> 00:01:45.640 I'm going to try to answer them right well, just 36 00:01:45.760 --> 00:01:50.079 keep direction. So there's a disclaimer up front. I'm ultifasional advisor. 37 00:01:50.439 --> 00:01:53.079 I'm not myself out as your advisor. My job just 38 00:01:53.120 --> 00:01:55.159 to educate and I hope you guys go back to 39 00:01:55.239 --> 00:01:59.439 your advisor. I will access question. Let's start with you. 40 00:01:59.480 --> 00:02:02.359 What's up for being the first in here and from 41 00:02:02.680 --> 00:02:04.560 send me a d M back. Will of course take 42 00:02:04.599 --> 00:02:07.040 those questions the flog go ahead, what's up? 43 00:02:08.879 --> 00:02:12.120 Okay? Okay, so. 44 00:02:13.960 --> 00:02:18.439 I can hear you very well, thank you, okay. 45 00:02:18.360 --> 00:02:20.360 So if you don't have any. 46 00:02:20.199 --> 00:02:24.919 Questions, okay, perfect, If you put if you put the speaker, 47 00:02:25.360 --> 00:02:27.159 that means you want to speak right so that way 48 00:02:27.199 --> 00:02:29.000 they're going to ask you if you if you have 49 00:02:29.039 --> 00:02:29.759 a question. 50 00:02:29.680 --> 00:02:33.599 Right, all right? Another problem I really have the questions 51 00:02:34.120 --> 00:02:35.280 on on d M. 52 00:02:35.719 --> 00:02:37.439 And the first question is this, And I knew it 53 00:02:37.439 --> 00:02:39.159 was going to be on the tax police us asking 54 00:02:39.240 --> 00:02:44.240 CALU if I eard money from if I do better, 55 00:02:44.599 --> 00:02:46.879 in essence, asking if he gets money, true, bet. 56 00:02:47.080 --> 00:02:48.439 Is he going to be taxed? 57 00:02:49.280 --> 00:02:52.879 So whenever I see these tax questions, it's always about 58 00:02:53.000 --> 00:02:54.000 will this be taxed? 59 00:02:54.080 --> 00:02:56.319 Will that be taxed? And all that, And I think 60 00:02:56.319 --> 00:03:00.800 perhaps by approaching the wrong way. The tax is very 61 00:03:00.960 --> 00:03:03.400 very very simple simple things. 62 00:03:03.479 --> 00:03:09.479 Understand any income, all income, any income, it's going to 63 00:03:09.520 --> 00:03:13.120 be liable to tax on any income. There is define 64 00:03:13.120 --> 00:03:15.319 the income down to state crypto. 65 00:03:16.199 --> 00:03:19.240 If you're if you're if your partner gives you a 66 00:03:19.280 --> 00:03:22.919 million NIRA, is that income kind of unless you say 67 00:03:22.919 --> 00:03:25.599 it's a gift, unless you are very very clear and 68 00:03:25.680 --> 00:03:28.080 you live a gift, you know, if you had a 69 00:03:28.240 --> 00:03:32.120 better inheritance, that's not income. But literally any income you 70 00:03:32.479 --> 00:03:34.960 are going to tax it. What do they tax is 71 00:03:34.960 --> 00:03:37.520 why we should focus on not if the income. 72 00:03:37.759 --> 00:03:38.759 Don't focus on the. 73 00:03:38.840 --> 00:03:42.680 Income, right, try to focus on what's called your taxable income. 74 00:03:42.680 --> 00:03:46.039 Which means you have your total income you earn, then 75 00:03:46.159 --> 00:03:50.319 you have your deductibles, then you have your net income. 76 00:03:50.800 --> 00:03:53.919 So rather than asking will their taxes income? Will they 77 00:03:54.000 --> 00:03:56.800 tax this income? Focus on what you can control. You 78 00:03:56.840 --> 00:03:59.639 can't control the pact model, but you can't control you 79 00:03:59.680 --> 00:04:02.080 do the most read music. I'm going and say I'm 80 00:04:02.120 --> 00:04:04.960 going to buy life insurance, I'm going to open an 81 00:04:05.120 --> 00:04:06.680 RC account, I'm going to. 82 00:04:06.639 --> 00:04:09.159 Buy any entire Nagia instaurant scheme. 83 00:04:09.240 --> 00:04:12.919 And as you do all that, you are reducing your 84 00:04:13.360 --> 00:04:17.920 tax liability. You can control your tax liability, you cannot 85 00:04:17.959 --> 00:04:20.800 control what the tax man can do to you. I 86 00:04:20.800 --> 00:04:24.000 remember I've talked about this in this particular scheme where 87 00:04:24.040 --> 00:04:28.160 these taxes they moved the body to you, which means 88 00:04:28.160 --> 00:04:31.360 that in the old scheme, once you got paid on 89 00:04:31.480 --> 00:04:34.800 your paycheck, once you got paid, you've got an automatic 90 00:04:34.879 --> 00:04:39.959 twenty percent tax tax break from Nigeria tax authorities. You 91 00:04:40.040 --> 00:04:43.079 got twenty percent of your payroll as a tax break. 92 00:04:43.240 --> 00:04:46.240 So if you end a million eer, you automatically got 93 00:04:46.360 --> 00:04:48.720 two hundred thousand NARRA tax break. 94 00:04:48.759 --> 00:04:50.000 You don't have to do anything. 95 00:04:50.560 --> 00:04:53.639 That's how many times you employer files for you twenty thousand. 96 00:04:54.079 --> 00:04:56.800 Now in this new tax lord, they've changed around a 97 00:04:56.839 --> 00:05:01.360 bit in this instance. Once you get your income, if 98 00:05:01.399 --> 00:05:05.079 you do not take any any deduction you will get 99 00:05:05.079 --> 00:05:07.480 they're gonna pay more taxes. You've got to go out 100 00:05:07.519 --> 00:05:09.879 of your way to buy you, and I'm gonna do 101 00:05:10.000 --> 00:05:11.279 the five things you have to buy you. 102 00:05:11.439 --> 00:05:11.600 Cord. 103 00:05:11.560 --> 00:05:13.920 Do you not buy your retirement service account I EU 104 00:05:14.079 --> 00:05:18.000 contribute so retirement Servis account. Remember that is with your 105 00:05:18.079 --> 00:05:22.319 additional for launtry. So the retiremand Servers account is eighteen percent. 106 00:05:22.639 --> 00:05:25.680 So another point, we're gonna make it eighteen percent of 107 00:05:25.839 --> 00:05:29.920 your pension. Sorry, of your basic your housing, and your allowance. 108 00:05:30.079 --> 00:05:33.000 So if you are an income and your boss just 109 00:05:33.079 --> 00:05:35.759 gives you a check of one hundred thousand, try to 110 00:05:35.839 --> 00:05:39.439 break down into basic housing and transportation so you can 111 00:05:39.480 --> 00:05:42.959 then pay your retirement service account portion to reduce your 112 00:05:43.000 --> 00:05:46.040 total income. Very important. So you want to do your 113 00:05:46.079 --> 00:05:49.000 basic housing and transport so that way you can get 114 00:05:49.000 --> 00:05:52.279 out to your taxable your deductions from that basic as 115 00:05:52.279 --> 00:05:56.079 no transport, and then pay to your retirement Servis account. 116 00:05:56.120 --> 00:05:59.759 Whatever you pay to your retire SAVIS account is not taxed. 117 00:06:00.560 --> 00:06:03.680 That's how you reduce your taxable income. That's number one 118 00:06:04.079 --> 00:06:07.079 retirement savers account. The second one is if you're married, 119 00:06:08.199 --> 00:06:10.800 you can pay life insurance. You can buy life insurance 120 00:06:10.800 --> 00:06:13.240 for yourself and also for your wife. 121 00:06:13.519 --> 00:06:16.600 The premiums you pay are taxi doctorbile. 122 00:06:17.000 --> 00:06:18.959 So if you want to buy say a ten milliary 123 00:06:19.040 --> 00:06:22.079 policy and ask you to pay one hundred thousand as 124 00:06:22.160 --> 00:06:25.519 the premium, that's one hundred tom that you deduct it 125 00:06:26.120 --> 00:06:29.319 from your paycheck as well, right, so that's also reducing 126 00:06:29.360 --> 00:06:33.279 your taxable income. You have NHIS Naturally Health Insurance Scheme, 127 00:06:33.600 --> 00:06:36.399 you have National Housing Forum. Those two also are out there. 128 00:06:36.879 --> 00:06:40.160 The mandutary payments you make are deductible from you from 129 00:06:40.160 --> 00:06:44.120 your total income as well. Also, if you also pay 130 00:06:44.319 --> 00:06:47.720 your buying a house, you're paying the mortgage to your 131 00:06:47.839 --> 00:06:50.399 to the bank. What you pay as a mortgage you 132 00:06:50.480 --> 00:06:53.720 also deduct from your income. So let me just summarize 133 00:06:53.759 --> 00:06:57.040 again your retirement savers account number one, if you pay 134 00:06:57.079 --> 00:07:00.399 life insurance premiums for you and your spouse, also get 135 00:07:00.399 --> 00:07:03.439 a deduction on that. Number three, you have the nhi 136 00:07:03.639 --> 00:07:07.120 ES National Health Insurance Scheme. You also have the National 137 00:07:07.160 --> 00:07:10.240 Housing FUNT. You contribute to those two, you also get 138 00:07:10.279 --> 00:07:13.240 a deduction on what you contribute then if you buy 139 00:07:13.279 --> 00:07:16.959 the house right and you're paying interest, the interest or 140 00:07:17.040 --> 00:07:18.879 your pin on that lo you took buy the house, 141 00:07:19.160 --> 00:07:21.040 you also get a deduction on. 142 00:07:20.959 --> 00:07:22.160 That as well. 143 00:07:22.360 --> 00:07:28.120 Remember rent is two hundred is twenty percent of whatever 144 00:07:28.160 --> 00:07:28.720 you pay. 145 00:07:28.560 --> 00:07:31.480 As rent capped that's five hundred thousands. 146 00:07:31.480 --> 00:07:34.079 So if you pay rent, you can take as high 147 00:07:34.079 --> 00:07:36.920 as five hundred towns. If you if you pay rent 148 00:07:36.920 --> 00:07:39.839 to your landlord, make sure you get a receipt, get 149 00:07:39.879 --> 00:07:42.639 a receipt, buy that receipt. And of course when you 150 00:07:42.680 --> 00:07:45.480 have five the taxes, whatever you pay us rent, you 151 00:07:45.519 --> 00:07:49.519 can take twenty percent of that and then you can 152 00:07:50.120 --> 00:07:52.879 capy that five hundred thousand, and that also goes off 153 00:07:52.959 --> 00:07:59.600 your your detactable income. So focus guys on the taxable income. 154 00:07:59.680 --> 00:08:03.399 That where you can get around this. Don't focus too 155 00:08:03.519 --> 00:08:06.800 much on what is my income, what will they tax 156 00:08:07.160 --> 00:08:09.120 or that those things you can change, even if you 157 00:08:09.120 --> 00:08:10.240 have a tax advisor. 158 00:08:10.519 --> 00:08:11.240 You really can't go. 159 00:08:11.240 --> 00:08:14.240 In and change what your income is, and it's difficult 160 00:08:14.240 --> 00:08:18.399 for you to change behavior. But your taxable income deduction 161 00:08:18.720 --> 00:08:22.480 is what you can control and what you can change. 162 00:08:22.759 --> 00:08:23.439 Facts. 163 00:08:23.839 --> 00:08:27.839 Welcome to our space. We are talking on this space wealth. 164 00:08:28.800 --> 00:08:30.360 What's on your mind? 165 00:08:31.800 --> 00:08:34.840 Okay, so I want to Yes, I can hear you. 166 00:08:36.000 --> 00:08:36.279 Okay. 167 00:08:36.399 --> 00:08:41.840 So now you said whether we remove for our retirement. 168 00:08:42.879 --> 00:08:44.600 Non partis that is correct? 169 00:08:44.679 --> 00:08:44.759 Yes? 170 00:08:45.879 --> 00:08:46.320 Okay? 171 00:08:46.519 --> 00:08:49.480 So what is like and only like I want to 172 00:08:49.519 --> 00:08:53.600 like use the money in the which I said as 173 00:08:53.639 --> 00:08:58.360 I really so like put something that's the words a 174 00:08:58.480 --> 00:08:59.320 post in line stance. 175 00:09:00.039 --> 00:09:00.600 Good question. 176 00:09:00.720 --> 00:09:03.879 But you know your retirement servings account is yours, your 177 00:09:03.960 --> 00:09:06.600 bottom box account. That's what you get only when you 178 00:09:06.720 --> 00:09:10.360 retire or when you lose your job. You can't touch 179 00:09:10.399 --> 00:09:13.559 your It's called a retirement savings account. That means that 180 00:09:13.679 --> 00:09:16.120 when you have it, you can't touch it. When you 181 00:09:16.240 --> 00:09:19.240 retire because you can no longer work, then the government 182 00:09:19.320 --> 00:09:21.279 will give it to you. So in the government gives 183 00:09:21.279 --> 00:09:23.559 you to you tax free. You put the money in, 184 00:09:24.080 --> 00:09:26.559 they don't tax the gruels. When you take it out, 185 00:09:26.639 --> 00:09:27.759 it's yours to use. 186 00:09:27.840 --> 00:09:28.039 Right. 187 00:09:28.759 --> 00:09:32.879 So it's not a SAVID account. It's not it's not 188 00:09:32.960 --> 00:09:36.720 a savids account. It's something you put body aside for 189 00:09:36.840 --> 00:09:37.879 your later years. 190 00:09:38.120 --> 00:09:39.879 Right. There's no retirebet age. 191 00:09:40.279 --> 00:09:43.240 They just simply say when you're retire, so when you're 192 00:09:43.240 --> 00:09:46.000 no longer working, you can then go to your arriage 193 00:09:46.320 --> 00:09:50.200 to your passion forward and retreator and say hey, have retired. 194 00:09:50.279 --> 00:09:51.519 You give them your paperwork. 195 00:09:51.559 --> 00:09:53.919 They are able to give you what you have there 196 00:09:54.039 --> 00:09:56.919 contributed all this while for yours. 197 00:09:57.000 --> 00:09:59.679 If you lose your job, you gotta get that. 198 00:09:59.679 --> 00:10:02.960 Blieve twenty five percent of the body your time saves account. 199 00:10:02.960 --> 00:10:04.519 I think if I get that to the five percent, 200 00:10:04.879 --> 00:10:07.600 I think it'll increasing about show. But I believe if 201 00:10:07.639 --> 00:10:09.879 you lose your job, you can apply to them. If 202 00:10:09.919 --> 00:10:11.759 you love, if you stay on the plate for six more, 203 00:10:11.840 --> 00:10:13.159 you're cana apply to them and they give you some 204 00:10:13.279 --> 00:10:16.960 part of it. And also also if you want to 205 00:10:17.000 --> 00:10:20.080 buy a house, you also go to retire service account 206 00:10:21.399 --> 00:10:23.240 and then you can you can also say that you 207 00:10:23.360 --> 00:10:24.879 want to use that. 208 00:10:26.399 --> 00:10:27.159 Part of that money. 209 00:10:27.159 --> 00:10:29.240 I think it's twenty five percent towards the payment of 210 00:10:29.279 --> 00:10:31.960 a house, So you can also get your house to 211 00:10:32.440 --> 00:10:35.480 you can also for the house purchase your retirement service 212 00:10:35.519 --> 00:10:41.080 account as well. Facts the veryclelimity. Hi, Hi, welcome, welcome. 213 00:10:41.120 --> 00:10:44.840 Li the we're doing this space and what we've taped 214 00:10:44.840 --> 00:10:48.559 the weld which is wealth building, which is around investment, 215 00:10:48.799 --> 00:10:52.559 then enterprise, which is entrepreneurship. I A for assets as 216 00:10:52.639 --> 00:10:57.039 personal finance, liability which is debt taxation which is taxes, 217 00:10:57.080 --> 00:10:58.279 and of course horizon, which is. 218 00:10:58.240 --> 00:10:59.120 Our retirement goal. 219 00:10:59.279 --> 00:11:01.559 So we're trying to do a space once a week 220 00:11:01.600 --> 00:11:04.559 that will touch around these issues of world where we 221 00:11:04.639 --> 00:11:06.919 can talk invest in personal finance. 222 00:11:06.559 --> 00:11:08.919 The taxes and all that. So let the what's in 223 00:11:08.960 --> 00:11:20.759 your mind let me can you hear me? Okay? 224 00:11:21.039 --> 00:11:23.200 Let me only just trying to connect the idea also, 225 00:11:23.200 --> 00:11:25.080 so you're trying to connect, I'll get you back to you. 226 00:11:25.120 --> 00:11:27.840 So let me just go back again today to the spaces. 227 00:11:27.960 --> 00:11:30.600 This is a good one. Someone says. If I if 228 00:11:30.639 --> 00:11:33.480 I build a house and I and I receive in rents, 229 00:11:33.519 --> 00:11:35.519 I build a house from my I send money to 230 00:11:35.559 --> 00:11:38.360 my to Nigeria, and I build a house and I'm. 231 00:11:38.240 --> 00:11:41.320 Receiving your rent, what will be taxed? Am I paying 232 00:11:41.440 --> 00:11:43.799 tax on the house? No? 233 00:11:45.039 --> 00:11:47.879 Just a question again we get all the time. What 234 00:11:48.080 --> 00:11:51.840 is being taxed is income income. So when you send 235 00:11:51.840 --> 00:11:55.000 money home to Nigeria, that's not income. It's not income 236 00:11:55.039 --> 00:11:57.799 to you. The present you are sending the money to 237 00:11:58.639 --> 00:12:00.759 is it income to that press And it's for that 238 00:12:00.879 --> 00:12:04.399 present to identify its income to him. Right, So if 239 00:12:04.399 --> 00:12:07.720 you are receiving money into your account, the government can 240 00:12:07.840 --> 00:12:09.000 say it is income. 241 00:12:09.200 --> 00:12:11.120 You have to be very very clear what that what 242 00:12:11.279 --> 00:12:12.720 that money is coming to your house for. 243 00:12:13.240 --> 00:12:15.480 If the money is coming to your to your account 244 00:12:16.080 --> 00:12:18.799 and you're not wanting to build a house, it's how 245 00:12:18.960 --> 00:12:22.919 you write it or your bank statements. Because if someone 246 00:12:23.000 --> 00:12:26.440 is sending your money with America, that's income come to you. 247 00:12:26.480 --> 00:12:27.759 That's what the government will say. 248 00:12:27.759 --> 00:12:29.919 They will ask you to come and explain it that's 249 00:12:29.919 --> 00:12:32.679 true a best of judgment, or they will just apply 250 00:12:32.720 --> 00:12:34.240 your text and to say we think you are making 251 00:12:34.279 --> 00:12:36.840 this income, hence we're going to tax you. So when 252 00:12:36.879 --> 00:12:39.159 you're receiving more into your account, the narration of what 253 00:12:39.240 --> 00:12:41.720 your doing has to be very very clear. Even when 254 00:12:41.759 --> 00:12:44.080 you get that money, how you're also using that money. 255 00:12:44.120 --> 00:12:46.799 Also keep your receipts also has very very clear, because 256 00:12:46.960 --> 00:12:50.960 if you commingle your personal and business account, you are 257 00:12:51.000 --> 00:12:54.039 exposing yourself to a tax right or by the tax storities. 258 00:12:54.120 --> 00:12:56.120 They don't know your business. So you've got to be 259 00:12:56.200 --> 00:12:58.360 very very clear. Like we said in the last two spaces, 260 00:12:58.399 --> 00:13:01.000 if you are doing personal business, I are doing a 261 00:13:01.039 --> 00:13:04.279 private business. Sorry, you have a public business. Try to 262 00:13:04.360 --> 00:13:08.720 separate both of them. Do not mix your personal and 263 00:13:08.799 --> 00:13:10.639 your business in the same account. 264 00:13:10.960 --> 00:13:11.679 Even if you can. 265 00:13:11.639 --> 00:13:15.399 Open up a business have multiple accounts. The idea is 266 00:13:15.440 --> 00:13:18.039 not to co mingle, so you are spending more time 267 00:13:18.159 --> 00:13:20.279 explaining all these funds are. 268 00:13:20.639 --> 00:13:22.080 You want to make it very very clear. 269 00:13:22.440 --> 00:13:24.440 So if you can have that account, and even if 270 00:13:24.480 --> 00:13:25.919 you can open up a company, if not. 271 00:13:25.879 --> 00:13:27.639 A builder, why are you receiving them? 272 00:13:27.639 --> 00:13:30.159 But this is what we're talking about behavioral changes that are 273 00:13:30.159 --> 00:13:32.840 going to happen in Nigeria because of this tax region. 274 00:13:33.320 --> 00:13:34.120 If you're receiving one. 275 00:13:34.120 --> 00:13:36.320 From a broad to build a house for someone, you've 276 00:13:36.360 --> 00:13:38.519 got to have to explain to a tax man why 277 00:13:38.600 --> 00:13:41.320 you are receiving money where not to build that. Okay, 278 00:13:41.320 --> 00:13:45.039 it's remittances Okay, remittances to who is that remittance? 279 00:13:45.120 --> 00:13:45.840 And income? 280 00:13:46.320 --> 00:13:48.799 These are all these You've got to change your behavior 281 00:13:49.120 --> 00:13:51.919 because the tax man is going to assume is an income. 282 00:13:52.039 --> 00:13:53.639 It's you that has. 283 00:13:53.519 --> 00:13:56.279 To prove it is not income. It's an inheritance, it's 284 00:13:56.279 --> 00:14:00.879 a gift. So you have to prove the things we 285 00:14:01.120 --> 00:14:02.480 speak about. Olivia, what's up man? 286 00:14:05.399 --> 00:14:10.720 Live there now? Okay, let's gets troopsy. How are you doing? 287 00:14:15.039 --> 00:14:15.720 I do it right now? 288 00:14:18.639 --> 00:14:21.320 Yeah? I'm just wondering on this tame stuff because it's 289 00:14:21.360 --> 00:14:22.639 getting it be scared because. 290 00:14:22.440 --> 00:14:23.600 I stick in Nigeria. 291 00:14:25.600 --> 00:14:27.440 You know, we do we do a lot of things 292 00:14:27.480 --> 00:14:28.200 with our accounts. 293 00:14:28.279 --> 00:14:31.720 People receive money to support the baria and support weddings, 294 00:14:31.919 --> 00:14:35.000 and some people are receiving money into their accounts for 295 00:14:35.200 --> 00:14:38.200 all this stuff. And now we're saying any money that 296 00:14:38.360 --> 00:14:42.639 comes into your accounts, it's going to be in quote, 297 00:14:42.679 --> 00:14:44.879 you have to start explaining it. So is it like 298 00:14:45.120 --> 00:14:49.159 we're gonna need personal tax advisors in this kind of tradition, 299 00:14:49.240 --> 00:14:51.320 because even if you don't co mingle, like you're saying, 300 00:14:53.360 --> 00:14:55.440 there are really lots of stuff that come into our accounts. 301 00:14:55.600 --> 00:14:57.799 I mean, as we behave today that this is a 302 00:14:58.000 --> 00:15:01.799 significant change for I just then you know, because you 303 00:15:01.879 --> 00:15:04.720 know people doing small skilled business people they don't have 304 00:15:04.879 --> 00:15:08.559 tax advices and what comes into the account is probably 305 00:15:08.559 --> 00:15:11.120 get the buying still and everything. So yeah, I'm just 306 00:15:11.279 --> 00:15:13.480 wondering how it's going to work from clinic when success. 307 00:15:14.039 --> 00:15:16.600 I mean, it's a great question and is the main question. 308 00:15:17.159 --> 00:15:18.799 Let me have your mutes because it's an echo if 309 00:15:18.799 --> 00:15:21.200 you don't mind, just mu it's a great question because 310 00:15:21.279 --> 00:15:23.600 this is where I think there's a lot of great areas, 311 00:15:23.679 --> 00:15:26.559 you know, and even in America that has a developed 312 00:15:26.679 --> 00:15:30.159 tax account. If you receive moneys in your account every 313 00:15:30.240 --> 00:15:32.360 month you get from their thousands. Every month you get 314 00:15:32.440 --> 00:15:35.240 on the thousand, your bank will issue you depending on 315 00:15:35.320 --> 00:15:37.000 where that money is going to. You know, when the 316 00:15:37.039 --> 00:15:40.559 money comes to your account, it's not a tax event. 317 00:15:40.799 --> 00:15:43.320 I'm not saying that once when it comes to your account, 318 00:15:43.360 --> 00:15:46.080 it's a tax event. I'm saying that what you are 319 00:15:46.200 --> 00:15:49.519 doing by receiving money to your accounts are letting the 320 00:15:49.639 --> 00:15:53.720 taxman that you are potentially a tax entity that you 321 00:15:53.879 --> 00:15:56.039 can be taxed. So if the money is coming to 322 00:15:56.120 --> 00:15:58.679 your account or checking account, there is no in The 323 00:15:58.759 --> 00:16:00.600 bank is not paying you any interest, So are not 324 00:16:00.639 --> 00:16:03.240 in any income on that one that has come to 325 00:16:03.320 --> 00:16:06.159 your account, which is fine, But that money comes to 326 00:16:06.240 --> 00:16:10.039 your account and that money is essentially sitting and you 327 00:16:10.159 --> 00:16:14.639 are any interest, then then you are any interest on 328 00:16:14.759 --> 00:16:16.799 that money and you're going to pay tax on the 329 00:16:16.919 --> 00:16:17.440 interest in. 330 00:16:17.600 --> 00:16:21.679 But the greater julisions to do is to make sure 331 00:16:21.720 --> 00:16:22.840 you narrate. 332 00:16:22.759 --> 00:16:27.960 Properly and that you are separating personal business from non 333 00:16:28.480 --> 00:16:31.279 personal business. If you, like you know in Nigeria, will 334 00:16:31.320 --> 00:16:34.360 sit down, someone sends money to us, send to my 335 00:16:34.480 --> 00:16:37.720 model in the village. You've got to ask yourself if 336 00:16:37.759 --> 00:16:39.799 it's worth it. I mean, if you're someone send one 337 00:16:39.840 --> 00:16:42.399 hundred thousand to you, that's fine. The tax was going 338 00:16:42.440 --> 00:16:44.480 to come after you for one hundred thousand. But if 339 00:16:44.480 --> 00:16:48.000 you're getting ten million into your account every month, it's 340 00:16:48.039 --> 00:16:49.679 hard to tell the tax not to look at you 341 00:16:50.120 --> 00:16:53.360 and to then ask. Remember, they're not taxing the ten million. 342 00:16:53.960 --> 00:16:56.399 The thinly tend not to ask themselves questions. If this 343 00:16:56.480 --> 00:16:59.039 guy can receive ten million, why is it paying income 344 00:16:59.120 --> 00:17:02.200 tax of five thousand. That's the point chicken, So we're 345 00:17:02.240 --> 00:17:06.799 not asking. It's not the incompassy that this tax. In America, 346 00:17:06.880 --> 00:17:08.680 when you send money in, you can say ten ninety 347 00:17:08.759 --> 00:17:11.839 nine with the bank says to the IRUs to show 348 00:17:11.960 --> 00:17:14.480 interest they've paid to you. So the IRUs is not 349 00:17:14.640 --> 00:17:18.480 taxing your assets, they're taxing the income flow. And then 350 00:17:18.519 --> 00:17:23.039 if you're paying income of a million dollars but your 351 00:17:23.359 --> 00:17:26.240 tax filing is one hundred thousand or is one hundred 352 00:17:26.319 --> 00:17:29.720 hundred dollars, there's something not adding up there. You can 353 00:17:29.839 --> 00:17:32.920 get a hundred million millions in the bank and pay 354 00:17:32.960 --> 00:17:36.480 a dollar from the tax guys, So is that none 355 00:17:36.519 --> 00:17:38.359 adding of that will cause a tax there to say, 356 00:17:38.440 --> 00:17:40.799 let's audit chew and then when they audience you stop 357 00:17:40.920 --> 00:17:45.599 might come up. So it's just best practice. Separate things. 358 00:17:45.640 --> 00:17:47.599 This this is the this is the over talking about 359 00:17:47.599 --> 00:17:52.759 the what we're talking about. Separate yourself, separate things from 360 00:17:54.480 --> 00:17:57.039 Separate things, don't commingle so that. 361 00:17:57.119 --> 00:17:58.279 It is easier for you. 362 00:17:58.279 --> 00:18:01.359 You will not get taxed, but separate things are. It's 363 00:18:01.359 --> 00:18:11.160 easier for you. Yeah, makes sense, Yes, easy, Not easily. Yeah, 364 00:18:11.279 --> 00:18:12.279 lots of folks. 365 00:18:12.079 --> 00:18:14.519 Have focused on the tax side. 366 00:18:14.839 --> 00:18:17.880 They will focus on the behavior you're outside that has 367 00:18:17.920 --> 00:18:20.960 to happen in Nigeria. From two tony six, lots of 368 00:18:21.000 --> 00:18:23.960 people are going to be are going to pay more taxes, 369 00:18:24.359 --> 00:18:28.000 not because the tax rates have gone up, but because 370 00:18:28.000 --> 00:18:30.799 they haven't changed their behavior. Like I've said right now, 371 00:18:31.240 --> 00:18:34.799 if you don't go in January and start to buy 372 00:18:35.000 --> 00:18:39.559 retirement servings account, start to buy insurance, start to condute 373 00:18:39.839 --> 00:18:43.319 housing phone, your tax is going to go up, not 374 00:18:43.519 --> 00:18:46.440 because the tax rates went up, but because you do 375 00:18:46.559 --> 00:18:53.319 not take advantage of deductibles. Currently, today deductibles are automatic. 376 00:18:54.200 --> 00:18:57.799 From two five, the deductibles will not be automatic, so 377 00:18:58.000 --> 00:18:59.559 it doesn't if you can't go on to it and 378 00:18:59.680 --> 00:19:03.319 say tax rates are lower, hence you will pay something lower. 379 00:19:03.599 --> 00:19:04.680 That's not how it works. 380 00:19:05.079 --> 00:19:08.039 If you don't take the deductible, you are going to 381 00:19:08.119 --> 00:19:10.720 pay a higher tax in twenty six not because the 382 00:19:10.839 --> 00:19:15.359 tax rates are higher, but because there's no automatic deductable, 383 00:19:15.359 --> 00:19:16.079 a little bit higher. 384 00:19:16.200 --> 00:19:18.240 Welcoming to limit, Yeah. 385 00:19:18.319 --> 00:19:20.880 Welcome, come, thanks for having me this. 386 00:19:22.839 --> 00:19:24.319 You're trying to come on. 387 00:19:24.799 --> 00:19:26.599 So I just wanted to add a your friend dimensioned 388 00:19:26.640 --> 00:19:29.640 return a lot of work personals. I don't think anybody 389 00:19:30.319 --> 00:19:31.119 has covered. 390 00:19:30.920 --> 00:19:34.079 This place like between Nigia and you've been doing this 391 00:19:34.200 --> 00:19:36.200 for many years. I try. That's where a lot of 392 00:19:36.200 --> 00:19:38.119 people know you before. It so well done. 393 00:19:38.599 --> 00:19:43.039 I think for me, I think your proclaim is just 394 00:19:43.200 --> 00:19:44.920 let we have an interest, because. 395 00:19:44.799 --> 00:19:47.599 All this is you've said. You've said so many times. 396 00:19:47.400 --> 00:19:52.920 That even some of us that have a limited view 397 00:19:52.920 --> 00:19:54.680 on setting it has already proves on it. 398 00:19:55.079 --> 00:19:58.759 That's to show you because if you really lose this started. 399 00:19:58.480 --> 00:20:01.839 Before you can before those same who do guys that 400 00:20:01.920 --> 00:20:04.519 talk about personal for us, you really get to know 401 00:20:04.759 --> 00:20:07.920