Speaker 1: Well, so welcome guys to another money space with me Carlujah.
Speaker 1: Of course, on this space we're talking money, the economy,
Speaker 1: and of course finance. We are here every weekend Sunday,
Speaker 1: seven pm West, happening time.
Speaker 2: What we take those finance topics and don't make it
Speaker 2: easy for you this.
Speaker 1: Week, I'm going forward for every week in the month,
Speaker 1: right like one week in the month we're talking about
Speaker 1: our weld series. So we've defined world as an acroadym.
Speaker 1: I have to allow us have a topic where folks
Speaker 1: can come in with questions, can ask those questions and
Speaker 1: then get to replies, just basic stuff. Because one thing
Speaker 1: that attacks debate has taught me I think I knew
Speaker 1: this earlier was it's just a big gulf in Nigeria
Speaker 1: around personal finance.
Speaker 2: What we think is small and that.
Speaker 1: Everyone knows not a lot of people know it to
Speaker 1: understand it. So there's a lot of you know, knowledge
Speaker 1: gaps out there that we want to try to feel.
Speaker 1: So I want to have at least one of these
Speaker 1: spaces one week in a month where we're just talking
Speaker 1: around personal finance. That's going to be accessful abilities, debts, taxes,
Speaker 1: all that stuff that is you we're hearing about and
Speaker 1: it's all new to us.
Speaker 2: Look at the tax protectors come out.
Speaker 1: Nothing really new really if you if you live seeing
Speaker 1: in America in the West, nothing they're saying is really
Speaker 1: really new.
Speaker 2: But in Nigeria is so whole. You know, it's a
Speaker 2: lot of questions.
Speaker 1: I'm gonna pay taxify any money on this where I
Speaker 1: pay tax by emeny on that, So we can see
Speaker 1: it's a lot of knowledge gap. So this week is
Speaker 1: going to be for you guys to ask questions and
Speaker 1: I'm going to try to answer them right well, just
Speaker 1: keep direction. So there's a disclaimer up front. I'm ultifasional advisor.
Speaker 1: I'm not myself out as your advisor. My job just
Speaker 1: to educate and I hope you guys go back to
Speaker 1: your advisor. I will access question. Let's start with you.
Speaker 1: What's up for being the first in here and from
Speaker 1: send me a d M back. Will of course take
Speaker 1: those questions the flog go ahead, what's up?
Speaker 3: Okay? Okay, so.
Speaker 2: I can hear you very well, thank you, okay.
Speaker 3: So if you don't have any.
Speaker 1: Questions, okay, perfect, If you put if you put the speaker,
Speaker 1: that means you want to speak right so that way
Speaker 1: they're going to ask you if you if you have
Speaker 1: a question.
Speaker 2: Right, all right? Another problem I really have the questions
Speaker 2: on on d M.
Speaker 1: And the first question is this, And I knew it
Speaker 1: was going to be on the tax police us asking
Speaker 1: CALU if I eard money from if I do better,
Speaker 1: in essence, asking if he gets money, true, bet.
Speaker 2: Is he going to be taxed?
Speaker 1: So whenever I see these tax questions, it's always about
Speaker 1: will this be taxed?
Speaker 2: Will that be taxed? And all that, And I think
Speaker 2: perhaps by approaching the wrong way. The tax is very
Speaker 2: very very simple simple things.
Speaker 4: Understand any income, all income, any income, it's going to
Speaker 4: be liable to tax on any income. There is define
Speaker 4: the income down to state crypto.
Speaker 1: If you're if you're if your partner gives you a
Speaker 1: million NIRA, is that income kind of unless you say
Speaker 1: it's a gift, unless you are very very clear and
Speaker 1: you live a gift, you know, if you had a
Speaker 1: better inheritance, that's not income. But literally any income you
Speaker 1: are going to tax it. What do they tax is
Speaker 1: why we should focus on not if the income.
Speaker 2: Don't focus on the.
Speaker 1: Income, right, try to focus on what's called your taxable income.
Speaker 1: Which means you have your total income you earn, then
Speaker 1: you have your deductibles, then you have your net income.
Speaker 1: So rather than asking will their taxes income? Will they
Speaker 1: tax this income? Focus on what you can control. You
Speaker 1: can't control the pact model, but you can't control you
Speaker 1: do the most read music. I'm going and say I'm
Speaker 1: going to buy life insurance, I'm going to open an
Speaker 1: RC account, I'm going to.
Speaker 2: Buy any entire Nagia instaurant scheme.
Speaker 1: And as you do all that, you are reducing your
Speaker 1: tax liability. You can control your tax liability, you cannot
Speaker 1: control what the tax man can do to you. I
Speaker 1: remember I've talked about this in this particular scheme where
Speaker 1: these taxes they moved the body to you, which means
Speaker 1: that in the old scheme, once you got paid on
Speaker 1: your paycheck, once you got paid, you've got an automatic
Speaker 1: twenty percent tax tax break from Nigeria tax authorities. You
Speaker 1: got twenty percent of your payroll as a tax break.
Speaker 1: So if you end a million eer, you automatically got
Speaker 1: two hundred thousand NARRA tax break.
Speaker 2: You don't have to do anything.
Speaker 1: That's how many times you employer files for you twenty thousand.
Speaker 1: Now in this new tax lord, they've changed around a
Speaker 1: bit in this instance. Once you get your income, if
Speaker 1: you do not take any any deduction you will get
Speaker 1: they're gonna pay more taxes. You've got to go out
Speaker 1: of your way to buy you, and I'm gonna do
Speaker 1: the five things you have to buy you.
Speaker 5: Cord.
Speaker 1: Do you not buy your retirement service account I EU
Speaker 1: contribute so retirement Servis account. Remember that is with your
Speaker 1: additional for launtry. So the retiremand Servers account is eighteen percent.
Speaker 1: So another point, we're gonna make it eighteen percent of
Speaker 1: your pension. Sorry, of your basic your housing, and your allowance.
Speaker 1: So if you are an income and your boss just
Speaker 1: gives you a check of one hundred thousand, try to
Speaker 1: break down into basic housing and transportation so you can
Speaker 1: then pay your retirement service account portion to reduce your
Speaker 1: total income. Very important. So you want to do your
Speaker 1: basic housing and transport so that way you can get
Speaker 1: out to your taxable your deductions from that basic as
Speaker 1: no transport, and then pay to your retirement Servis account.
Speaker 1: Whatever you pay to your retire SAVIS account is not taxed.
Speaker 1: That's how you reduce your taxable income. That's number one
Speaker 1: retirement savers account. The second one is if you're married,
Speaker 1: you can pay life insurance. You can buy life insurance
Speaker 1: for yourself and also for your wife.
Speaker 2: The premiums you pay are taxi doctorbile.
Speaker 1: So if you want to buy say a ten milliary
Speaker 1: policy and ask you to pay one hundred thousand as
Speaker 1: the premium, that's one hundred tom that you deduct it
Speaker 1: from your paycheck as well, right, so that's also reducing
Speaker 1: your taxable income. You have NHIS Naturally Health Insurance Scheme,
Speaker 1: you have National Housing Forum. Those two also are out there.
Speaker 1: The mandutary payments you make are deductible from you from
Speaker 1: your total income as well. Also, if you also pay
Speaker 1: your buying a house, you're paying the mortgage to your
Speaker 1: to the bank. What you pay as a mortgage you
Speaker 1: also deduct from your income. So let me just summarize
Speaker 1: again your retirement savers account number one, if you pay
Speaker 1: life insurance premiums for you and your spouse, also get
Speaker 1: a deduction on that. Number three, you have the nhi
Speaker 1: ES National Health Insurance Scheme. You also have the National
Speaker 1: Housing FUNT. You contribute to those two, you also get
Speaker 1: a deduction on what you contribute then if you buy
Speaker 1: the house right and you're paying interest, the interest or
Speaker 1: your pin on that lo you took buy the house,
Speaker 1: you also get a deduction on.
Speaker 2: That as well.
Speaker 1: Remember rent is two hundred is twenty percent of whatever
Speaker 1: you pay.
Speaker 2: As rent capped that's five hundred thousands.
Speaker 1: So if you pay rent, you can take as high
Speaker 1: as five hundred towns. If you if you pay rent
Speaker 1: to your landlord, make sure you get a receipt, get
Speaker 1: a receipt, buy that receipt. And of course when you
Speaker 1: have five the taxes, whatever you pay us rent, you
Speaker 1: can take twenty percent of that and then you can
Speaker 1: capy that five hundred thousand, and that also goes off
Speaker 1: your your detactable income. So focus guys on the taxable income.
Speaker 1: That where you can get around this. Don't focus too
Speaker 1: much on what is my income, what will they tax
Speaker 1: or that those things you can change, even if you
Speaker 1: have a tax advisor.
Speaker 2: You really can't go.
Speaker 1: In and change what your income is, and it's difficult
Speaker 1: for you to change behavior. But your taxable income deduction
Speaker 1: is what you can control and what you can change.
Speaker 2: Facts.
Speaker 1: Welcome to our space. We are talking on this space wealth.
Speaker 1: What's on your mind?
Speaker 3: Okay, so I want to Yes, I can hear you.
Speaker 6: Okay.
Speaker 7: So now you said whether we remove for our retirement.
Speaker 3: Non partis that is correct?
Speaker 8: Yes?
Speaker 3: Okay?
Speaker 7: So what is like and only like I want to
Speaker 7: like use the money in the which I said as
Speaker 7: I really so like put something that's the words a
Speaker 7: post in line stance.
Speaker 2: Good question.
Speaker 1: But you know your retirement servings account is yours, your
Speaker 1: bottom box account. That's what you get only when you
Speaker 1: retire or when you lose your job. You can't touch
Speaker 1: your It's called a retirement savings account. That means that
Speaker 1: when you have it, you can't touch it. When you
Speaker 1: retire because you can no longer work, then the government
Speaker 1: will give it to you. So in the government gives
Speaker 1: you to you tax free. You put the money in,
Speaker 1: they don't tax the gruels. When you take it out,
Speaker 1: it's yours to use.
Speaker 2: Right.
Speaker 1: So it's not a SAVID account. It's not it's not
Speaker 1: a savids account. It's something you put body aside for
Speaker 1: your later years.
Speaker 2: Right. There's no retirebet age.
Speaker 1: They just simply say when you're retire, so when you're
Speaker 1: no longer working, you can then go to your arriage
Speaker 1: to your passion forward and retreator and say hey, have retired.
Speaker 2: You give them your paperwork.
Speaker 1: They are able to give you what you have there
Speaker 1: contributed all this while for yours.
Speaker 2: If you lose your job, you gotta get that.
Speaker 1: Blieve twenty five percent of the body your time saves account.
Speaker 1: I think if I get that to the five percent,
Speaker 1: I think it'll increasing about show. But I believe if
Speaker 1: you lose your job, you can apply to them. If
Speaker 1: you love, if you stay on the plate for six more,
Speaker 1: you're cana apply to them and they give you some
Speaker 1: part of it. And also also if you want to
Speaker 1: buy a house, you also go to retire service account
Speaker 1: and then you can you can also say that you
Speaker 1: want to use that.
Speaker 2: Part of that money.
Speaker 1: I think it's twenty five percent towards the payment of
Speaker 1: a house, So you can also get your house to
Speaker 1: you can also for the house purchase your retirement service
Speaker 1: account as well. Facts the veryclelimity. Hi, Hi, welcome, welcome.
Speaker 1: Li the we're doing this space and what we've taped
Speaker 1: the weld which is wealth building, which is around investment,
Speaker 1: then enterprise, which is entrepreneurship. I A for assets as
Speaker 1: personal finance, liability which is debt taxation which is taxes,
Speaker 1: and of course horizon, which is.
Speaker 2: Our retirement goal.
Speaker 1: So we're trying to do a space once a week
Speaker 1: that will touch around these issues of world where we
Speaker 1: can talk invest in personal finance.
Speaker 2: The taxes and all that. So let the what's in
Speaker 2: your mind let me can you hear me? Okay?
Speaker 1: Let me only just trying to connect the idea also,
Speaker 1: so you're trying to connect, I'll get you back to you.
Speaker 1: So let me just go back again today to the spaces.
Speaker 1: This is a good one. Someone says. If I if
Speaker 1: I build a house and I and I receive in rents,
Speaker 1: I build a house from my I send money to
Speaker 1: my to Nigeria, and I build a house and I'm.
Speaker 2: Receiving your rent, what will be taxed? Am I paying
Speaker 2: tax on the house? No?
Speaker 1: Just a question again we get all the time. What
Speaker 1: is being taxed is income income. So when you send
Speaker 1: money home to Nigeria, that's not income. It's not income
Speaker 1: to you. The present you are sending the money to
Speaker 1: is it income to that press And it's for that
Speaker 1: present to identify its income to him. Right, So if
Speaker 1: you are receiving money into your account, the government can
Speaker 1: say it is income.
Speaker 2: You have to be very very clear what that what
Speaker 2: that money is coming to your house for.
Speaker 1: If the money is coming to your to your account
Speaker 1: and you're not wanting to build a house, it's how
Speaker 1: you write it or your bank statements. Because if someone
Speaker 1: is sending your money with America, that's income come to you.
Speaker 2: That's what the government will say.
Speaker 1: They will ask you to come and explain it that's
Speaker 1: true a best of judgment, or they will just apply
Speaker 1: your text and to say we think you are making
Speaker 1: this income, hence we're going to tax you. So when
Speaker 1: you're receiving more into your account, the narration of what
Speaker 1: your doing has to be very very clear. Even when
Speaker 1: you get that money, how you're also using that money.
Speaker 1: Also keep your receipts also has very very clear, because
Speaker 1: if you commingle your personal and business account, you are
Speaker 1: exposing yourself to a tax right or by the tax storities.
Speaker 1: They don't know your business. So you've got to be
Speaker 1: very very clear. Like we said in the last two spaces,
Speaker 1: if you are doing personal business, I are doing a
Speaker 1: private business. Sorry, you have a public business. Try to
Speaker 1: separate both of them. Do not mix your personal and
Speaker 1: your business in the same account.
Speaker 2: Even if you can.
Speaker 1: Open up a business have multiple accounts. The idea is
Speaker 1: not to co mingle, so you are spending more time
Speaker 1: explaining all these funds are.
Speaker 2: You want to make it very very clear.
Speaker 1: So if you can have that account, and even if
Speaker 1: you can open up a company, if not.
Speaker 2: A builder, why are you receiving them?
Speaker 1: But this is what we're talking about behavioral changes that are
Speaker 1: going to happen in Nigeria because of this tax region.
Speaker 2: If you're receiving one.
Speaker 1: From a broad to build a house for someone, you've
Speaker 1: got to have to explain to a tax man why
Speaker 1: you are receiving money where not to build that. Okay,
Speaker 1: it's remittances Okay, remittances to who is that remittance?
Speaker 2: And income?
Speaker 1: These are all these You've got to change your behavior
Speaker 1: because the tax man is going to assume is an income.
Speaker 2: It's you that has.
Speaker 1: To prove it is not income. It's an inheritance, it's
Speaker 1: a gift. So you have to prove the things we
Speaker 1: speak about. Olivia, what's up man?
Speaker 2: Live there now? Okay, let's gets troopsy. How are you doing?
Speaker 5: I do it right now?
Speaker 6: Yeah? I'm just wondering on this tame stuff because it's
Speaker 6: getting it be scared because.
Speaker 2: I stick in Nigeria.
Speaker 3: You know, we do we do a lot of things
Speaker 3: with our accounts.
Speaker 6: People receive money to support the baria and support weddings,
Speaker 6: and some people are receiving money into their accounts for
Speaker 6: all this stuff. And now we're saying any money that
Speaker 6: comes into your accounts, it's going to be in quote,
Speaker 6: you have to start explaining it. So is it like
Speaker 6: we're gonna need personal tax advisors in this kind of tradition,
Speaker 6: because even if you don't co mingle, like you're saying,
Speaker 6: there are really lots of stuff that come into our accounts.
Speaker 6: I mean, as we behave today that this is a
Speaker 6: significant change for I just then you know, because you
Speaker 6: know people doing small skilled business people they don't have
Speaker 6: tax advices and what comes into the account is probably
Speaker 6: get the buying still and everything. So yeah, I'm just
Speaker 6: wondering how it's going to work from clinic when success.
Speaker 2: I mean, it's a great question and is the main question.
Speaker 1: Let me have your mutes because it's an echo if
Speaker 1: you don't mind, just mu it's a great question because
Speaker 1: this is where I think there's a lot of great areas,
Speaker 1: you know, and even in America that has a developed
Speaker 1: tax account. If you receive moneys in your account every
Speaker 1: month you get from their thousands. Every month you get
Speaker 1: on the thousand, your bank will issue you depending on
Speaker 1: where that money is going to. You know, when the
Speaker 1: money comes to your account, it's not a tax event.
Speaker 1: I'm not saying that once when it comes to your account,
Speaker 1: it's a tax event. I'm saying that what you are
Speaker 1: doing by receiving money to your accounts are letting the
Speaker 1: taxman that you are potentially a tax entity that you
Speaker 1: can be taxed. So if the money is coming to
Speaker 1: your account or checking account, there is no in The
Speaker 1: bank is not paying you any interest, So are not
Speaker 1: in any income on that one that has come to
Speaker 1: your account, which is fine, But that money comes to
Speaker 1: your account and that money is essentially sitting and you
Speaker 1: are any interest, then then you are any interest on
Speaker 1: that money and you're going to pay tax on the
Speaker 1: interest in.
Speaker 2: But the greater julisions to do is to make sure
Speaker 2: you narrate.
Speaker 1: Properly and that you are separating personal business from non
Speaker 1: personal business. If you, like you know in Nigeria, will
Speaker 1: sit down, someone sends money to us, send to my
Speaker 1: model in the village. You've got to ask yourself if
Speaker 1: it's worth it. I mean, if you're someone send one
Speaker 1: hundred thousand to you, that's fine. The tax was going
Speaker 1: to come after you for one hundred thousand. But if
Speaker 1: you're getting ten million into your account every month, it's
Speaker 1: hard to tell the tax not to look at you
Speaker 1: and to then ask. Remember, they're not taxing the ten million.
Speaker 1: The thinly tend not to ask themselves questions. If this
Speaker 1: guy can receive ten million, why is it paying income
Speaker 1: tax of five thousand. That's the point chicken, So we're
Speaker 1: not asking. It's not the incompassy that this tax. In America,
Speaker 1: when you send money in, you can say ten ninety
Speaker 1: nine with the bank says to the IRUs to show
Speaker 1: interest they've paid to you. So the IRUs is not
Speaker 1: taxing your assets, they're taxing the income flow. And then
Speaker 1: if you're paying income of a million dollars but your
Speaker 1: tax filing is one hundred thousand or is one hundred
Speaker 1: hundred dollars, there's something not adding up there. You can
Speaker 1: get a hundred million millions in the bank and pay
Speaker 1: a dollar from the tax guys, So is that none
Speaker 1: adding of that will cause a tax there to say,
Speaker 1: let's audit chew and then when they audience you stop
Speaker 1: might come up. So it's just best practice. Separate things.
Speaker 1: This this is the this is the over talking about
Speaker 1: the what we're talking about. Separate yourself, separate things from
Speaker 1: Separate things, don't commingle so that.
Speaker 2: It is easier for you.
Speaker 1: You will not get taxed, but separate things are. It's
Speaker 1: easier for you. Yeah, makes sense, Yes, easy, Not easily. Yeah,
Speaker 1: lots of folks.
Speaker 2: Have focused on the tax side.
Speaker 1: They will focus on the behavior you're outside that has
Speaker 1: to happen in Nigeria. From two tony six, lots of
Speaker 1: people are going to be are going to pay more taxes,
Speaker 1: not because the tax rates have gone up, but because
Speaker 1: they haven't changed their behavior. Like I've said right now,
Speaker 1: if you don't go in January and start to buy
Speaker 1: retirement servings account, start to buy insurance, start to condute
Speaker 1: housing phone, your tax is going to go up, not
Speaker 1: because the tax rates went up, but because you do
Speaker 1: not take advantage of deductibles. Currently, today deductibles are automatic.
Speaker 1: From two five, the deductibles will not be automatic, so
Speaker 1: it doesn't if you can't go on to it and
Speaker 1: say tax rates are lower, hence you will pay something lower.
Speaker 2: That's not how it works.
Speaker 1: If you don't take the deductible, you are going to
Speaker 1: pay a higher tax in twenty six not because the
Speaker 1: tax rates are higher, but because there's no automatic deductable,
Speaker 1: a little bit higher.
Speaker 2: Welcoming to limit, Yeah.
Speaker 6: Welcome, come, thanks for having me this.
Speaker 3: You're trying to come on.
Speaker 9: So I just wanted to add a your friend dimensioned
Speaker 9: return a lot of work personals. I don't think anybody
Speaker 9: has covered.
Speaker 3: This place like between Nigia and you've been doing this
Speaker 3: for many years. I try. That's where a lot of
Speaker 3: people know you before. It so well done.
Speaker 10: I think for me, I think your proclaim is just
Speaker 10: let we have an interest, because.
Speaker 3: All this is you've said. You've said so many times.
Speaker 10: That even some of us that have a limited view
Speaker 10: on setting it has already proves on it.
Speaker 3: That's to show you because if you really lose this started.
Speaker 10: Before you can before those same who do guys that
Speaker 10: talk about personal for us, you really get to know
Speaker 10: this is so I think the problem for audience that
Speaker 10: don't really understand many of the lack of interest and
Speaker 10: O perspecial because I saw you pulled you did recently.
Speaker 10: I got to see it in the morning when you
Speaker 10: tap me and say, because I was kind of happy
Speaker 10: because it's sure that you're coming audience. We are paper informed,
Speaker 10: but I'm very I'm betting that it was in larger audios.
Speaker 3: Where maybe in popular that has like three five you
Speaker 3: know followers, did I pull?
Speaker 10: I think that percentage you will do because if you
Speaker 10: look at things that have been pushing out the.
Speaker 1: You're talking about the people what they were doing the
Speaker 1: morning they were safe in.
Speaker 9: That question that you really done so much in the
Speaker 9: space because I remember so many times when people really
Speaker 9: were about investing and the the problem we have about
Speaker 9: the investment culture as cually for people that.
Speaker 3: I really interested because of their.
Speaker 9: Disposive income whatever you're talking about today, Like that's very,
Speaker 9: very important.
Speaker 10: And my advice is that see he loves follow these guys.
Speaker 10: It's not you might not agree about their politics or
Speaker 10: you see, you must have the ability.
Speaker 3: To desire it, must have the ability to know where somebody's.
Speaker 10: Talking analysis or what's worth is speaking facts, and also
Speaker 10: must be less emotional, you know, because you do really
Speaker 10: allow it of what disupposed guys. It doesn't mean it's
Speaker 10: not And because you don't really like the person does
Speaker 10: not mean it's not making sense.
Speaker 9: So I think people but the audiens, you really need
Speaker 9: to find them to descend, because that's the problem we're.
Speaker 3: Having in this place.
Speaker 10: A lot of people don't understand the different in facts
Speaker 10: and analysis like this tax thing.
Speaker 3: Can you say it's really going to have.
Speaker 9: Major applications because as clearly when I came to Europe,
Speaker 9: I had issues because just like what, I didn't know
Speaker 9: that when you send money you most really tired.
Speaker 3: And I didn't know that.
Speaker 10: When you send when you do businesses, even if its
Speaker 10: even complicentd money to us, the tax authority will ask.
Speaker 3: I didn't know that even when you don't make.
Speaker 10: It come in a court, it must declared.
Speaker 3: I did know certain things that even when you have
Speaker 3: businesses around the injudicis of where you are, you must
Speaker 3: still show some accountabusiness. So yeah, and how you get
Speaker 3: to know these stances.
Speaker 10: By moving with people that really talk and align with
Speaker 10: investment banks or your tax costs or whatever you want
Speaker 10: to do.
Speaker 3: So yeah, whatever, I just wanted to add, call it
Speaker 3: that we really need to work on ourselves pasqual because
Speaker 3: all this is we have.
Speaker 10: Said, you said this so many times for let's people listen,
Speaker 10: people read your book.
Speaker 3: You don't hear a book on it, you don't see.
Speaker 10: So I think the cultury is the adopt We need
Speaker 10: to change our pattern.
Speaker 9: We we are to addicem to ski we had to
Speaker 9: attend to jokes. We are to addictated to thrusing.
Speaker 3: We need to really define that. We want to treage
Speaker 3: our lives.
Speaker 10: Yes, the government play rule, but ugality because our home.
Speaker 10: What are we doing with our space? Whether how many
Speaker 10: books are we within? How many are we spending on
Speaker 10: quality finance? Music are we also? We said apparently because
Speaker 10: see governments wouse metal. Yeah, we expect to get the
Speaker 10: better government identity, but you must be able to be
Speaker 10: receptive for you to have the abstitute change your for
Speaker 10: to change your life.
Speaker 3: So yeah, we don't call. And I just want to
Speaker 3: addvanting before.
Speaker 2: I passed the mic.
Speaker 3: I think if you really don't know anything about.
Speaker 9: Personal us, yeah, this space will put you don't get
Speaker 9: your future Colors listening book that you can invest locally
Speaker 9: and forward you can buy the book.
Speaker 3: I think last time was there cocluty doers.
Speaker 10: I don't know how much better Colors inclusive because of
Speaker 10: the valuation. But trust me, most of my friends that
Speaker 10: even I level financial and professionals, they got the group.
Speaker 3: And the reason is because we see one of the
Speaker 3: things you need to understand the finances.
Speaker 10: That nobody knows it all. We have niche and we
Speaker 10: have people that really have had the experience. So you
Speaker 10: really need to even if you're a pig udi in finance,
Speaker 10: you really.
Speaker 9: Needs to take your time and look at other people's
Speaker 9: view perspective.
Speaker 3: And that's why finance I love it because that's has
Speaker 3: all good.
Speaker 10: So many people that think they're smart, you know, they
Speaker 10: get that one.
Speaker 3: Black Noble prize in Ectonemies I lost.
Speaker 10: The episos of doors even Indian amity like this is
Speaker 10: one that the Black schools.
Speaker 3: I think we guys need to read. We need to
Speaker 3: spend and text.
Speaker 2: That awerful.
Speaker 1: Thanks so much for Shart on the book. Like Lucas said,
Speaker 1: finance is not new. It's one of the best books
Speaker 1: you can read in the world.
Speaker 2: On finance.
Speaker 1: It's a book called The Richest Man named Barbylon, and
Speaker 1: it's written in the themes of a man in Barbylon
Speaker 1: centuries ago.
Speaker 2: But if you notice the same thing we are talking
Speaker 2: about today in Wall Street.
Speaker 1: Spend less than you make, invest the surplus, look for
Speaker 1: compounding interests, the same themes.
Speaker 2: We just make it now into the modern terms, and
Speaker 2: we did. I did write a book.
Speaker 1: It's fantastic. I saw it at eighteen thousand higher subsidized
Speaker 1: in Nigeria. Now it's all finished, Nagera. We did three prints,
Speaker 1: completely sold out right So now on Amazon, when I
Speaker 1: try to plug my book, it looks like I'm being commercial,
Speaker 1: but guys do get it. I wrote this specificalnagan market
Speaker 1: is designed for the language I use, the pictures that
Speaker 1: I used. The thinking is designed for you. Like if
Speaker 1: you you don't know anything about finance, its step by step.
Speaker 1: You can read the chapter step by step and you
Speaker 1: just learn that chapter. I don't have to really cover
Speaker 1: to cover. It's designed about crypto having that bound I
Speaker 1: don't know how investing, and it's practical. I'm not telling
Speaker 1: you motivational. I'm telling you you want to buy ETF.
Speaker 1: This ETF is how where you buy it from. You
Speaker 1: want to invest in it. This is the item one
Speaker 1: you go to. You want to do us a location.
Speaker 1: This is how you do it, step by step and
Speaker 1: all that so it's it's good to get and to
Speaker 1: get all down guys winning. Hi winn, how you doing.
Speaker 2: Let's see you here again?
Speaker 3: Hello Cali, believe body. I have a question about tracks.
Speaker 11: I want to apologize because I did not read the
Speaker 11: whole lot.
Speaker 3: Did you lost? So that's an accent on party more servants.
Speaker 8: As you said, they do all these things for you,
Speaker 8: like like I'm in the state's suits, automatic evil, for
Speaker 8: your health insurance, your national house and farm just do
Speaker 8: it for you. So like let's say when you get
Speaker 8: your basically you see your gross speak, you see your
Speaker 8: your knighte is what you see in your accounts. So
Speaker 8: what I want to find out is are you saying
Speaker 8: that with the new law that it's all stops and
Speaker 8: we have to.
Speaker 3: Now do it individually.
Speaker 8: I just because I think maybe some people in civil
Speaker 8: service and in civil.
Speaker 9: Service might not might be non chalm because.
Speaker 6: They're like.
Speaker 3: The governent take care of it. That's the problem. Like
Speaker 3: if you take it, fine, you don't take it wealth,
Speaker 3: I'm better off.
Speaker 2: So now what is that from next year?
Speaker 11: I just I think I'm assuming.
Speaker 3: They should continue.
Speaker 8: Are you saying we should individually now have to go
Speaker 8: and and have to take care of these things.
Speaker 1: Let me let me do it this way, right, If
Speaker 1: you look at the tax lader has been passed today
Speaker 1: on paper, by the numbers and the percentages, your taxes.
Speaker 1: If you earn less than less than one point four
Speaker 1: five per month, it's going down one point four five
Speaker 1: magic number. If you end one point four to five,
Speaker 1: that's about seventeen million, right, can that for me? One
Speaker 1: point four to five multiply by twelve. Once you end
Speaker 1: less than one point four five million, your tax is
Speaker 1: going to go down automatic.
Speaker 2: But look at what I'm saying.
Speaker 1: So this is this is the percentage and the number right.
Speaker 1: So if you ende that's the who point four five,
Speaker 1: your taxes go down. If you end above one point
Speaker 1: four to five, your taxs.
Speaker 2: Are going to go up.
Speaker 1: On hear what I'm saying with you. The old scheme,
Speaker 1: the scheme you are in right now. Once the government
Speaker 1: pays you one million, the big is one point four
Speaker 1: to five. In the old scheme, they've gover melted automatically,
Speaker 1: apply twenty percent to that one point four five and
Speaker 1: that's your that's your tax savings. So when you get
Speaker 1: your you've already paid because the one point four five
Speaker 1: already has an automatic twenty percent there plus an extra
Speaker 1: two hundred thousand.
Speaker 2: From January twenty twenty six.
Speaker 1: There is no automatic, So your employer, if you do
Speaker 1: penn arrasy, you are paying eight percent. Your employer is
Speaker 1: paying ten percent. That eighting will still happen automatically. Automatically.
Speaker 1: But what if you buy health insurance, If you or
Speaker 1: your husband buy health insurance, how will your employer know.
Speaker 1: You've got to go and tell your employer, I have
Speaker 1: bought health insurance so they can remove that money, the
Speaker 1: premiums from your taxable income, so your taxes go down.
Speaker 2: The same thing. If you are pain rent, how will
Speaker 2: your employer know you are pain rent? You have to
Speaker 2: tell them or file so that the five hundred thousand
Speaker 2: benefits comes to you.
Speaker 1: If you do nothing and say the government has said
Speaker 1: if I end one point four five million, my tax
Speaker 1: is going to go down, you will be shocked. That's
Speaker 1: the point I'm making, because you have to go out
Speaker 1: and do this. If you don't do any deductions. If
Speaker 1: you say, oh, I'm not going to do any ras,
Speaker 1: not gonna do any whatever, then fine, once you end
Speaker 1: below one point four five don't worry about anything. Go
Speaker 1: to sleep your fine. Your tax will still go down
Speaker 1: because what you're doing that they've increased the percentage amount
Speaker 1: that you have to earn before you get tax.
Speaker 2: Does that make sense? We need I'm not talking about
Speaker 2: the tax rate.
Speaker 1: Now you have to go out because they're giving you rent,
Speaker 1: they're giving you RC, they're giving you mortgage.
Speaker 2: How would your employer know you bought a mortgage? You
Speaker 2: see what I'm saying.
Speaker 1: Okay, so.
Speaker 3: I would do this with the tax people.
Speaker 1: You can do that, correct, You can do it with
Speaker 1: them and your employer or one hundred percent. If your
Speaker 1: employer says, if you buy life insurance, tell me I
Speaker 1: will take away from your tax is fantastic.
Speaker 2: That means in your HR.
Speaker 1: You say, hey, HR, I bought ry, not just the
Speaker 1: eighteen percent, I did additional launcher contry. You tell them
Speaker 1: they remove it from your from your income, which this
Speaker 1: is your taxable income. You say, hey, I pay for
Speaker 1: rent for a hundred thousand. You tell your employer this
Speaker 1: is your your amount. You say, hey, I bought life insurance.
Speaker 1: You tell your employer it takes down your taxable income.
Speaker 1: If they don't build it in your employer, then you
Speaker 1: have to go.
Speaker 2: And file a self assessment.
Speaker 1: You then say, oh, self assessment, my employer has taken
Speaker 1: my eighteen percent and final that I paid rent, I
Speaker 1: bought insurance because.
Speaker 2: If you don't do that, those benefits deductions won't kick in.
Speaker 2: That's the point. That's whatever.
Speaker 1: If I'm going to be shocked, they're going to say,
Speaker 1: but this that time will said if I end less
Speaker 1: than eight hundred thousand, I will not pay any attacks.
Speaker 1: Only those people are exempt, whether they file, they don't file.
Speaker 1: Once you end below eight hundred thousand, you are exempt.
Speaker 1: But when you end at one point four five, it
Speaker 1: as used assuming that you have your taxes are going
Speaker 1: to go down on paper, but you've got to go
Speaker 1: and clean the deduction.
Speaker 2: Makes sense.
Speaker 3: We yes, but just a round up.
Speaker 8: I feel I feel like, as I said, the civil serves,
Speaker 8: I feel the government should do more.
Speaker 3: I feel they should inform me because if I didn't
Speaker 3: like take the pain to listen, like, I will know someone.
Speaker 2: So I feel it's to be chaotic when this time
Speaker 2: deducting and.
Speaker 8: Then the deductions will appear in twenty twenty seven, isn't
Speaker 8: it correct?
Speaker 2: It's going to be between two seven, So yeah, they
Speaker 2: are supposed to.
Speaker 8: Tell people and tell them, Okay, come man, give us
Speaker 8: this information because we do because like let's say, in
Speaker 8: the E government, they have a Ministry of Finance and
Speaker 8: all this thing happens there, so they're supposed to tell them, oh,
Speaker 8: maybe this person is this person if you're from this
Speaker 8: agency or department of ministry, but no, we're not seeing anything.
Speaker 3: So it was just well, feels crossed.
Speaker 2: Well when the person word are always guide line.
Speaker 1: So this guidance that things that the ministry will then
Speaker 1: say because they have passed a new law or you
Speaker 1: want to pass this guide and I'm gonna say this
Speaker 1: is how you file your tax, and that's what they
Speaker 1: haven't said. So if you go on social media, all
Speaker 1: you see is tax rates, taxes. Will I pay tax
Speaker 1: on this? And I'm saying, loom, that's so confirmed. Many
Speaker 1: people are going to be shocked in twenty twenty seven
Speaker 1: when they pay tax for twent twenty six income because
Speaker 1: they didn't file. Because the way they said is that
Speaker 1: once you end it eight thousand, you don't pay tax.
Speaker 1: Only those folks are exempt. So if you end less
Speaker 1: than it retor Narrati year, go to sleep, just log
Speaker 1: up the space.
Speaker 2: You're fine.
Speaker 1: But once you start to end above that amount, you
Speaker 1: start to go to one point four to five million.
Speaker 1: That's at one point four five million, your tax is
Speaker 1: automatically going down, automatically going down. But if you don't
Speaker 1: do anything, how will they know that you you've taken
Speaker 1: those deductions?
Speaker 2: How would they know?
Speaker 1: That's the point I'm making over over thinker for insidy,
Speaker 1: you know, think wnni.
Speaker 2: Thank you so much, Yeah, calm and thank you for
Speaker 2: this space and.
Speaker 12: Quite learning a lot for it.
Speaker 2: So what I just want to ask is I don't
Speaker 2: know this tax deduction?
Speaker 3: Yeah, is it? Is it account based or probably Vivian based?
Speaker 3: Because when I'm.
Speaker 12: Confused is because yeah, uh, many of us they have
Speaker 12: multiple accounts when received that probably one is the income accounts.
Speaker 3: Then the bother accounts are probably for abuse.
Speaker 12: You know, probably one car has one account as the
Speaker 12: car can do your subscriptions and now okay, then you
Speaker 12: receive your income reer that's your main accounts. Then you
Speaker 12: spread it across probably the field accounts. Okay, this one
Speaker 12: is saving accounts.
Speaker 3: This one is every day spending accounts, this one is not.
Speaker 1: On account and all of that and all of that.
Speaker 3: So I wanted to know, is the deduction par vivian.
Speaker 12: Or per account because if it's if it's part account,
Speaker 12: me men not comes to that button tax and my
Speaker 12: movements of that count also get taxed, and so that's
Speaker 12: I kind of need.
Speaker 5: Then.
Speaker 2: Also, I think we asked the question to ask if.
Speaker 12: Our organization and don't do these deductions for us, or
Speaker 12: we are the one going to do.
Speaker 6: So I think that point that it is clear.
Speaker 3: What doesn't know is if it's going to be account based.
Speaker 2: Yeah, thank you.
Speaker 1: Yeah, it's a great question. Great for the second one,
Speaker 1: like you said, you have to talk to your organization.
Speaker 1: If they can still file for you and have the
Speaker 1: mechanism where you can load your deductions and they file
Speaker 1: for you, fantastic, If you have to go and file yourself, fantastic.
Speaker 1: The point is, don't assume, don't wait and see because
Speaker 1: mister Tile said the tax fits are lower, your taxes lower. No,
Speaker 1: you've got to take action. That's the second question to
Speaker 1: your first question. You are taxed per tax id II
Speaker 1: per person. So I think in Nigia, your n I
Speaker 1: N is your tax idea, your big year just shoe
Speaker 1: your how many bank accounts? It ties all your bank
Speaker 1: accounts to one account but it's not a tax.
Speaker 2: Id per se. I believe your n.
Speaker 1: I know the cldins are wrong, and your ni N
Speaker 1: should be your tax id because that's what you are
Speaker 1: taxed on, the individual, not the bank accounts. So Dangote
Speaker 1: as a person is paying taxes as a person, not
Speaker 1: based on he has probably has two hundred and midium
Speaker 1: bank accounts, so he's gonna pay tax as a person.
Speaker 2: Dangote, mister, you will pay tax. So for you, what
Speaker 2: it means is that even.
Speaker 1: If you have one hundred bank accounts, all those bank
Speaker 1: accounts are any in you either income or are ANYU deductions.
Speaker 1: So if you file as an individual is simple. You
Speaker 1: have your tax table from mister tyle, You look at
Speaker 1: the income you have made, you take away at deductions
Speaker 1: whatever you have left, situate yourself on the table on
Speaker 1: a waterfall base, and then you pay that tax.
Speaker 2: Simple.
Speaker 1: If you have a company, that's why you want to
Speaker 1: hire a song because you are I want to file
Speaker 1: your expenses, your depreciation, all those your vasy clorbacks, all
Speaker 1: those are going to be in the company side. That
Speaker 1: only a bit more complicated. Get an accountant, but you
Speaker 1: pay tax on the person. Remember you are not your company.
Speaker 1: So if you will have a company and your company
Speaker 1: is doing business, your company is paying you salary, your
Speaker 1: company will take a deduction on the salary has paid
Speaker 1: you as the owner of that company. When you receive
Speaker 1: a study from your company, you will quote that salary
Speaker 1: as your own income on your own personal tax filing.
Speaker 2: So it's all connected. You you you you, mister Calum
Speaker 2: does hustling.
Speaker 1: Calu then gets a check of a million eer I
Speaker 1: paid to Calum enter Calu Limited. Calor Limited not pay
Speaker 1: Calu one hundred thousand. Calor Limited has got income of
Speaker 1: one million. That check I paid into Calor Limited. What's
Speaker 1: my deduction expenses for salaries? Eye deduction? So what is
Speaker 1: calor limited tactical income? It's now a nine hundred thousand
Speaker 1: because I've removed the income. I took a salary as
Speaker 1: my income. So calor in little to pay nine hundred thousand.
Speaker 2: What about me?
Speaker 1: That one hundred thousand is not my own income, which
Speaker 1: did not have to go on file. I come to
Speaker 1: the personal income table at deductions. So does that make sense?
Speaker 3: I think I think.
Speaker 9: I did have to do asta like Maysom or something
Speaker 9: because I can get.
Speaker 3: A little people to understand it. I know why I
Speaker 3: feel like this formulis and the complex for the every danger.
Speaker 9: So for example, what you said, pasically is this because
Speaker 9: all these things I do, I have a small business
Speaker 9: and I'm also an employee, how you are expected as
Speaker 9: is how I do what I dose you guys.
Speaker 10: I feel in everything and the computers everything I.
Speaker 13: Would this is what supposiblesial contributional pressure, and it is
Speaker 13: don't because you see from the personal that we have,
Speaker 13: we don't have things.
Speaker 9: Like that that it should be like comfortable maybe in
Speaker 9: the bank account or something that where.
Speaker 13: People can really like the app where people can.
Speaker 3: Make contrition directly because with a lot of people, truly,
Speaker 3: I don't have the feetures. But I think I just
Speaker 3: to talk of the.
Speaker 10: You're economy of people that work are indeed for our sect,
Speaker 10: so so it means that they have to diet people
Speaker 10: for most of these things.
Speaker 1: So my fear, my fear is that a.
Speaker 3: Lot of people will make mistakes people. But I think
Speaker 3: it's what's who creates words, but what it does that
Speaker 3: can create apps correct And.
Speaker 9: Because JAS don't like stress, ask was saying is that
Speaker 9: I understood it because I've worked with it, but I
Speaker 9: can imagine the other person.
Speaker 10: That really doesn't understand talk I didn't tell I.
Speaker 2: Think you know again if you go understand, I'm not
Speaker 2: caring critical anyone break.
Speaker 1: You go on social media and no one is talking
Speaker 1: about the behavioral change this tax I filent think what's
Speaker 1: going to happen?
Speaker 2: Twenty thwey six.
Speaker 1: It is a behavioral change issue. It has not to
Speaker 1: do with numbers and taxes. The tax part is the
Speaker 1: easiest part to understand. You get one billion, there's already
Speaker 1: a tax table. Put that taxable. Dejer your tax end.
Speaker 1: The story did What's gonna happen is that many people
Speaker 1: are going to say, my mother, I got to show
Speaker 1: for my mother, But my mother lives in the village.
Speaker 1: I actually send me money. I go and buy hers
Speaker 1: and legos, I send back to behind the village that
Speaker 1: is going to get a tax And I'm gonna say
Speaker 1: it's not my money, my mother's money. Most money is
Speaker 1: in your account. Those things are what we had not
Speaker 1: really focusing on on the tax debate. Mister Tywood has
Speaker 1: done his own. He has passed the bills.
Speaker 2: Here has really the tax rates. But that's not the issue.
Speaker 1: Look at this whole employer thing. How many employers have
Speaker 1: have explained to the people that listen, if you pay rent,
Speaker 1: you have to fire that event you can, it's not automatic.
Speaker 1: If you don't file that fight for the kid, you
Speaker 1: don't get it.
Speaker 2: You don't get it. Nobody's saying that. Then they're gonna
Speaker 2: say more of the time I get out of rent.
Speaker 2: You've got to go and file it. Guys, You've got to.
Speaker 2: If you don't file it, it's not gonna come.
Speaker 1: There's a there's a guy so that build a very
Speaker 1: good apply that I'm gonna try to get him.
Speaker 2: Bring it back here.
Speaker 3: Just you said, I was explaining that.
Speaker 2: So much more.
Speaker 10: So much talks now.
Speaker 1: Because you know I saw, I saw and again I
Speaker 1: don't very clear. The fires did a social session with influencers.
Speaker 1: Most of the guys I saw there were the political influences.
Speaker 2: If you bring I saw it, Yeah, I saw it.
Speaker 1: If you bring in the pool that are talking about
Speaker 1: mister the President's Tinobus policy and Agena and you bring
Speaker 1: them to talk, people would tune up because they think
Speaker 1: they're selling mister.
Speaker 2: You know, I'm just selling politics. You've got to go
Speaker 2: and get people.
Speaker 1: Only days here Taiwan is here lay this are all
Speaker 1: we have been doing personal finance for ages. Bring them
Speaker 1: in to scenes, then bring them in and then when
Speaker 1: you empower them, they can talk to their people on
Speaker 1: a money basis. But if you're bringing a guy that's
Speaker 1: been talking about Tinabu's roads, Tono bus airport, are you
Speaker 1: saying you.
Speaker 2: Talk about tingabus types?
Speaker 1: People are tun off. Just I'm not saying to the irs,
Speaker 1: you've got to do more. People who don't really understand this.
Speaker 2: You can still questions.
Speaker 3: They don't put you on.
Speaker 2: Because it's all politive meditat money thing. Let's go to.
Speaker 3: Like you said, I'm the program.
Speaker 2: That they did something I can share with.
Speaker 5: You many things.
Speaker 9: Really, they can believe with their party that people about
Speaker 9: personality has and it will make a lot of sense.
Speaker 3: So I think they need to work on thatact because
Speaker 3: they should be porteed for that. And also can I
Speaker 3: have an issue with the fact that.
Speaker 9: Next year we just still once a week and still
Speaker 9: the talk contacts persuality and social media is still I
Speaker 9: don't know if it's a lot important, but I think
Speaker 9: it's important because generally I think we're just three months
Speaker 9: away and I think.
Speaker 2: That generally used to show for because people to.
Speaker 3: Come in about the stance. I think it's very important
Speaker 3: for people to really understand the distance. And lastly, I
Speaker 3: also think that people think that becomes could.
Speaker 2: Be to do so unfortunate that, for example, I.
Speaker 10: Can't tell you that for free that the Europeans have
Speaker 10: been able to.
Speaker 14: In fact, they've been able to block almost all aspect
Speaker 14: of crypto anonymosity, even decks and everything because they used
Speaker 14: to be formal as first.
Speaker 9: Even those that used privacy quence like whenever cash, they
Speaker 9: really have you.
Speaker 3: Know, how to catch those people. Then a usity is
Speaker 3: not allowed in Europe. We can read use us C.
Speaker 3: You know, it's not magal compliants.
Speaker 13: So and what I was really we're talking about. I
Speaker 13: knew that I was going to come to pass because yeah,
Speaker 13: he spoke about people market is not excluded.
Speaker 3: People also need to understand that if you are.
Speaker 15: Not transacting anything beyond one fifty million a year or
Speaker 15: you have an income of them paranl, we have nothing
Speaker 15: to fear about.
Speaker 3: But you know we have many weeks.
Speaker 9: Include that we show that they have sad thousand dollars.
Speaker 3: In commander, they have something to worry about.
Speaker 9: And I think he also mentioned that if you don't
Speaker 9: declare and we find out because by no, they can
Speaker 9: ask a cuclear came to choose their citizens and imagine
Speaker 9: put downtown. So if you don't declare and you find out,
Speaker 9: they will take the deg and you'll be fine.
Speaker 2: I just wanted to do perfect a big girl. Let's
Speaker 2: get here in uh happy girl, your hand is up. Yeah,
Speaker 2: I'm here.
Speaker 3: Can you hear me little issues because I've got.
Speaker 2: Oh, I can hear you. You guys can hear me.
Speaker 3: I think you you can talk before calcom, Yeah you can.
Speaker 3: I think.
Speaker 2: I'm more my sweet.
Speaker 3: Okay, what do you mean? Everyone?
Speaker 16: Actually the question for my fastic This is the first
Speaker 16: time I'm joining and kind of space he and it
Speaker 16: sounds like look, I mean as you task to the
Speaker 16: tax and topic, I actually enjoying the space because I
Speaker 16: start talking about it personal.
Speaker 3: I was like, okay, this is something I would like
Speaker 3: to keep track on. And I'm hearing the tax topic
Speaker 3: now I'm gonna work wow.
Speaker 11: Yeah, necessarily because I am fab behind on updates and
Speaker 11: any information about this. So I don't know if he's
Speaker 11: listening or anyone on the speaker who could help.
Speaker 3: I don't know what what's what is.
Speaker 11: The road map, for getting up to date, for knowing
Speaker 11: all the necessaries.
Speaker 5: Yeah, suspense, we sure, let's go on sh shoot, I'm sho.
Speaker 5: The entence is bad.
Speaker 2: Yeah, like the