WEBVTT 1 00:00:00.080 --> 00:00:02.799 Come from that space with me calu Aga. Of course, 2 00:00:02.839 --> 00:00:07.280 on this space we're talking money, the economy, and of 3 00:00:07.480 --> 00:00:13.359 course finance. This week we're doing taxes. We're doing which 4 00:00:13.439 --> 00:00:17.440 we say, a masterclass on taxes this week, right, we 5 00:00:17.559 --> 00:00:22.559 want to essentially talk around those tax tax law that's 6 00:00:22.559 --> 00:00:26.239 being past right, how it affect you on a personal level, 7 00:00:26.320 --> 00:00:28.480 what important thing? How would it affect you as an 8 00:00:28.600 --> 00:00:34.280 semi right, we wanna do more like a masterclass edition ticket, slowly, 9 00:00:35.399 --> 00:00:39.759 step by step going through the boasts of account I e. 10 00:00:39.920 --> 00:00:43.960 We're gonna do the income statement, We're gonna do the 11 00:00:44.039 --> 00:00:48.159 balance sheet, We're gonna talk about VAT, We're gonna do 12 00:00:48.240 --> 00:00:52.280 with holding tax. We're gonna make it really, really practical. 13 00:00:52.359 --> 00:00:55.039 So it's gonna be those real questions that you are 14 00:00:55.039 --> 00:00:59.200 going to come that's gonna come to you from twenty 15 00:01:00.320 --> 00:01:03.880 seven this year, not the hypotheticals, but the real things. 16 00:01:04.239 --> 00:01:06.799 So I have a great accountant, great co host with 17 00:01:07.000 --> 00:01:10.319 me today, bella man. She's going to reduce herself in 18 00:01:10.480 --> 00:01:12.920 just a second, and then she's going to take us 19 00:01:12.959 --> 00:01:16.920 through space. It's going to be more of like an 20 00:01:17.239 --> 00:01:20.680 co interviewing where I ask questions and then she's answering. 21 00:01:20.719 --> 00:01:25.799 Giving us those answers, Levita also just address this top 22 00:01:25.840 --> 00:01:28.200 of the list of the session. We know a lot 23 00:01:28.239 --> 00:01:32.359 of issues with the tax reforms, lots of sho we say, error, 24 00:01:32.480 --> 00:01:36.519 duplications and regards and all that, but most of all 25 00:01:36.560 --> 00:01:39.120 we're talking about here are not each of that. We're 26 00:01:39.159 --> 00:01:42.840 in contention even when the law was passed, right, so 27 00:01:42.879 --> 00:01:45.920 we're talking about those those col things they tax rate, 28 00:01:46.040 --> 00:01:48.560 the exemptions and all that. When we get to the 29 00:01:48.640 --> 00:01:51.000 place where we think there's been some confusion, of course 30 00:01:51.040 --> 00:01:54.120 would mention it. But really this taclay is here and 31 00:01:54.200 --> 00:01:57.959 it's good for you as an SEME business owner, as 32 00:01:58.000 --> 00:02:01.159 a guide that's playing taxes to understand what the taxes 33 00:02:01.200 --> 00:02:03.760 are going to say so that you know exactly what 34 00:02:03.799 --> 00:02:06.560 to do. So we're not talking now to the shuld 35 00:02:06.519 --> 00:02:11.080 we see the CEOs of large companies. Really our target 36 00:02:11.120 --> 00:02:13.360 for this space is going to be at sm guy, 37 00:02:13.520 --> 00:02:17.039 you have a small company, you're employed five people, ten people, 38 00:02:17.080 --> 00:02:20.120 living one hundred people, and you haven't been paying the 39 00:02:20.280 --> 00:02:23.319 taxes the way you should have been, or you're unsure 40 00:02:23.800 --> 00:02:26.879 how this new taxi gym would affect you. You are 41 00:02:26.919 --> 00:02:30.719 our target today because we're going to be very very practical, 42 00:02:30.919 --> 00:02:34.159 and I'm using the world very very slow and deliberator. 43 00:02:34.319 --> 00:02:36.719 You can follow and of course you can have those 44 00:02:36.800 --> 00:02:38.719 notes and you can ask your questions. So let me 45 00:02:38.719 --> 00:02:43.680 just ask my coast to induce your self, tell us 46 00:02:43.719 --> 00:02:46.240 what it's all about, and then we're just going to 47 00:02:46.319 --> 00:02:48.479 start the session. Thanks for holding on, guys, bell but 48 00:02:48.599 --> 00:02:49.280 you've got the floor. 49 00:02:51.599 --> 00:02:53.080 Okay, good here everyone. 50 00:02:53.479 --> 00:02:59.280 My name is Mary Mark. I'm here to host. It's 51 00:02:59.319 --> 00:03:04.240 a very interest in topic and we're going to dissect it. 52 00:03:04.520 --> 00:03:08.360 So everybody is clear. Then, just to be clear on 53 00:03:08.479 --> 00:03:12.360 my profession, I have my master's in finance. I have 54 00:03:12.479 --> 00:03:16.280 worked as an account as an accounting assistant, but I 55 00:03:16.319 --> 00:03:19.319 cannot call myself an accountant because I do not have. 56 00:03:19.159 --> 00:03:20.439 A degree in accounting. 57 00:03:21.080 --> 00:03:24.439 So to put it out there, so one mischools or 58 00:03:24.520 --> 00:03:27.960 calu in the future. 59 00:03:26.719 --> 00:03:31.039 I am so yeah, fantastic And again I just put 60 00:03:31.039 --> 00:03:33.400 a slide up there. We're also on YouTube, guys, so 61 00:03:33.400 --> 00:03:36.319 if I'm just follow visuals w also on YouTube. We 62 00:03:36.400 --> 00:03:39.879 did share the links to YouTube page. Just do Thinkland Calgary. 63 00:03:39.879 --> 00:03:42.479 You see YouTube. You can also flow those spacials as well. 64 00:03:42.719 --> 00:03:46.159 So again, just overall, we're doing education right we're not 65 00:03:46.400 --> 00:03:50.159 doing a facial advice or tax advice. It's more of education. 66 00:03:50.680 --> 00:03:53.199 So at the end take what you've learned to go 67 00:03:53.240 --> 00:03:55.759 speak to your tax person and of course you should 68 00:03:55.840 --> 00:03:58.840 get more clarity on that. So we're not doing tax advice, 69 00:03:58.919 --> 00:04:01.479 just education. But I'm going to be set the state 70 00:04:01.520 --> 00:04:03.439 for you, belam. This is going to be a there 71 00:04:03.520 --> 00:04:05.840 is going to be a company, right, and I'm the CEO. 72 00:04:06.240 --> 00:04:08.680 I'm the sea of the company. I own this company. 73 00:04:09.280 --> 00:04:11.360 I own a second company, and I'll tell you about 74 00:04:11.400 --> 00:04:14.639 the company. But this company now is making maybe that's 75 00:04:14.680 --> 00:04:16.720 just round figure, so it's very very easy to remembers 76 00:04:16.839 --> 00:04:20.120 making a million, never turnover and all that. Let's start 77 00:04:20.120 --> 00:04:23.279 off just by asking you what income I am the 78 00:04:23.319 --> 00:04:27.480 CEO of this company. What income am I going to 79 00:04:27.560 --> 00:04:31.319 file as a personal for my company? As an individual? Now? 80 00:04:31.680 --> 00:04:35.920 What income is exposed to taxation? Personal income taxes? 81 00:04:36.680 --> 00:04:39.759 Okay, so let me start here. You're CEO, you have 82 00:04:39.839 --> 00:04:43.439 the company. So first of all, whatever that your income 83 00:04:43.800 --> 00:04:48.079 is already tax deducted, it has already gone through taxation. 84 00:04:48.680 --> 00:04:51.399 And whatever thing you hold as income, if. 85 00:04:51.240 --> 00:04:54.360 One million is your income, it's no longer subjected. 86 00:04:53.959 --> 00:04:55.680 To taxation anymore. 87 00:04:56.759 --> 00:05:00.920 Now if you as a company, you may let's say 88 00:05:00.959 --> 00:05:02.360 ten million and turnover. 89 00:05:02.959 --> 00:05:03.839 Now we can talk. 90 00:05:03.720 --> 00:05:07.680 About what is subjected to taxation now. But before you 91 00:05:07.759 --> 00:05:10.240 now go to the taxation. If you have an accountant, 92 00:05:10.279 --> 00:05:13.600 let's say your CARNU, you're a business person, you have 93 00:05:13.839 --> 00:05:17.560 one exhibited as a company, and you run the booth 94 00:05:17.600 --> 00:05:18.360 of them together. 95 00:05:18.759 --> 00:05:20.079 Right, One thing the. 96 00:05:20.040 --> 00:05:22.160 Taxo wants you to do is the taxo wants you 97 00:05:22.240 --> 00:05:27.439 to separate your businesses from your personal income. So you 98 00:05:27.480 --> 00:05:30.240 should never ever there should be a world in China 99 00:05:30.360 --> 00:05:32.199 world between your personal income and your. 100 00:05:32.040 --> 00:05:35.319 Business income as from the first of January. Dose two things. 101 00:05:35.360 --> 00:05:36.000 If you used to do. 102 00:05:35.959 --> 00:05:39.040 Them before, do not do them anymore, because if there's 103 00:05:39.079 --> 00:05:42.480 no clear destinction, the taxman can come for your income. 104 00:05:43.680 --> 00:05:46.519 So because there's a lord that talks about the presumptive, 105 00:05:46.600 --> 00:05:48.800 I will just talk on there. These are for people 106 00:05:48.839 --> 00:05:51.759 that do not know accounting, the losses. If you don't 107 00:05:51.759 --> 00:05:53.959 know accounting and you bring your statement to say this 108 00:05:54.079 --> 00:05:57.040 is what I make, I make one million and from 109 00:05:57.040 --> 00:06:00.120 that account, this is where you spend money from. So 110 00:06:00.120 --> 00:06:02.399 so it is going to assume that all of the 111 00:06:02.439 --> 00:06:06.959 one million that's in your account is a changeable income. 112 00:06:08.160 --> 00:06:11.519 So there's a need for also separate this, sue, So 113 00:06:11.639 --> 00:06:14.959 will you ask me the question again? If I'm a person, 114 00:06:15.319 --> 00:06:18.560 I have a business, and I have a company, my 115 00:06:18.680 --> 00:06:21.800 business makes ten million, what is the. 116 00:06:21.720 --> 00:06:23.759 Tax I pay on this? 117 00:06:24.439 --> 00:06:26.680 Yeah, I want to talk about just myself, not ignoring 118 00:06:26.759 --> 00:06:31.600 my company. So let's say correct, I'm the CEO. My 119 00:06:31.720 --> 00:06:35.680 company has paid me, pays me a salary, and my 120 00:06:35.759 --> 00:06:38.040 company also I also own shares in the company. I 121 00:06:38.040 --> 00:06:40.920 also a company also paid me a dividend? Is the 122 00:06:41.040 --> 00:06:43.519 salary taxable to me? I have a file? Is that 123 00:06:43.560 --> 00:06:46.879 income to me as an individual, not the company? For me? Now, Calu, 124 00:06:46.920 --> 00:06:50.120 I'm the CEE of Carlo Company. Car company pays me 125 00:06:50.199 --> 00:06:54.360 a salary. I also get a dividend check from Carlo Company. 126 00:06:54.680 --> 00:06:57.079 Do I pay tax on the salary and the dividend? 127 00:06:58.279 --> 00:06:58.639 Okay? 128 00:06:58.680 --> 00:07:01.800 So first, before you you get your salary as call, 129 00:07:02.079 --> 00:07:05.959 your company already collected pay from it, so your income 130 00:07:06.600 --> 00:07:09.800 is already your your next position, so you no longer 131 00:07:09.879 --> 00:07:13.879 pay anything from that. Then from your dividends, it's already 132 00:07:13.959 --> 00:07:20.439 deducted at source. So the person the portfolio manager, before 133 00:07:20.439 --> 00:07:23.639 they give you your dividends, the taxes as if are 134 00:07:23.680 --> 00:07:28.120 already dedorted at souce. Therefore, your personal income that's paid 135 00:07:28.160 --> 00:07:31.439 to you as a salary, it's already collected. They've already 136 00:07:31.480 --> 00:07:35.079 collected their taxes or your company accountacs already collected that 137 00:07:35.199 --> 00:07:36.240 taxes your payroll. 138 00:07:36.839 --> 00:07:38.160 Comply, So. 139 00:07:39.959 --> 00:07:42.160 When I'm going to right, do I have to file 140 00:07:42.279 --> 00:07:44.000 taxes on individual? You have? 141 00:07:44.199 --> 00:07:47.120 So you don't have to because your tax has already 142 00:07:47.160 --> 00:07:48.759 been deducted at all. 143 00:07:48.920 --> 00:07:50.439 So when the companies pay your tax? 144 00:07:50.519 --> 00:07:53.079 Okay, will you company s pay you your salary right 145 00:07:53.720 --> 00:07:56.680 before your salary is paid like you know before you 146 00:07:56.839 --> 00:07:59.839 probably do now pre twenty twenty six, is you go 147 00:08:00.120 --> 00:08:02.759 the company accounts and you send salaries, you can no 148 00:08:02.839 --> 00:08:05.199 longer do that again is wrong and it's legal. 149 00:08:06.160 --> 00:08:08.879 You have to have a payroll. Oh man, you have 150 00:08:09.040 --> 00:08:10.759 businesses need to have a payroll. 151 00:08:11.000 --> 00:08:14.519 So, mister Carlus, if you have a company, your company 152 00:08:14.800 --> 00:08:18.240 has to pay you salary and that salary has to 153 00:08:18.279 --> 00:08:22.519 be tax deductible. It has to go through all the deductions, 154 00:08:22.560 --> 00:08:27.360 the statitute deductions and the contributions if the company is 155 00:08:27.360 --> 00:08:30.920 doing that for you, right, So, once it hits your account, 156 00:08:31.199 --> 00:08:33.639 your money that's comming to you account is the next 157 00:08:33.679 --> 00:08:39.840 position not a taxable position anymore, because before he leaves 158 00:08:39.840 --> 00:08:40.639 the company it. 159 00:08:40.720 --> 00:08:41.679 Must be taxes. 160 00:08:41.799 --> 00:08:44.120 Question for you is what if I what if the 161 00:08:44.200 --> 00:08:45.720 company does not do that? 162 00:08:46.480 --> 00:08:48.000 Okay, there are penalties. 163 00:08:48.240 --> 00:08:50.960 There are penalties, So no, you don't have to fast. 164 00:08:51.000 --> 00:08:52.480 So now we have to. 165 00:08:52.559 --> 00:08:55.519 I think we're meeting two things this year. You're still 166 00:08:55.519 --> 00:08:59.600 putting yourself as Carlo the company. You have to separate 167 00:08:59.600 --> 00:09:02.320 yourself mister calum, mister company. 168 00:09:02.399 --> 00:09:02.559 Right. 169 00:09:03.080 --> 00:09:07.320 So if your company, let's say ABC Limited, is paying 170 00:09:07.399 --> 00:09:12.120 carlous salary, right, by the law as of today, there 171 00:09:12.240 --> 00:09:15.480 must be a payroll. There must be a payroll that 172 00:09:15.960 --> 00:09:19.679 you will that your accountants. If you're the world that's 173 00:09:19.720 --> 00:09:23.440 doing it yourself, you must meet the deductions right, and 174 00:09:23.480 --> 00:09:24.720 then you must pay your tax. 175 00:09:25.279 --> 00:09:26.399 If it's a company. 176 00:09:26.440 --> 00:09:29.159 If your companies pay your salary, you must fall under 177 00:09:29.279 --> 00:09:32.799 the pay role they pay your band. So you must 178 00:09:32.840 --> 00:09:35.480 go through that pay band before you pay yourself salary, 179 00:09:35.519 --> 00:09:37.720 which is the payroll. I think Drances have not been 180 00:09:37.720 --> 00:09:40.679 talking a lot or we're not using payroll as a 181 00:09:40.759 --> 00:09:45.559 love before younger, but from friend they when I'm this 182 00:09:45.679 --> 00:09:48.440 already in law, you have to go through payroll, and 183 00:09:48.600 --> 00:09:55.399 payroll constitutes off the statutute deductions and the statutory and contributions. 184 00:09:55.519 --> 00:09:57.840 So yes, mister calum, even if your company is pay 185 00:09:57.879 --> 00:09:58.840 your money, once he. 186 00:09:58.919 --> 00:10:01.120 Hits your account, it's the next position. 187 00:10:01.440 --> 00:10:03.360 You no longer pay tax anymore. 188 00:10:04.200 --> 00:10:08.200 Lets I get that, unless you do have an accompany. Yeah. 189 00:10:08.240 --> 00:10:10.360 The point I'm trying to make is this right, the 190 00:10:10.399 --> 00:10:13.200 company has paid the taxes and it's a company as 191 00:10:13.240 --> 00:10:14.360 the next position. 192 00:10:14.080 --> 00:10:16.200 But no, you don't don't pay anymore. 193 00:10:16.240 --> 00:10:18.440 I get you. What do I have to file? Is 194 00:10:18.440 --> 00:10:19.960 the question? Do I have to file? 195 00:10:20.440 --> 00:10:23.360 You don't have to file because no, you personally do 196 00:10:23.440 --> 00:10:26.440 not have to file because the company is paying you. 197 00:10:26.480 --> 00:10:29.399 But your company will fire tax. Your company will not 198 00:10:29.440 --> 00:10:32.200 fight c C. So under the c I T in 199 00:10:32.279 --> 00:10:37.240 the accounting, everything like a company paid to employers is adopted. 200 00:10:37.519 --> 00:10:38.240 Do you understand? 201 00:10:38.679 --> 00:10:41.840 So you know, as a company will file the company tax, 202 00:10:42.320 --> 00:10:45.279 but your company has already adopted paid from you. 203 00:10:46.440 --> 00:10:51.080 Okay, understand yes? So so so now what about my income? 204 00:10:51.159 --> 00:10:53.840 Let's say I'm asking this question on purpose. Let's say 205 00:10:53.879 --> 00:10:57.639 I own a Coco exported company. I own that coques 206 00:10:57.840 --> 00:11:02.519 in company one right, the coortance company gives me a 207 00:11:02.639 --> 00:11:06.759 million ira return. I do export cocoa. I get a 208 00:11:06.799 --> 00:11:12.559 million ira, that's my dividends or in company? Is that tax? 209 00:11:13.399 --> 00:11:15.559 Is it taxable? Okay? 210 00:11:15.600 --> 00:11:17.320 So let me get in the street. Let me get 211 00:11:17.360 --> 00:11:18.039 you correctly. 212 00:11:18.559 --> 00:11:23.159 You have a cocoa company right and made perfect. 213 00:11:23.240 --> 00:11:25.000 You're asking if it's. 214 00:11:24.879 --> 00:11:27.600 Tax Isn't it correct? I pay tax on that profit 215 00:11:27.639 --> 00:11:29.679 from export because. 216 00:11:29.480 --> 00:11:34.679 Because feeder government is trying to make exports, it's trying 217 00:11:34.720 --> 00:11:39.559 to make exports what is called attractive to Nigerians. We 218 00:11:39.639 --> 00:11:43.399 want to bring foreign influence. 219 00:11:42.360 --> 00:11:43.200 Into the country. 220 00:11:43.360 --> 00:11:46.200 So further, government is saying that there are things that 221 00:11:46.279 --> 00:11:51.720 are tax exempts in the exporting exporting category. So if 222 00:11:51.720 --> 00:11:54.399 you're doing those activities that follow that the tax is 223 00:11:54.440 --> 00:11:58.919 the category for exporting, then all of the process that 224 00:11:59.080 --> 00:12:02.000 come from there is one hundred percent tax agent. 225 00:12:02.759 --> 00:12:06.159 But there's the cave there's a caveage there which. 226 00:12:05.960 --> 00:12:10.960 It says that if you're engaging in this exempts category, 227 00:12:11.559 --> 00:12:15.600 you must make sure that the financial activities you're doing, 228 00:12:15.639 --> 00:12:18.279 whatever thing you're doing there, if you're farming or you're 229 00:12:18.360 --> 00:12:21.600 exporting cocoa, let it be that if it's coco or 230 00:12:21.639 --> 00:12:25.039 any other cash product, it's one hundred percent under the 231 00:12:25.159 --> 00:12:29.639 exam category. If it is no, undred hundred percent under 232 00:12:29.960 --> 00:12:30.960 the exempt category. 233 00:12:31.039 --> 00:12:33.120 So let's maybe you're a farming cocoa. 234 00:12:33.200 --> 00:12:36.080 Are you're farming what is it called carrots for example, 235 00:12:36.200 --> 00:12:39.759 exporting carrots, or you're exporting passue, and it doesn't have 236 00:12:39.919 --> 00:12:43.240 the exempt it's an example, you don't have the exams 237 00:12:43.360 --> 00:12:47.360 and position right. The government says that in this case, 238 00:12:47.919 --> 00:12:51.080 you're the other thing that you're also. 239 00:12:50.840 --> 00:12:52.200 Doing as an activity. 240 00:12:52.279 --> 00:12:55.960 Financial activity should be twenty five percent or less than 241 00:12:55.960 --> 00:12:59.799 twenty five percent for you to have that exempts status. 242 00:13:00.279 --> 00:13:05.080 So if you're doing another activity in that export and 243 00:13:05.200 --> 00:13:08.840 partgorary that is not for the exents list, and then 244 00:13:09.120 --> 00:13:11.600 you now miss them up and maybe the other one 245 00:13:11.679 --> 00:13:14.639 is forty percent of your activity that you're doing and 246 00:13:15.120 --> 00:13:18.320 that one is sixty percent, you do not miss that 247 00:13:18.440 --> 00:13:23.159 category anymore to get. 248 00:13:21.559 --> 00:13:23.759 So let me understand what you're saying. So if if, 249 00:13:24.159 --> 00:13:27.480 if if the export is on that list, for instance, 250 00:13:27.519 --> 00:13:30.639 coco is on that list, I can clean AE hundred 251 00:13:30.720 --> 00:13:35.000 percent exemption on they don't come from. But carrots are 252 00:13:35.080 --> 00:13:37.159 not on that list. So even if I so even 253 00:13:37.200 --> 00:13:40.840 if I export carrots, I can clean carrots because car 254 00:13:41.279 --> 00:13:42.240 open list. 255 00:13:43.519 --> 00:13:45.360 Yes, yes, you cannot clean carrots. 256 00:13:45.399 --> 00:13:48.639 And then Let it be that the carrot activity is 257 00:13:48.679 --> 00:13:50.960 not more than spenty five percent. 258 00:13:51.240 --> 00:13:52.720 So can I claim five percent? 259 00:13:54.240 --> 00:13:57.279 If it's less or twenty five percent, then you can 260 00:13:57.360 --> 00:13:59.519 see four D one hundred percent. 261 00:13:59.679 --> 00:14:02.480 So the activity altogether is on hundred percents. 262 00:14:02.919 --> 00:14:06.240 Let's say one part is seventy. 263 00:14:05.919 --> 00:14:09.080 Five percent and particistants five percent. You see for long 264 00:14:09.159 --> 00:14:10.840 that that's as category. 265 00:14:11.039 --> 00:14:14.320 But let's say maybe your current business is so big 266 00:14:14.799 --> 00:14:18.480 that is certificience. Then you no longer fall into the 267 00:14:18.600 --> 00:14:22.399 category the government is going to charge you outrightly as 268 00:14:22.399 --> 00:14:23.240 they charge everybody. 269 00:14:23.240 --> 00:14:24.320 You're no longer pense. 270 00:14:24.720 --> 00:14:25.080 Okay. 271 00:14:25.240 --> 00:14:26.440 So even though you're. 272 00:14:26.279 --> 00:14:30.960 Doing it what is it called as. 273 00:14:30.440 --> 00:14:33.320 Category, you have to stick to that product. You don't 274 00:14:33.399 --> 00:14:33.799 mix it. 275 00:14:34.279 --> 00:14:37.639 Okay. So again, Lenny, point for me here that I 276 00:14:37.679 --> 00:14:43.000 have to get that list of exports activities that qualify exactly. 277 00:14:43.200 --> 00:14:49.240 I think that list has to deal with with sports, education, agriculture, 278 00:14:50.000 --> 00:14:55.399 sports education, agriculture. What about if I just go ahead? 279 00:14:56.639 --> 00:15:00.559 Okay, so no, that list for exports is no, sports 280 00:15:00.840 --> 00:15:07.000 is agriculture mainly, but this sport only is. I think 281 00:15:07.039 --> 00:15:09.879 this is you're touching on the point of what is 282 00:15:09.879 --> 00:15:13.639 it called people that are exempt from v e C. 283 00:15:15.320 --> 00:15:21.039 I'm what I'm trying to say, is this okay? Like 284 00:15:21.159 --> 00:15:23.679 for me, right, So I am the CEO. The lawyer 285 00:15:23.720 --> 00:15:28.519 is saying that if I do certain activities dividends received, 286 00:15:28.559 --> 00:15:31.679 I'm putting it on a dividens from investments in holy 287 00:15:31.799 --> 00:15:35.720 export points of dominent oil company in respect to good 288 00:15:35.879 --> 00:15:40.200 exempt and if you export goods and you're practiced through 289 00:15:40.240 --> 00:15:42.960 officials and Nigeria, the lawyer saying, you'll know the tax 290 00:15:43.080 --> 00:15:47.720 this is holy export related businesses. So in that list 291 00:15:47.759 --> 00:15:53.759 it's talking about sporting, religious, educational. Then agricola I got 292 00:15:53.879 --> 00:15:58.600 as a five year no no taxes holiday, five year 293 00:15:58.799 --> 00:16:02.679 tax for the day for what carrot? You have five 294 00:16:02.799 --> 00:16:07.879 year but holy export driven activities them from taxes. That's what. 295 00:16:09.360 --> 00:16:10.840 That's for your reason, Okay. 296 00:16:10.919 --> 00:16:14.480 So once I gets from that is let me take 297 00:16:14.600 --> 00:16:17.000 my slides that I prepared. 298 00:16:17.759 --> 00:16:19.960 Is that you you you. 299 00:16:20.000 --> 00:16:24.960 Have the exensienist for experts category, but you cannot mix 300 00:16:25.039 --> 00:16:27.960 it like even if you're doing cocoo. Now it has 301 00:16:28.039 --> 00:16:31.840 that and that sense of one hundred percent exports, right, 302 00:16:32.240 --> 00:16:35.559 but if you're not missing coco, your activity has to 303 00:16:35.639 --> 00:16:40.919 be fully fully on that category list that the government 304 00:16:41.120 --> 00:16:44.200 is exented from it. If you miss it up with 305 00:16:44.360 --> 00:16:48.000 something on other products, even in agriculture. 306 00:16:47.639 --> 00:16:50.399 That is not the exensiveness. Then that means that. 307 00:16:50.399 --> 00:16:54.720 You're missing your activity together even though it's exports. 308 00:16:54.879 --> 00:16:58.279 Okay, understood, Just to let us ask again, I get 309 00:16:58.320 --> 00:17:00.559 that point now. So like I know in the in 310 00:17:00.600 --> 00:17:02.600 the Lord, it's not talking about the person. This is 311 00:17:02.639 --> 00:17:06.240 top that about Calum, not Calo company Calu. If Calu 312 00:17:06.319 --> 00:17:12.279 gets an interest, interest dividends from outside Nigeria, it's exempt. 313 00:17:12.839 --> 00:17:16.559 So if for instance, I own a property in America 314 00:17:17.240 --> 00:17:20.359 and that property in America pays me dollars and I 315 00:17:20.480 --> 00:17:24.880 bring that dollar back to Nigeria through approved channels, the 316 00:17:24.960 --> 00:17:26.640 law is saying that I don't pay tax on that. 317 00:17:27.240 --> 00:17:32.480 So dividends, interest, rent, royalty derived from outside Nigeria and 318 00:17:32.759 --> 00:17:35.720 brought into Nigeria through approved channels, I don't pay tax. 319 00:17:36.240 --> 00:17:41.400 It says. Dividends received from investments in export businesses, I 320 00:17:41.400 --> 00:17:44.599 don't pay tax on that. It's saying dividends from collective 321 00:17:44.599 --> 00:17:48.119 investment scheam. So I go and buy an ATF or 322 00:17:48.160 --> 00:17:51.359 a mutual from Nigeria, I don't pay that. It's saying. 323 00:17:51.400 --> 00:17:53.519 If I do a profit, if I invest in sports 324 00:17:53.559 --> 00:17:57.440 and so if I own it. If I own an ina, 325 00:17:57.680 --> 00:18:00.599 profits of a company, engage in sportsn it is, I 326 00:18:00.599 --> 00:18:03.240 don't pay tax on that. If I also buy federal 327 00:18:03.240 --> 00:18:07.839 governments and state boards the copper income, also don't pay 328 00:18:07.920 --> 00:18:11.440 tax on that. So again for Calu, not Carlo company. 329 00:18:11.440 --> 00:18:13.359 For I'm gonna come the Carlo company. Now for Candu 330 00:18:13.440 --> 00:18:17.599 as an individual, these are all my passive income strategies 331 00:18:17.640 --> 00:18:21.640 that I don't pay tax on, right mm hmm okay, 332 00:18:21.640 --> 00:18:25.319 perfect to clarify before we're going to the company. 333 00:18:25.559 --> 00:18:28.440 Yes, yes, yes, okay, let's. 334 00:18:28.279 --> 00:18:32.319 Jump into the company. Now the biggest question before you go. 335 00:18:32.400 --> 00:18:34.440 Let's I mean to ask you this question. If I 336 00:18:34.519 --> 00:18:37.839 receive money into my bank account, do I pay tax 337 00:18:37.880 --> 00:18:40.359 on it? If I get tenline into my bank account? 338 00:18:40.640 --> 00:18:45.720 No, no, no, no, you do not pay because government 339 00:18:46.039 --> 00:18:49.759 does not tax your bank accounts don't. The only thing 340 00:18:49.799 --> 00:18:53.599 government tax is if you're using your bank accounts as 341 00:18:53.640 --> 00:18:57.720 your business accounts. This is where where you find your tax. 342 00:18:57.880 --> 00:19:00.559 You tax what your personal accounts of. Men do not 343 00:19:00.599 --> 00:19:03.119 look into it. It doesn't concern them. Or men do 344 00:19:03.200 --> 00:19:07.839 not have gifts. Your gifts are tax So let's say 345 00:19:07.880 --> 00:19:10.680 somebody send your money and send me twenty million his 346 00:19:10.720 --> 00:19:12.359 gifts not that, okay, how will. 347 00:19:14.839 --> 00:19:15.920 Ask me? 348 00:19:16.240 --> 00:19:18.799 I know it's your personal account. It's your personal account. 349 00:19:18.839 --> 00:19:22.480 Don't take business accounts, right. So if the person that 350 00:19:22.599 --> 00:19:26.640 is paying that money is in you their money for services, it's. 351 00:19:26.480 --> 00:19:27.240 A different thing. 352 00:19:27.680 --> 00:19:29.279 But if the person is paying you that money, I 353 00:19:29.319 --> 00:19:31.960 think gift. Now I transfer tell me them to my 354 00:19:32.240 --> 00:19:34.160 to my brother, or tell me to my sister. 355 00:19:34.240 --> 00:19:37.599 Twenty millions to my sister. If I targeted gifts, right. 356 00:19:38.000 --> 00:19:42.519 Then it's a gift and it's in my personal accounts. 357 00:19:43.400 --> 00:19:44.039 Money is in my. 358 00:19:44.000 --> 00:19:46.920 Personal account, and I'll listen to But if let's say 359 00:19:47.119 --> 00:19:49.359 the money is like fifty million, money gets to that 360 00:19:49.799 --> 00:19:53.640 point where they say you need to pay, you need 361 00:19:53.680 --> 00:19:54.759 to pay what is it called? 362 00:19:54.759 --> 00:19:57.400 You need to pay a CID? Now the tax man 363 00:19:57.519 --> 00:19:58.200 is not really care. 364 00:19:58.240 --> 00:20:01.480 If you look at the administrative law, the tax man 365 00:20:01.599 --> 00:20:04.839 is not really clear on what they would do or 366 00:20:04.839 --> 00:20:06.480 how they will go into your account. I saying this 367 00:20:06.559 --> 00:20:08.519 is what is subject to People are saying that the 368 00:20:08.599 --> 00:20:11.519 tax is not clear, the tasty the administrative law is 369 00:20:11.559 --> 00:20:13.720 not goad of that. And I think when I have 370 00:20:13.720 --> 00:20:16.799 doing this, he said they are going after small people, 371 00:20:16.839 --> 00:20:19.519 They're going after the people. Right, So did you not 372 00:20:19.599 --> 00:20:23.160 specifically say if you sit, then. 373 00:20:22.559 --> 00:20:23.759 The government is going to call it. 374 00:20:23.880 --> 00:20:26.920 The tax man has the authority to call you, send 375 00:20:26.920 --> 00:20:29.559 you to courts as peoplet penalty on you and you 376 00:20:29.599 --> 00:20:31.839 will pay while you're going to court. So this is 377 00:20:31.839 --> 00:20:35.319 a discretion of the taxman. But let's say your money is. 378 00:20:35.240 --> 00:20:36.559 Not hitting the presshore. 379 00:20:36.680 --> 00:20:39.319 That is the red flag there. 380 00:20:39.200 --> 00:20:42.920 Nobody comes for you. Let's know you get five million regularly. 381 00:20:43.039 --> 00:20:46.839 Okay, that's fine, but think it starts to have condeminium. 382 00:20:46.200 --> 00:20:47.160 In your personal accounts. 383 00:20:47.440 --> 00:20:49.319 The tax man might come to you, and in fact 384 00:20:49.319 --> 00:20:52.400 the bank reports you because now they say in the 385 00:20:52.440 --> 00:20:55.720 administrative law that banks are not required by the law 386 00:20:55.880 --> 00:20:58.599 to report suspected cast activity. 387 00:20:59.079 --> 00:20:59.799 Do you understand. 388 00:21:00.160 --> 00:21:03.000 So at the end of the day, it depends on 389 00:21:03.240 --> 00:21:05.279 the volume of money that goes into your acco. 390 00:21:05.680 --> 00:21:08.680 And it's also the discussion of the taxman. 391 00:21:08.880 --> 00:21:13.839 To say, okay, we're going to call to explain to us, 392 00:21:14.000 --> 00:21:16.039 but tell us where this money is coming from and 393 00:21:16.039 --> 00:21:18.519 why do you receiving the money. The tax man is 394 00:21:18.559 --> 00:21:20.720 not clear on who does that, but who you will 395 00:21:20.759 --> 00:21:25.319 go for. They do not tax accounts. So the learning 396 00:21:25.799 --> 00:21:27.640 personal accounts, the learning. 397 00:21:27.519 --> 00:21:31.599 Point is do not do not mix your personal accounts exactly. 398 00:21:31.839 --> 00:21:32.960 Do not do that. 399 00:21:32.599 --> 00:21:37.279 So if so, anything personal goes to my personal account, 400 00:21:37.359 --> 00:21:40.400 anything business, okay account. 401 00:21:40.440 --> 00:21:43.000 And if somebody is giving you money, that's a gift. 402 00:21:43.039 --> 00:21:45.079 If it's undred million, they should put it there. 403 00:21:45.200 --> 00:21:47.759 That is a gift and puts my personal account. 404 00:21:47.799 --> 00:21:50.480 And you go see your personal accounts and it gives issues, 405 00:21:51.160 --> 00:21:51.880 it gifts. 406 00:21:52.119 --> 00:21:53.279 Okay, let's go. 407 00:21:53.519 --> 00:21:53.559 So. 408 00:21:53.960 --> 00:21:57.400 So in terms of the exemptions for the individual, I 409 00:21:57.440 --> 00:22:01.559 think there are some not this five classical rent? What 410 00:22:01.759 --> 00:22:05.440 you know is it now five hundred thousand or two 411 00:22:05.599 --> 00:22:06.319 hundred thousand? 412 00:22:06.359 --> 00:22:09.480 Again about yes. 413 00:22:09.279 --> 00:22:13.519 I'm back now. So if I pay rent of five million, 414 00:22:13.680 --> 00:22:15.119 is the cap five hundred? 415 00:22:15.920 --> 00:22:17.599 Is that five hundred thousand? 416 00:22:17.680 --> 00:22:17.920 Five? 417 00:22:18.000 --> 00:22:20.000 Un towns? 418 00:22:21.359 --> 00:22:24.279 Okay, So there's rent. I can claim my rent. I 419 00:22:24.319 --> 00:22:28.240 can pay for life insurance myself and my wife reduction 420 00:22:28.640 --> 00:22:32.200 for the premium. I can buy national housing fund. I 421 00:22:32.240 --> 00:22:35.079 can use national health insurance scheme. What's the last one? 422 00:22:35.079 --> 00:22:37.240 I can do retirement in the count. So this is 423 00:22:37.279 --> 00:22:41.319 outside is five? Is there any other above the line 424 00:22:41.359 --> 00:22:43.920 deduction to produce my income outside this five? 425 00:22:44.880 --> 00:22:49.640 Okay? So answer this is I'm thinking yourself employed. 426 00:22:49.279 --> 00:22:52.839 Right, not just for CALU, just no limited. 427 00:22:53.480 --> 00:22:58.480 Self employed self okay, So yourself employed okay, So yes, 428 00:22:58.519 --> 00:23:02.160 there are business inductions for you. The same rule applies, right, 429 00:23:02.599 --> 00:23:05.680 So any money that you use. 430 00:23:06.119 --> 00:23:07.799 In making like anything that. 431 00:23:07.720 --> 00:23:11.000 Falls into financial activity. So let's see mister can as 432 00:23:11.039 --> 00:23:15.039 in person you use send your error to make your 433 00:23:15.680 --> 00:23:19.519 business operations in a month. Let's say maybe you buy 434 00:23:19.720 --> 00:23:21.559 and you say that you buy, you buy. 435 00:23:22.279 --> 00:23:25.559 Okay, let me use this pertical example. Mister can't walks. 436 00:23:25.359 --> 00:23:29.160 In his house because he's a freelancer. Right, you cannot 437 00:23:29.240 --> 00:23:34.240 just say okay, because I'm a freelancer the utility bill, 438 00:23:34.640 --> 00:23:36.960 you're not like all the utility bill or all the 439 00:23:37.079 --> 00:23:38.759 lens bill and gift to tax man. 440 00:23:39.079 --> 00:23:40.039 That's not a politic. 441 00:23:40.079 --> 00:23:43.000 That's man cannot poltic because they say that it has. 442 00:23:42.880 --> 00:23:43.960 To be the only business. 443 00:23:43.960 --> 00:23:46.440 So when you're using back of your house, are you 444 00:23:46.559 --> 00:23:52.000 living for business? You cannot just put all of the deductions. 445 00:23:52.359 --> 00:23:54.880 Yes, So you have to partition it and you have 446 00:23:55.000 --> 00:23:55.559 to be clear. 447 00:23:55.799 --> 00:23:57.759 So they think this is why that's man looking for 448 00:23:57.799 --> 00:23:59.559 and they're looking for small fish or they're looking for 449 00:23:59.559 --> 00:24:00.680 briefish to fry. 450 00:24:02.240 --> 00:24:03.480 Then it's gonna come for you. 451 00:24:03.519 --> 00:24:06.920 But if you do all your business deduction, for example, 452 00:24:06.960 --> 00:24:09.319 your your intimity. 453 00:24:09.079 --> 00:24:11.279 Your internet or for people that. 454 00:24:11.359 --> 00:24:14.480 Won't pay for listen, you pay for training, you can 455 00:24:14.519 --> 00:24:15.119 deduce that. 456 00:24:15.599 --> 00:24:18.680 You pay for what is it called you pay for 457 00:24:18.720 --> 00:24:21.680 you maybe all these people that do graphic design, and 458 00:24:21.799 --> 00:24:24.799 you have all your accounts that you pay for and 459 00:24:24.880 --> 00:24:25.559 you have received. 460 00:24:25.640 --> 00:24:29.279 Okay, But anyway, you cannot make any deduction without receipts. 461 00:24:30.079 --> 00:24:30.400 Okay. 462 00:24:30.799 --> 00:24:34.279 Also you want to make mostly received if you don't 463 00:24:34.319 --> 00:24:36.799 have the receipt I'm sorry, that's not just take. 464 00:24:36.720 --> 00:24:40.720 You seriously want to be a paper receipts or receives No, 465 00:24:40.880 --> 00:24:41.640 it is okay. 466 00:24:41.680 --> 00:24:45.279 So the administrative law is talking about physicalization, right. 467 00:24:45.680 --> 00:24:47.279 It says that everybody they. 468 00:24:47.200 --> 00:24:52.640 Want to physicalization, meaning that every receipt has to be digital. 469 00:24:52.920 --> 00:24:57.279 They want to see digitally. Right, So as a freelancer 470 00:24:57.640 --> 00:25:01.079 you have to approach your digital receipts and show that. Okay, 471 00:25:01.160 --> 00:25:03.640 if you want to do maybe you prepay for Figma 472 00:25:03.680 --> 00:25:06.640 for example, because you designer, you have to put your. 473 00:25:07.079 --> 00:25:10.319 Receipts twenty dollars every every month. 474 00:25:10.839 --> 00:25:14.640 Right, So you there and then you can do it received. 475 00:25:14.920 --> 00:25:15.279 You're not. 476 00:25:15.720 --> 00:25:16.480 You cannot. 477 00:25:18.599 --> 00:25:23.119 Hope again, So you slow down, somebody, you slow down 478 00:25:23.160 --> 00:25:29.599 so they can follow, right, okay, so that question. So 479 00:25:29.960 --> 00:25:34.119 if I buy Diesel, I'm at home, I use diesel. 480 00:25:34.200 --> 00:25:37.079 Of course at home, I also do my for my computer. 481 00:25:37.920 --> 00:25:40.680 So are you that received the mind gives me it 482 00:25:40.720 --> 00:25:43.720 has to be digital or how does that work? Give 483 00:25:43.759 --> 00:25:45.039 it to me? How does that digital? 484 00:25:45.519 --> 00:25:47.920 You has to be digital? Your receipts. 485 00:25:49.119 --> 00:25:49.480 Digital. 486 00:25:49.599 --> 00:25:52.039 So if you go to buy diesel, give you your 487 00:25:52.160 --> 00:25:55.599 received and gives it to you, you slap it and 488 00:25:55.640 --> 00:25:59.559 then you take your take it, you upload you're finding 489 00:25:59.799 --> 00:26:02.400 well as any individual file. 490 00:26:02.440 --> 00:26:03.440 I think once a year. 491 00:26:04.079 --> 00:26:06.240 I once a year. So when you want to fill 492 00:26:06.359 --> 00:26:09.359 that year, you take all of your sets, everything that 493 00:26:09.759 --> 00:26:12.680 you want to it needs to have a receipt. If 494 00:26:12.720 --> 00:26:15.039 you receipts, you cannot adopt because you cannot do that 495 00:26:15.160 --> 00:26:18.720 certain expense. And then you stay from your house. If 496 00:26:18.759 --> 00:26:21.960 you may be your house is you pay a lot 497 00:26:21.960 --> 00:26:24.599 of about rents because already you know it's already cant 498 00:26:24.799 --> 00:26:27.640 at five hundreds. So what you say, I use my 499 00:26:27.680 --> 00:26:30.519 house for business? The lords know less you take the 500 00:26:30.559 --> 00:26:34.599 five hundred thousand, whether business or not. You cannot move 501 00:26:34.640 --> 00:26:37.880 a five thousand thousand, So the rest is for the other. 502 00:26:38.440 --> 00:26:43.000 So any other thing you use that money, it's regarded 503 00:26:43.160 --> 00:26:44.279 as the expense. 504 00:26:45.359 --> 00:26:48.200 So let me for me that I have to take 505 00:26:48.279 --> 00:26:51.440 photo of the receipts, take a picture of scanning to 506 00:26:51.440 --> 00:26:56.000 take photo and keep it. Okay, that's a many of 507 00:26:56.039 --> 00:26:59.880 the many two business we don't do this, so yeah, 508 00:27:00.079 --> 00:27:00.759 it's important. 509 00:27:00.839 --> 00:27:03.839 Everybody needs to do it. Everybody needs to do all. 510 00:27:03.799 --> 00:27:06.480 Right, So can we You can reduce your tax that 511 00:27:07.200 --> 00:27:08.079 you can use your text? 512 00:27:08.160 --> 00:27:12.039 Look fantastic, you can Is your a changeable income? 513 00:27:12.240 --> 00:27:16.759 Okay, moved to the company. Now, yes, let's go to 514 00:27:16.799 --> 00:27:18.960 the company. First thing, let's look at an income statement. 515 00:27:19.039 --> 00:27:21.759 The first on the incomes is going to be revenues. Right, 516 00:27:22.480 --> 00:27:25.599 what what can we say about revenues for a company 517 00:27:25.599 --> 00:27:27.599 in terms of this new tax year? First of what 518 00:27:27.720 --> 00:27:31.839 qualifies me as a small community pay tax or the exempt? 519 00:27:32.039 --> 00:27:34.200 What is it give me? That? Is it one hundred million? 520 00:27:34.519 --> 00:27:36.400 What qualifies me to pay. 521 00:27:38.240 --> 00:27:38.599 Today? 522 00:27:38.839 --> 00:27:44.559 We're not sure because they dispute what what the house fast? 523 00:27:44.640 --> 00:27:46.839 So the president said that we don't know. 524 00:27:47.160 --> 00:27:51.319 So another copy is saying fifty million million, Another copy 525 00:27:51.319 --> 00:27:54.920 is saying is one hundred million to fifty million? We 526 00:27:55.000 --> 00:27:57.240 cannot really say what? 527 00:27:58.359 --> 00:28:01.640 Interesting again, I know the world that is to over. 528 00:28:01.839 --> 00:28:05.119 That was the old law, it's still saying tournover that 529 00:28:05.319 --> 00:28:11.240 means revenue is revenue or tono. Okay, So that does 530 00:28:11.359 --> 00:28:14.200 means that if the sales I am making is that qualitify? 531 00:28:14.279 --> 00:28:16.960 Is it sales that qualifies me as a company? Is 532 00:28:17.000 --> 00:28:20.799 this sales assets together or just sales they don't qualifies? 533 00:28:21.880 --> 00:28:26.000 So if I'm at home, I have a computer and 534 00:28:26.000 --> 00:28:28.240 I have an aptop, I have it or my total 535 00:28:28.319 --> 00:28:33.519 assets fifteen million Ira, but I get lucky, somebody wants 536 00:28:33.519 --> 00:28:34.960 to come to an I just to do business and 537 00:28:35.119 --> 00:28:38.640 the and the sales and the goal between and I 538 00:28:38.680 --> 00:28:42.960 get the commission of a billion Ira. It's possible. Right, 539 00:28:43.440 --> 00:28:47.720 I made a billionaire revenue on assets of fifteen million, 540 00:28:48.319 --> 00:28:51.359 So do I I might do I qualify? 541 00:28:51.559 --> 00:28:59.319 Or because I have now assets but your income but 542 00:28:59.359 --> 00:29:01.559 I don't have a set. I don't have the assets. 543 00:29:02.160 --> 00:29:04.839 But even if if if that money is basically as 544 00:29:04.839 --> 00:29:06.000 an income, you qualify. 545 00:29:06.680 --> 00:29:08.920 But my question of asking is this right? Because I 546 00:29:08.960 --> 00:29:12.079 hear you say that the turnover, the revenue and the 547 00:29:12.200 --> 00:29:15.680 assets they have to go together to qualify. Correct. Yes, 548 00:29:15.960 --> 00:29:18.039 So what I'm saying that if I used to million 549 00:29:18.559 --> 00:29:22.920 assets to generate one billion RA turnover, am I a 550 00:29:22.960 --> 00:29:23.680 big company. 551 00:29:24.200 --> 00:29:26.279 That's what I'm going to But you're you're saying the 552 00:29:26.359 --> 00:29:26.759 same thing. 553 00:29:26.960 --> 00:29:30.559 Your your revenue is your turnover, right, So that's revenue there, 554 00:29:30.640 --> 00:29:33.559 that's fifteen billion. So you use let's say you you 555 00:29:33.759 --> 00:29:38.119 invested a fifteen million error and you got million. 556 00:29:38.759 --> 00:29:39.559 Of course you. 557 00:29:40.000 --> 00:29:44.039 Fall into it doesn't matter, you fall into the taxicle category. 558 00:29:44.240 --> 00:29:47.920 So once they're looking at they're looking at the revenue 559 00:29:48.039 --> 00:29:51.400 you make, not the money you're using investing to make 560 00:29:51.440 --> 00:29:54.200 That revenue is the revenue you make at the end 561 00:29:54.319 --> 00:29:55.960 of the month or at the end of the year. 562 00:29:56.119 --> 00:29:58.480 This is what government is taxing you on. 563 00:29:59.759 --> 00:30:03.000 Yeah, but what I'm saying is that so both of 564 00:30:03.039 --> 00:30:06.759 them have to take qualified. So what if one of 565 00:30:06.799 --> 00:30:09.240 them does not qualify and the other one qualified. If 566 00:30:09.279 --> 00:30:13.079 I have revenue of one has the meeting, okay, just 567 00:30:13.160 --> 00:30:16.039 one has the meetings. Okay, okay, Okay, that's what I 568 00:30:16.160 --> 00:30:19.119 was going. Okay, So let's so with let's income. I 569 00:30:19.119 --> 00:30:21.440 don't think if there's anything I can talk think about 570 00:30:21.519 --> 00:30:25.960 outside income. Let's now go to expenses or is there 571 00:30:25.960 --> 00:30:28.440 anything with income you don't talking around Before we get 572 00:30:28.440 --> 00:30:31.359 to expense this, then any other issue with income as 573 00:30:31.400 --> 00:30:36.599 a person has to be aware of the taxman, say 574 00:30:36.640 --> 00:30:39.119 we have to file income or please go ahead. 575 00:30:39.680 --> 00:30:41.160 Okay, so let me talk. 576 00:30:41.200 --> 00:30:43.119 I'm looking at my slice because I think I was 577 00:30:43.160 --> 00:30:48.319 talking of and I wanted to Okay, okay, so very 578 00:30:48.359 --> 00:30:52.799 important is I was that from your operating the door tables? 579 00:30:52.880 --> 00:30:54.480 Right, So we're. 580 00:30:54.359 --> 00:30:57.599 Good, But we're going to expenses now, right, So okay, 581 00:30:57.720 --> 00:31:00.440 let's not. Let's so not with don revenues I made 582 00:31:01.039 --> 00:31:06.039 in one hundred million revenues right now? Expenses? Now, what 583 00:31:06.160 --> 00:31:09.160 is the more self expenses? What's the general language? 584 00:31:10.039 --> 00:31:14.319 So letter you make what is it called hundred million revenue? Right, 585 00:31:14.799 --> 00:31:19.319 so do not say that your expense there will be 586 00:31:20.480 --> 00:31:23.680 and what is it called expert Your expense doctible will 587 00:31:23.720 --> 00:31:25.599 be adamable. 588 00:31:26.799 --> 00:31:30.359 No, your expense doctable will be all of your groups. 589 00:31:30.200 --> 00:31:36.519 Profits, costal sales divided by costal. 590 00:31:36.519 --> 00:31:39.119 You're you're going to you're going to accounted for us 591 00:31:39.839 --> 00:31:43.240 just to say and exclusively, right. 592 00:31:43.480 --> 00:31:45.240 Okay, yes, okay, let me make it. 593 00:31:45.319 --> 00:31:50.359 Let me let me holy an exclusively. So essentially, if 594 00:31:50.400 --> 00:31:52.960 I do any if I have an expense that I 595 00:31:53.200 --> 00:31:57.359 used to make that one one hundred million, I can 596 00:31:57.440 --> 00:31:59.240 claim it. Is that the simple way to say it. 597 00:31:59.400 --> 00:32:02.960 Yes, yes, you can no issues received. 598 00:32:03.039 --> 00:32:03.880 You can claim it. 599 00:32:04.160 --> 00:32:08.240 Yes, and your tax can also be zero as well. 600 00:32:08.680 --> 00:32:09.359 You can claim it. 601 00:32:09.480 --> 00:32:12.440 You can make come over four hundred million, and if 602 00:32:12.480 --> 00:32:16.440 you have a good accountants legally right, no you're not. 603 00:32:16.640 --> 00:32:18.039 There's nothing illegal about this. 604 00:32:18.599 --> 00:32:21.319 If you in cure the expenses, they are holy and 605 00:32:21.359 --> 00:32:22.319 they are exclusive. 606 00:32:22.720 --> 00:32:23.599 You can prove it. 607 00:32:23.839 --> 00:32:24.000 Right. 608 00:32:24.680 --> 00:32:26.319 At the end of the day, you can end up 609 00:32:26.319 --> 00:32:27.680 paying zero on. 610 00:32:27.799 --> 00:32:32.240 Taxation because you're not going to spend your money, like 611 00:32:32.279 --> 00:32:33.359 you have to take away. 612 00:32:33.119 --> 00:32:37.200 Your expenses out of your revenue. You have to take 613 00:32:37.240 --> 00:32:37.720 away your. 614 00:32:37.599 --> 00:32:40.880 Expenses, so the taxman is not looking at your revenue saying, oh, 615 00:32:41.119 --> 00:32:43.759 although it's like a snapshot to say, okay, you made 616 00:32:43.759 --> 00:32:47.119 one undred million if for example, now, okay, this is 617 00:32:47.160 --> 00:32:49.799 where the presumptiveness is coming. So I'll go back to 618 00:32:49.839 --> 00:32:50.599 that point again. 619 00:32:51.119 --> 00:32:52.240 So the law says. 620 00:32:51.960 --> 00:32:55.880 That the taxman has the right or the discretion to 621 00:32:56.000 --> 00:32:59.880 look at people that fall into the presumptive tax. So 622 00:33:00.039 --> 00:33:04.759 preson's they The law says that if a person right 623 00:33:05.160 --> 00:33:08.079 that does not keep an accounting books now doesn't know 624 00:33:08.119 --> 00:33:10.359 an account Let's say you're enough, you don't know nothing 625 00:33:10.400 --> 00:33:14.200 about accounting, and you have a business account and lets 626 00:33:14.319 --> 00:33:17.319 that business account you tend millionaire to study business and 627 00:33:17.400 --> 00:33:21.519 the business now makes twenty billion, right, do not says 628 00:33:22.039 --> 00:33:24.640 in this case, do not can look at your whole 629 00:33:24.680 --> 00:33:27.720 account statement because you don't have records for anything, and 630 00:33:27.799 --> 00:33:30.119 do I will tell you, okay, for this money, you 631 00:33:30.160 --> 00:33:31.839 will either pay six percent. 632 00:33:31.720 --> 00:33:32.720 Or you'll pay eighty percent. 633 00:33:33.680 --> 00:33:36.599 Because I didn't file, they would present no. 634 00:33:36.319 --> 00:33:37.920 No, no, no no no, you failed. 635 00:33:37.960 --> 00:33:42.119 You failed, but not filing. You love physical lives because 636 00:33:42.160 --> 00:33:45.319 you do not know accounting, so they're not spending lives 637 00:33:45.359 --> 00:33:48.440 in you for not knowing accounting and not getting an accountant. Wow, 638 00:33:49.279 --> 00:33:51.920 So if you do not know accounting, you do not 639 00:33:52.000 --> 00:33:56.559 get an accountant, and you just say the let'sical addition. Anyway, 640 00:33:56.640 --> 00:33:59.359 it's easy to just give the no man, okay, so 641 00:33:59.519 --> 00:34:01.519 no money. What happens is I do it as well 642 00:34:01.519 --> 00:34:02.680 in my former businesses. 643 00:34:03.039 --> 00:34:06.480 I just give my business. 644 00:34:06.160 --> 00:34:08.360 Statements, my business and my segments of account from my 645 00:34:08.960 --> 00:34:13.039 business accounts, and then it goes through the taxation processes. 646 00:34:12.760 --> 00:34:14.039 Right, and I pay my tax. 647 00:34:14.519 --> 00:34:16.920 But now it cannot be done this way anymore. 648 00:34:17.559 --> 00:34:21.440 Right, you need somebody to do your proper accounts. 649 00:34:21.840 --> 00:34:24.159 If you say, oh, I don't have any statement. I 650 00:34:24.159 --> 00:34:26.679 don't have any records. I don't have any receipts. I 651 00:34:26.800 --> 00:34:30.559 just have transaction records in my accounts. So the taxman 652 00:34:30.599 --> 00:34:33.760 cannot look at that you are compassing these accounts six 653 00:34:33.800 --> 00:34:37.000 percent in basic percent on your total turnover. 654 00:34:38.280 --> 00:34:39.280 For your total turnover. 655 00:34:39.480 --> 00:34:41.239 Let's be very clear what you're saying, and I hope 656 00:34:41.280 --> 00:34:44.960 folks know what you're saying. If you do not, if 657 00:34:45.000 --> 00:34:47.199 you make all this profits, I do not have a 658 00:34:47.320 --> 00:34:52.039 professional that would arrange your books of accounts and file 659 00:34:52.159 --> 00:34:55.519 those taxes the taxman. Even if you file and you 660 00:34:55.639 --> 00:34:58.320 just don't be the taxman can say we disagree, we 661 00:34:58.440 --> 00:35:00.840 just filing. I would have do give you a different 662 00:35:00.880 --> 00:35:03.719 tax to pay. The point here is that you've got 663 00:35:03.719 --> 00:35:07.159 to seek advice. If you can't just assume that there's 664 00:35:07.239 --> 00:35:10.280 debit credit and five taxes, You've got to seek advice. 665 00:35:10.400 --> 00:35:14.480 Make sure someone that is trained is looking at your books. 666 00:35:14.480 --> 00:35:16.239 And that's what I'm hearing from you here. 667 00:35:16.599 --> 00:35:19.599 Yes, yes, you have to. You have to because this. 668 00:35:19.559 --> 00:35:24.320 Is where the question received. 669 00:35:24.960 --> 00:35:27.320 Yeah, before you go ahead, someone is just asking here 670 00:35:27.800 --> 00:35:32.440 if I do graphics design, I'm at home, do I 671 00:35:32.559 --> 00:35:36.559 qualify as on the depressional Let's leave Why it's asking 672 00:35:36.639 --> 00:35:40.079 is that because the tax will exempts small business below, 673 00:35:40.119 --> 00:35:44.320 it's in a ton of accept professional services. So it's 674 00:35:44.360 --> 00:35:48.719 saying it's graphic designing a professional service. 675 00:35:49.519 --> 00:35:50.679 So how do we know? 676 00:35:50.840 --> 00:35:51.400 How do you know? 677 00:35:51.519 --> 00:35:53.679 Let's even forget about whether it's professional or not. 678 00:35:53.840 --> 00:35:57.159 Right, you make income. That's what it's talking about. The 679 00:35:57.199 --> 00:35:58.000 income you make. 680 00:35:58.400 --> 00:36:01.360 Right, whether you say is professional or it's own professional, 681 00:36:01.480 --> 00:36:04.199 that's that doesn't really matter. You're a graphic designer in 682 00:36:04.280 --> 00:36:07.280 your house and you make an income that is less 683 00:36:07.320 --> 00:36:11.719 than the taxable brand, so defer taxes. I think it's 684 00:36:11.800 --> 00:36:16.880 for twenty million and above paid twenty percent or twenty 685 00:36:16.880 --> 00:36:18.880 five million or twenty million. So we're not sure that's 686 00:36:18.920 --> 00:36:22.719 year because we don't know which one that we're working 687 00:36:22.719 --> 00:36:25.000 with because the federal government had then, so we all 688 00:36:25.039 --> 00:36:26.760 know what's going on there, So we don't know. But 689 00:36:26.880 --> 00:36:29.320 let's add you with twenty five million, and you are 690 00:36:30.400 --> 00:36:30.960 you are a. 691 00:36:31.320 --> 00:36:32.559 Graphic designer in your house. 692 00:36:32.760 --> 00:36:35.280 As long as you don't make up to twenty five million, right, 693 00:36:35.400 --> 00:36:38.559 you don't pay tax, but you won't file the fact 694 00:36:38.559 --> 00:36:41.360 that you don't make twenty five million doesn't mean that you're. 695 00:36:41.320 --> 00:36:43.800 Going to file your taxes. Even if it's zero. 696 00:36:43.920 --> 00:36:47.599 The law requires you to file your tax. So as 697 00:36:47.760 --> 00:36:50.480 a graphic designer in your house, you only file once 698 00:36:50.480 --> 00:36:53.360 a year. Right, so once a year you go to 699 00:36:53.400 --> 00:36:56.360 your state where you live. You have to file through 700 00:36:56.400 --> 00:37:00.599 the state higher race. You go to your state. Please, everybody, 701 00:37:00.719 --> 00:37:01.840 if you're listening to me, go. 702 00:37:01.840 --> 00:37:02.960 And get your team number. 703 00:37:03.079 --> 00:37:03.639 You need it. 704 00:37:04.039 --> 00:37:07.199 You get your team number, you file right, you'll see 705 00:37:07.480 --> 00:37:09.199 the process or you will. 706 00:37:09.079 --> 00:37:11.199 See how they ask you to find it. 707 00:37:11.559 --> 00:37:14.400 So, whether or not you you make what is it 708 00:37:14.400 --> 00:37:19.079 called you make twenty million, that's less than the average 709 00:37:19.079 --> 00:37:20.159 that government wants to tax. 710 00:37:20.519 --> 00:37:22.199 You need to stay for your tax regardless. 711 00:37:22.239 --> 00:37:24.599 But yes, if you fall below then you don't pay 712 00:37:24.599 --> 00:37:27.440 any tax. Yeah, so they only talking about people that 713 00:37:27.480 --> 00:37:28.599 are both. 714 00:37:28.599 --> 00:37:30.719 The threshold, not people. 715 00:37:30.519 --> 00:37:33.840 That are below the threshold, and sayingle for companies. 716 00:37:33.480 --> 00:37:36.559 As well, gotcha? So I think So, I think where 717 00:37:36.559 --> 00:37:38.760 he's going to this, right, all the stuff we're talking 718 00:37:38.800 --> 00:37:42.840 about exempts professional affairs like lawyers and accountants. They can 719 00:37:42.840 --> 00:37:45.480 actually claim most of these things we're talking about. That's 720 00:37:45.480 --> 00:37:47.199 what he's going to So I think it's trying to 721 00:37:47.239 --> 00:37:49.760 ask it. A graphic designer is going to be looked 722 00:37:49.760 --> 00:37:52.159 at as the same as a lawyer and as an 723 00:37:52.199 --> 00:37:54.760 account I don't think. So that's why I don't think. 724 00:37:54.880 --> 00:37:57.960 But they know doesn't really focus on that because he's 725 00:37:58.000 --> 00:38:00.159 quoting more particular place, but he's not looking at the 726 00:38:00.239 --> 00:38:03.440 other lord, the other things that preceded and the one 727 00:38:03.480 --> 00:38:07.599 that goes after it. Right, what is this company incompact? 728 00:38:07.840 --> 00:38:10.800 Is if you make below a certain threashore, which is 729 00:38:10.920 --> 00:38:13.119 either a five million or fifteen millions. 730 00:38:13.079 --> 00:38:13.920 You don't pay tax. 731 00:38:14.239 --> 00:38:17.800 So whether you're your you're a graphic designer that's in 732 00:38:17.920 --> 00:38:19.039 your house, are you. 733 00:38:19.000 --> 00:38:19.760 Ready below that? 734 00:38:20.000 --> 00:38:21.159 You have zero? 735 00:38:21.519 --> 00:38:23.280 So the fact that you're you only make you know 736 00:38:23.360 --> 00:38:24.679 you don't miss that threshold. 737 00:38:24.679 --> 00:38:26.800 You see me to fare and you're seeing to father 738 00:38:26.840 --> 00:38:27.360 that zero. 739 00:38:27.559 --> 00:38:31.000 Gotcha, but more we're going we're gonna stop like eleven 740 00:38:31.360 --> 00:38:33.679 get questions. But let me also just let's go back 741 00:38:33.679 --> 00:38:36.719 to income. What if I what if that company sold 742 00:38:36.760 --> 00:38:39.239 a building that I bought the building a towndred narra, 743 00:38:39.679 --> 00:38:42.599 they sell it for a thousand just they make capital 744 00:38:42.639 --> 00:38:45.360 against tax? What's the low say about capital against tax? 745 00:38:45.519 --> 00:38:49.679 Okay, yes, so let's go to capital gains tacks. Give 746 00:38:49.719 --> 00:38:55.960 me a minute, So capital against tacks the norse what 747 00:38:56.119 --> 00:38:59.960 the losses there is if you buy a building, right, 748 00:39:00.239 --> 00:39:01.880 there's schedules. 749 00:39:01.239 --> 00:39:02.440 For the capital gains. 750 00:39:02.800 --> 00:39:05.280 I mean for the capital allowance you have. 751 00:39:05.639 --> 00:39:07.519 So when you buy, you buy like. 752 00:39:07.519 --> 00:39:11.199 A building and less any building is five hundred million. 753 00:39:11.800 --> 00:39:15.880 The law says you have the first. 754 00:39:15.480 --> 00:39:19.039 Schedule, which is I think is about ten percent. 755 00:39:19.280 --> 00:39:20.360 I'm going to go through. 756 00:39:20.159 --> 00:39:23.559 My slight to get that it is about ten percent. 757 00:39:23.679 --> 00:39:26.719 So it has two points, right, So the first schedule 758 00:39:26.960 --> 00:39:29.280 and the annual schedule. So you have to do the 759 00:39:29.320 --> 00:39:32.400 first one and the second one. I think all of 760 00:39:32.400 --> 00:39:35.079 this will be twenty five percent. Then you dedoct it 761 00:39:35.280 --> 00:39:38.960 gradually over a period of time. You don't take all 762 00:39:39.000 --> 00:39:40.599 of the money if you buy your house, you don't 763 00:39:40.599 --> 00:39:43.559 dedot it all of it from your your business expense. 764 00:39:43.760 --> 00:39:46.000 You have to adopt this baits by bas. 765 00:39:45.880 --> 00:39:49.000 Yearly and I think the first schedule ten and fifteen. 766 00:39:49.079 --> 00:39:52.239 Then I think it's twenty five percent, So you don't 767 00:39:52.239 --> 00:39:54.360 deduct if you buy a house of five hundred million, 768 00:39:54.639 --> 00:39:56.480 you don't wish you to your accounting and you doc 769 00:39:56.639 --> 00:40:01.159 all of them for capital allowance. There's a there's potential 770 00:40:01.400 --> 00:40:05.800 that you would issue buying house if you make capital expenditure. 771 00:40:06.760 --> 00:40:10.360 So So there's capital allowance when I invest correct, right, 772 00:40:10.440 --> 00:40:13.480 when I invest in in capital assets, house tract or 773 00:40:14.119 --> 00:40:16.519 what it works, I get capitle allowance more or less. 774 00:40:16.840 --> 00:40:21.039 Then if I make a profit on the sale of 775 00:40:21.679 --> 00:40:24.719 an asset, I pay tax on that seal. That's what 776 00:40:24.800 --> 00:40:28.760 I'm going to like. If I sell my head office, 777 00:40:29.320 --> 00:40:31.960 I pay profit on that seal. If I make a profit, 778 00:40:32.159 --> 00:40:35.280 that's capital gains. That's not asking. So that's also taxable. Right, 779 00:40:35.320 --> 00:40:37.800 the gain on the seal of an asset is taxable. 780 00:40:38.199 --> 00:40:39.400 Yes, it is taxable. 781 00:40:39.599 --> 00:40:40.559 It is taxable. 782 00:40:40.840 --> 00:40:42.079 Yeah, it's is taxable. 783 00:40:42.360 --> 00:40:45.639 So they say capital gain is taxable, but it's taxable. 784 00:40:45.719 --> 00:40:49.840 It's it's taxable by ten percent of the profits. 785 00:40:50.280 --> 00:40:53.719 But before you go to the capital gains tax, I 786 00:40:53.760 --> 00:40:56.639 think it's I think it's no. 787 00:40:57.039 --> 00:40:58.400 Subject to ten percent. 788 00:40:58.199 --> 00:41:00.519 Capital gains captial gains and losses. 789 00:41:00.800 --> 00:41:06.159 No, it's object ten percent percent ten percent okay ten 790 00:41:06.599 --> 00:41:06.880 all right? 791 00:41:06.960 --> 00:41:08.960 Yeah, okay, fine, so that's ten percent. 792 00:41:09.199 --> 00:41:12.000 Yes, before the aroound of time, let's just start briefly 793 00:41:12.159 --> 00:41:16.719 on V eighty and withholding tax work us through because 794 00:41:16.760 --> 00:41:18.800 lots of people are now saying I'm on Twitter, Oh 795 00:41:18.960 --> 00:41:21.079 I went to the market, I got charge with V eighty, 796 00:41:21.840 --> 00:41:25.400 walk me through V eighty and withholding tax as a 797 00:41:25.519 --> 00:41:30.000 small semi who can I just I have the chart. 798 00:41:30.119 --> 00:41:34.480 V eighty is mandatory, So what's the worst die walk 799 00:41:34.519 --> 00:41:34.679 me to? 800 00:41:35.199 --> 00:41:35.519 Okay? 801 00:41:35.800 --> 00:41:38.719 Okay, So first of all, if people want to ask you, 802 00:41:39.480 --> 00:41:41.639 if people want to take a V eighty from you, 803 00:41:41.840 --> 00:41:45.960 please ask them. There's the government website that you can 804 00:41:46.079 --> 00:41:51.360 confirmed eighty the date number is correct. So if you 805 00:41:51.440 --> 00:41:53.480 want to come and buy services from you, or you're 806 00:41:53.519 --> 00:41:55.480 buying something from letter that you're buying food from me, 807 00:41:56.119 --> 00:41:58.800 and I'm telling you that, oh I'm putting V eighty 808 00:41:59.480 --> 00:42:01.880 the first to look at the receipts, right, or the 809 00:42:01.960 --> 00:42:08.079 receipts people that are authorized to get digital connectivity from 810 00:42:08.119 --> 00:42:11.199 other people, from other businesses or individuals, you have to 811 00:42:11.280 --> 00:42:14.559 be registered first by fire race. 812 00:42:14.800 --> 00:42:17.239 You have to also not just being registered for you register. 813 00:42:17.320 --> 00:42:18.320 You need to read a treashold. 814 00:42:18.360 --> 00:42:19.360 As a business, you need. 815 00:42:19.360 --> 00:42:21.280 To be doing a certain turnover, right. 816 00:42:21.559 --> 00:42:23.440 You need to be doing at please twenty five million 817 00:42:23.519 --> 00:42:25.960 turnover for you to be able to charge V eighty 818 00:42:27.159 --> 00:42:27.960 your customers. 819 00:42:28.079 --> 00:42:31.280 Hold on, hold on, I said in a shop in 820 00:42:31.440 --> 00:42:34.480 a shop in a bar that is just making five 821 00:42:34.719 --> 00:42:39.760 million direct tonover. No you can't touch the eighty. 822 00:42:39.960 --> 00:42:41.960 No, you cannot have it. And you know what, it's 823 00:42:42.039 --> 00:42:45.039 easy to find out, right, it's very easy to find out. 824 00:42:45.480 --> 00:42:47.280 You can go, I will what will have? 825 00:42:47.440 --> 00:42:49.679 What will happen is I think my social media hand 826 00:42:49.760 --> 00:42:54.199 li is here and the questions please this listen. I 827 00:42:54.239 --> 00:42:56.480 know you can hear me and my pay pers, my 828 00:42:56.559 --> 00:42:59.760 social media president paypers write down these things for me 829 00:42:59.840 --> 00:43:02.280 so I will give it to you later. There's a 830 00:43:02.360 --> 00:43:07.719 website where people can go and search for companies that 831 00:43:07.800 --> 00:43:12.360 are authorized a government website to pay v So, if 832 00:43:12.760 --> 00:43:15.239 somebody is giving you a receipt, look at the receipts, 833 00:43:15.360 --> 00:43:20.039 look at the receipts number. If that person is not authorized, well, 834 00:43:20.119 --> 00:43:22.000 once you go and put it in the government website, 835 00:43:22.000 --> 00:43:23.679 you will see they will tell you that this person 836 00:43:23.760 --> 00:43:26.559 is not authorized to take vity from you, do not 837 00:43:26.679 --> 00:43:29.880 pay them VIT. So if the person is not authorized, 838 00:43:29.920 --> 00:43:31.920 it's easy to find out. You don't need to make arguements. 839 00:43:32.000 --> 00:43:33.760 Do they go to the website, you have your phone 840 00:43:34.039 --> 00:43:36.039 put their viaty numbers. So the first thing you ask 841 00:43:36.119 --> 00:43:38.360 them is do you have your viating number? If they 842 00:43:38.400 --> 00:43:41.039 say yes, serviating number. If they say yes, they give 843 00:43:41.039 --> 00:43:41.920 it to me, let me search. 844 00:43:42.400 --> 00:43:43.000 You search it. 845 00:43:43.519 --> 00:43:45.760 If it's not correct, do not pay them, viating they're 846 00:43:45.760 --> 00:43:47.599 not authorized like government to take vity from you. 847 00:43:47.840 --> 00:43:50.960 Okay. Second one I heard also that as a company, 848 00:43:51.000 --> 00:43:54.239 as an semi company, right, if you if you pay 849 00:43:54.320 --> 00:43:57.159 for V eighty or if you buy an asset and 850 00:43:57.360 --> 00:44:01.119 that person did not pay import duty of the eighty 851 00:44:01.519 --> 00:44:03.760 on that ass that you cannot claim it. 852 00:44:05.519 --> 00:44:10.119 Yes, okay, yes, So for example, I pay as a company. Right, 853 00:44:10.559 --> 00:44:13.679 when you make expense from the company, they have vaty 854 00:44:13.800 --> 00:44:17.119 inputs and v the outputs. Right, So the VTY input 855 00:44:17.480 --> 00:44:21.719 is when you you you you buy, when you buy 856 00:44:21.840 --> 00:44:26.639 from somebody, right, when you buy from somebody and the person. 857 00:44:26.559 --> 00:44:28.719 Is removing you pay, you pay. 858 00:44:29.079 --> 00:44:31.920 It's a let's say I bought goods and then there's 859 00:44:32.679 --> 00:44:35.239 a VI eighty of seven percents. I recorded that in 860 00:44:35.280 --> 00:44:39.599 my I recorded in my accountant when I buy goods 861 00:44:40.119 --> 00:44:42.159 as a company, maybe as a company that I purchased, 862 00:44:43.360 --> 00:44:44.440 and there's a VTY on it. 863 00:44:44.639 --> 00:44:47.039 I also keep it on my record. So I go 864 00:44:47.159 --> 00:44:48.599 to v input and output. 865 00:44:48.760 --> 00:44:51.719 I did the VAT that I have spent as a 866 00:44:51.800 --> 00:44:54.679 company from what I have bought. 867 00:44:54.880 --> 00:44:59.039 And what I will have sold. Right, when I did this, 868 00:44:59.239 --> 00:45:01.000 the balances what I get to the governments. 869 00:45:01.599 --> 00:45:06.119 So let's if somebody has bought it and so and 870 00:45:06.239 --> 00:45:10.559 the person did not pay proper vit, I cannot pay 871 00:45:10.559 --> 00:45:12.800 it because the receipt is a correct So this is 872 00:45:12.880 --> 00:45:14.719 why it's very very important. 873 00:45:15.159 --> 00:45:19.159 Before you pay viating on anything. Right are your company 874 00:45:19.440 --> 00:45:24.559 it's only company thats are this company that hass that. 875 00:45:24.760 --> 00:45:28.159 You only want to authorized to collect doct viated back 876 00:45:28.199 --> 00:45:31.519 from the typesman and attachment gives it deviated back. 877 00:45:32.599 --> 00:45:35.440 You have those mvity output and inputs and you have 878 00:45:35.559 --> 00:45:36.079 an extra. 879 00:45:36.760 --> 00:45:40.159 When you finding your tax right, you will pay you 880 00:45:41.000 --> 00:45:42.559 subtract from your companity. 881 00:45:42.639 --> 00:45:43.079 I see. 882 00:45:43.320 --> 00:45:45.280 So it's not like government is giving you money. Goverment 883 00:45:45.360 --> 00:45:48.840 is not giving you money. It is your taxable income. 884 00:45:49.119 --> 00:45:50.800 So if you're going to buy you the raator from 885 00:45:50.880 --> 00:45:53.920 somebody that does not pay via your that gene and 886 00:45:54.079 --> 00:45:56.719 then the person has not given you VID to pay 887 00:45:57.159 --> 00:45:59.760 and you paid it, you cannot adopt it because in 888 00:46:00.079 --> 00:46:01.559 that invoice the inverse is not. 889 00:46:01.719 --> 00:46:06.159 Needed to defer system. So you cannot adopt it and you. 890 00:46:06.199 --> 00:46:06.880 Cannot claim it. 891 00:46:07.400 --> 00:46:10.000 So this is why for me to go online as. 892 00:46:10.000 --> 00:46:13.159 Search to be sure that the number of debt is 893 00:46:13.320 --> 00:46:13.920 correct and. 894 00:46:14.000 --> 00:46:18.000 Their authority dev p perfect. Let's let's pause here so 895 00:46:18.079 --> 00:46:21.159 we can get folks and ask questions, because if you 896 00:46:21.280 --> 00:46:24.519 be listening, we've we're talking about personal fans and SME 897 00:46:24.679 --> 00:46:27.920 taxes in our tax space today we've got the lemma 898 00:46:28.880 --> 00:46:30.800 also sharing those insights. I want to make it a 899 00:46:30.840 --> 00:46:32.760 bit of a practical session, not so much on the 900 00:46:32.840 --> 00:46:36.719 act from all more of the operations for the SME folks. 901 00:46:36.960 --> 00:46:39.599 Let me get an optimist of the universe to ask 902 00:46:39.679 --> 00:46:42.639 this question. We've got better mind myself here and I 903 00:46:42.760 --> 00:46:52.400 will do better and let's do actually doing a fantastic. 904 00:46:56.039 --> 00:47:04.880 Well that if I buy and there's captive apposition, there's 905 00:47:04.920 --> 00:47:06.079 an apposition on this talk. 906 00:47:06.480 --> 00:47:13.000 So if I sell this dog to football, I think 907 00:47:13.159 --> 00:47:16.079 there is limit what goes out there. You don't have 908 00:47:16.159 --> 00:47:18.440 another one. But what was the The one I did 909 00:47:18.559 --> 00:47:24.400 see was and fifty and ten right one fifty with 910 00:47:26.800 --> 00:47:28.559 the total Look at it that in terms of a 911 00:47:28.719 --> 00:47:31.440 gross opte. Look at say, let's say the whole share 912 00:47:31.639 --> 00:47:35.880 to be brass one million, but the profit makes transactually 913 00:47:35.920 --> 00:47:39.559 has to be ten. It's pa the captive against below 914 00:47:39.639 --> 00:47:42.400 that you're doing. The only one about captare against for 915 00:47:42.519 --> 00:47:44.880 now it's mostly for big boys in code that the 916 00:47:45.079 --> 00:47:54.840 tired mm hmm look food and did say for transaction 917 00:47:55.480 --> 00:47:59.760 for the transaction. Yeah, so if you are you meet 918 00:48:00.639 --> 00:48:01.719 that leads. 919 00:48:01.519 --> 00:48:04.800 The treashould well going to charge your own capital gains? 920 00:48:05.159 --> 00:48:09.960 Right if everybody you need an accounts. It's not just 921 00:48:10.079 --> 00:48:13.920 capital gains. There are capital losses. So capital gains is 922 00:48:14.000 --> 00:48:15.519 placed against capital losses. 923 00:48:16.119 --> 00:48:18.920 So even though you've made gains, but maybe you're also 924 00:48:19.000 --> 00:48:21.320 made loss. Maybe you brought. 925 00:48:21.199 --> 00:48:25.000 Something else that's also a capital ascess that made loss. 926 00:48:25.360 --> 00:48:27.559 You're good also deducted from the capital gains. 927 00:48:28.000 --> 00:48:31.039 And also remember that as a business you also have 928 00:48:31.480 --> 00:48:32.800 business expenses. 929 00:48:33.280 --> 00:48:37.039 So in a financial year, even if you're a freelancer. 930 00:48:36.960 --> 00:48:40.599 Right, you have business expenses. So what the I thing 931 00:48:40.719 --> 00:48:43.320 you did that made you get that capital gain? Maybe 932 00:48:43.760 --> 00:48:45.840 you you did you paid this as soon as you 933 00:48:45.880 --> 00:48:51.280 have your because comment it's won't femium, it's still that. Yes, 934 00:48:51.320 --> 00:48:53.639 it's bought to be that at the end of the 935 00:48:53.719 --> 00:48:57.079 day if you have an account that that you'll go 936 00:48:57.280 --> 00:49:00.400 through your deductions, your business deductions, and you might end 937 00:49:00.480 --> 00:49:01.960 up being little or nothing. 938 00:49:02.400 --> 00:49:07.320 The profit are less on capital gains, not so say 939 00:49:07.599 --> 00:49:09.159 like that against fix. 940 00:49:09.199 --> 00:49:11.360 What capital gains, you get that money you see, then 941 00:49:11.360 --> 00:49:12.880 you got this place or world? 942 00:49:14.039 --> 00:49:17.079 Have you seem to make these erophensis. 943 00:49:18.079 --> 00:49:22.119 Declar capital as you don't come do we deserving commons 944 00:49:22.719 --> 00:49:26.079 where you can only claim passive that is passive. Can 945 00:49:26.159 --> 00:49:29.440 you go and take capital gains loss and apply to 946 00:49:29.559 --> 00:49:32.599 your orga. 947 00:49:32.760 --> 00:49:34.119 Loss trying to cut at game fix? 948 00:49:34.639 --> 00:49:37.639 So yes, a so have that asset. Let's say you do. 949 00:49:38.440 --> 00:49:43.039 Made money right, but me inchuraging yourso made this your 950 00:49:43.280 --> 00:49:44.280 your your. 951 00:49:44.199 --> 00:49:47.480 Loss of your digital assets. So digital asset loss is. 952 00:49:47.519 --> 00:49:52.320 Put against this assets distinct for capital and gates as 953 00:49:52.400 --> 00:49:55.599 well on the meetings right against loss. 954 00:49:55.639 --> 00:49:59.239 So the capital that success, it's good for the assist. 955 00:50:00.039 --> 00:50:02.760 So as soon that you made losses and I feel 956 00:50:02.800 --> 00:50:04.159 that you expenses. 957 00:50:05.400 --> 00:50:07.559 That's so for optimists, I think we're going together. Is 958 00:50:07.599 --> 00:50:08.599 that optimist number one? 959 00:50:09.400 --> 00:50:10.000 You have to do it. 960 00:50:10.880 --> 00:50:13.760 You have to do one fifty to qualify. And also 961 00:50:13.880 --> 00:50:16.679 said usually talk a loss. So if you sell your 962 00:50:16.800 --> 00:50:19.679 quote unquote shares right and you make a loss, you 963 00:50:19.800 --> 00:50:22.559 can pack that loss. If you don't make a profit, 964 00:50:22.840 --> 00:50:25.440 you can use that loss there with taxable profit you 965 00:50:25.480 --> 00:50:27.960 will that's still yea even. 966 00:50:27.800 --> 00:50:31.559 Your your business expenses. And also I will save this 967 00:50:31.800 --> 00:50:32.599 in right. 968 00:50:32.800 --> 00:50:38.400 So my company financial company as well, we are specialized 969 00:50:38.440 --> 00:50:40.480 in taxation, so. 970 00:50:40.880 --> 00:50:43.239 You don't have to We're doing the law for you 971 00:50:43.320 --> 00:50:44.320 so you don't have to do it. 972 00:50:45.760 --> 00:50:48.880 So if you go to pay packs, you download us, 973 00:50:49.159 --> 00:50:52.480 you use us ek me. It's just like a click 974 00:50:52.519 --> 00:50:55.960 of the bottom. Just qualify for capital loss. Yes, no, 975 00:50:56.239 --> 00:50:59.239 you will see everything once you put your your your 976 00:51:00.079 --> 00:51:02.920 income for the for the year, or your revenue for 977 00:51:03.000 --> 00:51:06.519 the year. Everything is automatically calculated for you as a 978 00:51:06.559 --> 00:51:08.639 freelance so it wants and capital. 979 00:51:08.760 --> 00:51:11.960 So all you're asking me, if you. 980 00:51:12.119 --> 00:51:16.360 Are using our products, our digital products, then taxation is 981 00:51:16.440 --> 00:51:19.960 made easy for you. If your business your business expenses 982 00:51:20.000 --> 00:51:20.440 as well. 983 00:51:20.559 --> 00:51:22.280 Okay, bide the way for businesses. 984 00:51:22.440 --> 00:51:25.079 Please, If you have any business and you have more 985 00:51:25.159 --> 00:51:29.199 than three more than three staffs, remember then says that 986 00:51:29.400 --> 00:51:31.239 even if you have three staff you have. 987 00:51:31.320 --> 00:51:33.280 To give one percent of your payroll to it. 988 00:51:33.639 --> 00:51:37.159 If oh payroll is composed, you need to do payroom 989 00:51:37.440 --> 00:51:41.159 because it little the end of this not even February. 990 00:51:41.639 --> 00:51:43.800 From this end of this month, you need to have 991 00:51:44.039 --> 00:51:48.239 payro a SAP if you don't have their penalties. 992 00:51:47.760 --> 00:51:49.960 For you as a business and you will pay it. 993 00:51:51.719 --> 00:51:52.000 Paid. 994 00:51:52.159 --> 00:51:55.119 Yes, So from the end of the months, whatever thing 995 00:51:55.199 --> 00:51:56.159 you do, if you have. 996 00:51:56.199 --> 00:51:59.360 An accountant or your brother's an accountant, or you won't 997 00:51:59.599 --> 00:52:02.199 payer to do it for you, you can you know, 998 00:52:02.360 --> 00:52:05.559 register or the ears for Peru, and then you can 999 00:52:05.639 --> 00:52:08.119 stream like all of your businesses, and then you do 1000 00:52:08.199 --> 00:52:08.880 your perial for. 1001 00:52:08.920 --> 00:52:12.360 Your staff because at the end of the most bass, if. 1002 00:52:12.320 --> 00:52:15.440 You do not talk from your staff, you're going to 1003 00:52:15.599 --> 00:52:16.679 pay it by yourself. 1004 00:52:16.840 --> 00:52:20.599 As a business. This is good to your profit. 1005 00:52:20.920 --> 00:52:25.840 Okay, so you must be I got you. Let's go 1006 00:52:26.039 --> 00:52:33.480 to bed Optimists. Ben, You've got the floor. Then I walks, Yeah, 1007 00:52:33.960 --> 00:52:34.519 my friend. 1008 00:52:34.400 --> 00:52:39.039 Thank you very much to them. You really touched a 1009 00:52:39.159 --> 00:52:48.440 lot of taking below blending loads, you know list guy 1010 00:52:48.559 --> 00:52:53.239 calling from a broder, compliance aspects that you mentioned in 1011 00:52:53.679 --> 00:52:54.679 training for night year. 1012 00:52:55.480 --> 00:52:58.800 And there's also the any sight Ye yes. 1013 00:52:58.840 --> 00:53:01.760 Yes we're still paying those things. But we're still paying 1014 00:53:01.800 --> 00:53:04.199 those things with dout the things. 1015 00:53:04.519 --> 00:53:06.639 It's a couple of things. India and SID. 1016 00:53:07.920 --> 00:53:10.440 Yes, you try to be a contract they have a BP. 1017 00:53:10.960 --> 00:53:15.639 You have to do in this business is what rooms 1018 00:53:15.679 --> 00:53:18.400 around these things. So you can't go work with the government. 1019 00:53:18.519 --> 00:53:20.360 You can't work with the government if you plants in 1020 00:53:20.440 --> 00:53:21.960 everything including your taxi. 1021 00:53:23.840 --> 00:53:24.679 If you don't have all these. 1022 00:53:24.599 --> 00:53:27.480 Things, then fun that goverment which have no entire company, 1023 00:53:28.000 --> 00:53:30.519 you know, So all these things are very very very important. 1024 00:53:32.400 --> 00:53:36.519 One of the the key came to clarify. 1025 00:53:36.840 --> 00:53:40.000 There was a question can ask can you said, if 1026 00:53:40.079 --> 00:53:43.519 my assets let's say twenty million now as a company, 1027 00:53:44.119 --> 00:53:47.280 you know, and and I get and I do your. 1028 00:53:47.239 --> 00:53:52.559 Business and I get paid one billion, I still WiFi 1029 00:53:52.760 --> 00:53:55.840 for d C, I T shoots and others, So can 1030 00:53:56.760 --> 00:54:01.480 one doesn't counts? You know, said changed, he won't be 1031 00:54:02.440 --> 00:54:06.719 I was there immediately, that won't be. So your assets 1032 00:54:06.760 --> 00:54:07.360 are no longer. 1033 00:54:09.400 --> 00:54:11.039 That's a good, that's good. 1034 00:54:11.800 --> 00:54:12.599 That's so. 1035 00:54:12.880 --> 00:54:16.519 So you are saying that that cash, that cash becomes 1036 00:54:16.599 --> 00:54:20.760 the aster that they're using. Looking at cash, you're looking 1037 00:54:20.800 --> 00:54:30.440 at okay, okay, okay, mixed mixed, thank yeah, you know 1038 00:54:30.960 --> 00:54:35.480 said you are right out. He would have said, oh, 1039 00:54:35.679 --> 00:54:39.119 his as is fifty miller than a computer. But now 1040 00:54:39.159 --> 00:54:42.119 you are saying the toll by itself then goes from 1041 00:54:42.360 --> 00:54:46.320 income because I hear you. I hear you, but still you. 1042 00:54:46.360 --> 00:54:53.519 Know, I hear you. Liquid position to reflective. 1043 00:54:55.039 --> 00:55:00.800 Escape there Okay, that was just on my slide. 1044 00:55:00.920 --> 00:55:04.159 Now, So why you want to do your business deductions 1045 00:55:04.559 --> 00:55:08.440 to do like you're allowing your fits. You know you 1046 00:55:08.480 --> 00:55:10.119 start from your act you said, profect, go. 1047 00:55:10.159 --> 00:55:13.719 A little bit of accounting, right when you deduct allowing 1048 00:55:14.000 --> 00:55:18.599 your allowable experenses, you can also deduce your interests. 1049 00:55:19.360 --> 00:55:21.280 Okay, this is important. Let me touch you on this. 1050 00:55:22.960 --> 00:55:24.679 I'm doing this off it like there are things that 1051 00:55:24.679 --> 00:55:26.639 already know offer that I'm looking at my slides. I'm 1052 00:55:26.639 --> 00:55:29.880 getting a big confused. Okay, So for what is it 1053 00:55:30.000 --> 00:55:33.119 called interest? For example, now you're a business person. This 1054 00:55:33.239 --> 00:55:34.119 is a perfect example. 1055 00:55:34.360 --> 00:55:38.559 You're a business person, right, you grow money too your company? 1056 00:55:39.480 --> 00:55:39.599 Hm. 1057 00:55:40.400 --> 00:55:42.920 You know that when as a business person you grow 1058 00:55:43.000 --> 00:55:43.880 men into your company. 1059 00:55:45.199 --> 00:55:48.960 This is a capital capet. It's a capital expenditure. 1060 00:55:49.960 --> 00:55:53.440 You learn your company money, you learning. 1061 00:55:54.800 --> 00:55:56.840 Of course computer as a person. 1062 00:55:57.199 --> 00:56:01.840 Yes, because anybody you invest in your company, proud, it's 1063 00:56:01.880 --> 00:56:02.800 not free money. 1064 00:56:02.719 --> 00:56:03.320 Because it's. 1065 00:56:06.639 --> 00:56:10.840 Make the point, make the point the point I can. 1066 00:56:10.840 --> 00:56:12.480 Let me, let me let me say, let me say 1067 00:56:12.480 --> 00:56:12.960 it's pleasing. 1068 00:56:13.400 --> 00:56:17.199 And then you have a company. Right, you invest money 1069 00:56:17.239 --> 00:56:20.800 in your company. You invested me of the company. I 1070 00:56:20.960 --> 00:56:22.320 not bring that money to the company. 1071 00:56:22.360 --> 00:56:22.920 Are you giving the. 1072 00:56:22.920 --> 00:56:25.679 Company from the point ahead? 1073 00:56:25.760 --> 00:56:29.800 Okay, okay, let me make it okay, okay, So once 1074 00:56:30.159 --> 00:56:33.760 you what is it called? Once you pro money as 1075 00:56:33.800 --> 00:56:37.760 a business to the company, right, what did not looking 1076 00:56:37.840 --> 00:56:42.400 at They're not talking about related persons and thought party loan. 1077 00:56:43.280 --> 00:56:48.599 Remember all business experies hundred person the doctable. But loans 1078 00:56:49.400 --> 00:56:53.880 are interested the doctable. Right, so those interest that the 1079 00:56:53.920 --> 00:56:56.599 doc from the loan, it's hundred persons collecting that lo 1080 00:56:56.800 --> 00:56:59.719 probably thought party. So if you collected you know, from 1081 00:56:59.760 --> 00:57:04.679 the bank, you dedot the interesting. But if you collet 1082 00:57:04.840 --> 00:57:09.639 that alone, if I give my business paper swifty little, 1083 00:57:10.880 --> 00:57:13.159 there's a cap what I can call it? 1084 00:57:13.960 --> 00:57:14.679 For each year? 1085 00:57:14.880 --> 00:57:15.800 What you can claim? 1086 00:57:18.000 --> 00:57:20.000 Yes that I can claim that can clea back? 1087 00:57:21.440 --> 00:57:24.480 Interesting? Interesting is it bank? 1088 00:57:24.960 --> 00:57:28.519 And I can think all the interest on the persons 1089 00:57:28.559 --> 00:57:29.119 I can claim it. 1090 00:57:30.360 --> 00:57:34.280 But the losses any song payable by way of interest 1091 00:57:34.400 --> 00:57:37.960 on debt employed in generating the income of the trade 1092 00:57:38.360 --> 00:57:40.920 because the vocation is allowable. That's what the lawyer is says. 1093 00:57:40.960 --> 00:57:43.440 So you saying that if I do this exact same thing, 1094 00:57:43.559 --> 00:57:46.079 but I have the one not the intro debt is 1095 00:57:46.119 --> 00:57:49.360 coming from me, not from a third party. I cannot 1096 00:57:49.440 --> 00:57:50.800 claim a percent. 1097 00:57:50.559 --> 00:57:51.639 Of that exactly. 1098 00:57:52.760 --> 00:57:56.119 You can later you can claim it like continuously, but 1099 00:57:56.199 --> 00:57:58.400 you're not going to claim this immediately. 1100 00:57:58.719 --> 00:57:59.800 You're not going to claim me. 1101 00:58:00.519 --> 00:58:03.400 And there's another thing also the talk about capital allow 1102 00:58:03.519 --> 00:58:08.000 us right is to talk of adjusted profits to tho 1103 00:58:08.159 --> 00:58:12.000 of adjusted profits. So you cannot just also clean all 1104 00:58:12.079 --> 00:58:15.039 of them at homes. So what you finish through your 1105 00:58:15.039 --> 00:58:17.559 accounting and you have to tod of the adjust. 1106 00:58:17.360 --> 00:58:22.199 Profits, right, you will not take to that. It's what 1107 00:58:22.400 --> 00:58:24.000 you not take as capital. 1108 00:58:23.679 --> 00:58:26.840 Allows questions for you existing in your app or in 1109 00:58:26.960 --> 00:58:29.360 other apps. So because also the guys were telling me, 1110 00:58:29.400 --> 00:58:30.599 I don't know what you're talking about. 1111 00:58:31.079 --> 00:58:33.519 Like everything I'm telling you right now, I think that. 1112 00:58:35.280 --> 00:58:37.360 This is what capital to do for us. Right, So 1113 00:58:37.559 --> 00:58:40.159 so as a as an SM guy, what I'm hearing 1114 00:58:40.280 --> 00:58:44.239 you say is that if I want to finance my company, 1115 00:58:44.880 --> 00:58:48.960 it's it's preferable. If it were preferable. Now, if I 1116 00:58:49.039 --> 00:58:51.239 go to a bank, I can clean the interest as 1117 00:58:51.239 --> 00:58:54.639 a deductible. If I go to myself, if I use 1118 00:58:54.760 --> 00:58:57.519 my own money, I can't clean a deductible. Hundred person 1119 00:58:58.119 --> 00:59:08.960 say the person understood, under, okay, let's let's get ben. 1120 00:59:10.079 --> 00:59:11.599 Let's should you. 1121 00:59:13.480 --> 00:59:17.960 Good evening were for this space. 1122 00:59:18.559 --> 00:59:19.519 But before I go on. 1123 00:59:20.119 --> 00:59:27.599 Let me ready the uh the discussions tonight. But I 1124 00:59:27.719 --> 00:59:31.199 want to quickly ask a question before I go on 1125 00:59:31.320 --> 00:59:34.440 to what I want to discuss is this space is 1126 00:59:34.559 --> 00:59:36.039 on sort space? 1127 00:59:36.360 --> 00:59:38.679 Yeah there, if you look at it, you stay powered 1128 00:59:38.760 --> 00:59:44.199 by past. It's down the fly correct. Okay, So don't 1129 00:59:44.280 --> 00:59:47.880 let me do let me do it too much on that. 1130 00:59:48.840 --> 00:59:52.280 But I just want to try and fight like one or. 1131 00:59:52.320 --> 00:59:56.679 Two peas that she has mentioned during because of our discussion. 1132 00:59:57.159 --> 01:00:01.239 But I think for the clarification sy and for the 1133 01:00:01.400 --> 01:00:03.400 listeners so they won't use it. 1134 01:00:04.599 --> 01:00:05.159 They will use it. 1135 01:00:06.719 --> 01:00:07.000 We have. 1136 01:00:08.519 --> 01:00:16.599 The new set of law Niger's appreciation that NATS Jennings 1137 01:00:16.639 --> 01:00:18.960 Revenue Board establishments. 1138 01:00:20.440 --> 01:00:25.440 Hats please it would be better going forward, sorry to 1139 01:00:25.599 --> 01:00:26.760 be quoting from those. 1140 01:00:26.719 --> 01:00:32.480 Laws because from during because of your discussion, you should 1141 01:00:33.480 --> 01:00:34.599 being twenty five million. 1142 01:00:34.920 --> 01:00:37.840 Sorry, maybe this is a slip off from. 1143 01:00:42.519 --> 01:00:45.039 We don't know said, we don't know what it is 1144 01:00:45.199 --> 01:00:50.880 because for the. 1145 01:00:52.880 --> 01:00:55.440 Sorry for the for the sake of C. 1146 01:00:55.599 --> 01:00:55.800 I T. 1147 01:00:58.239 --> 01:00:58.760 Millionaire. 1148 01:00:59.079 --> 01:01:03.000 Based on this promotion of the sex season past art 1149 01:01:03.440 --> 01:01:07.039 you can read what was the definition of most hours, 1150 01:01:07.119 --> 01:01:11.519 definition of the large company or small company? And it's 1151 01:01:11.920 --> 01:01:13.760 for your red in session two or. 1152 01:01:13.760 --> 01:01:18.400 Two or that say a Ganta's art. So that's that 1153 01:01:18.719 --> 01:01:24.719 on that and some of the key segments made. If 1154 01:01:24.760 --> 01:01:28.480 you you as you as a pass payer, you have 1155 01:01:29.519 --> 01:01:29.719 you have. 1156 01:01:29.880 --> 01:01:35.639 Liberty to engage the task practitioner's person and account like 1157 01:01:35.800 --> 01:01:39.760 you said under the Professions of other provision of the 1158 01:01:40.239 --> 01:01:45.719 Passion Anty Session six sub section six one and two. 1159 01:01:45.880 --> 01:01:50.320 Please you can further read that. So you engage a practitioner, 1160 01:01:50.400 --> 01:01:51.519 it's not proposed to you. 1161 01:01:51.599 --> 01:01:54.360 You have to be good and hands that can or 1162 01:01:54.400 --> 01:01:59.079 going forward before you can have somebody jas an deal 1163 01:01:59.400 --> 01:02:04.199 agent that well, now you have to be in chatter accountants, 1164 01:02:04.599 --> 01:02:08.800 c C and member before you practice starts going for 1165 01:02:09.519 --> 01:02:13.000 It's the same whichever one that you have that is organized, 1166 01:02:13.880 --> 01:02:14.280 you know. 1167 01:02:15.280 --> 01:02:18.079 So let me let me what what are you saying. 1168 01:02:18.119 --> 01:02:21.239 You're saying that if I betrayed and I have an 1169 01:02:21.360 --> 01:02:24.159 APP that tells me how to do with to tax, 1170 01:02:24.280 --> 01:02:28.039 I can't use that your satisfied sho It's not satisfied. 1171 01:02:28.079 --> 01:02:30.599 It's not it's not it's not satisfied. The app is 1172 01:02:30.679 --> 01:02:33.360 not certified. I have an app canculated. 1173 01:02:35.079 --> 01:02:39.199 When you want to fire your records with the new side, 1174 01:02:40.039 --> 01:02:43.239 they should be organized, but. 1175 01:02:43.400 --> 01:02:47.039 Not filing with the app you're not filing with Actually, 1176 01:02:47.400 --> 01:02:49.360 let me let me know. I was going to stop 1177 01:02:50.039 --> 01:02:52.920 because again the space is an space, but that I 1178 01:02:53.079 --> 01:02:55.840 hear a folk that don't really know what's going on. 1179 01:02:56.599 --> 01:02:57.199 I want to. 1180 01:02:59.320 --> 01:02:59.800 Level. 1181 01:03:00.119 --> 01:03:03.840 Let let me land, let me learn. Okay, learn, So 1182 01:03:04.039 --> 01:03:06.679 when we are quoting tax load tax load, that people 1183 01:03:06.719 --> 01:03:09.840 don't follow those things. People don't understand. This fort your field. 1184 01:03:10.199 --> 01:03:12.719 So it's your field. So yes, you understand that. What 1185 01:03:12.880 --> 01:03:14.679 I want to do in this space. Today's side is 1186 01:03:14.840 --> 01:03:17.639 to bring up sort that knows that I talk to 1187 01:03:17.719 --> 01:03:20.079 people and say, hey, this is what you have to do, 1188 01:03:20.440 --> 01:03:22.719 this is what I'm doing after it. Obviously you've got 1189 01:03:22.840 --> 01:03:26.519 to file with an accountant, but you've got to understand 1190 01:03:26.639 --> 01:03:29.280 what you are doing day to day. If you go 1191 01:03:29.400 --> 01:03:32.079 to the marketing should go to the markets in al Baba. 1192 01:03:32.559 --> 01:03:36.440 You have to have something that tells you and tracks 1193 01:03:36.519 --> 01:03:40.719 your revenues, that tracks your expenses, that aligns with your 1194 01:03:40.840 --> 01:03:43.559 business strategy. Never talk about if you want to pay 1195 01:03:43.639 --> 01:03:48.039 VI eight check AV eighty is whatever allots to check 1196 01:03:48.079 --> 01:03:50.960 ev eity the guys charging vity. We don't have to 1197 01:03:51.039 --> 01:03:54.960 wait for that guy to be quote unquote tax compliant 1198 01:03:55.039 --> 01:03:57.880 before we go to that app to see that guy 1199 01:03:58.000 --> 01:04:01.280 charging U V eighty taxed fire. We've got to do 1200 01:04:01.400 --> 01:04:04.320 our homework. If you want to file, you even not 1201 01:04:04.519 --> 01:04:06.719 to do this tax Act. You cannot file with the 1202 01:04:06.840 --> 01:04:09.719 non chatter accounter, can you? Even in the past act, 1203 01:04:10.079 --> 01:04:11.800 you still have to go back to chudge the account. 1204 01:04:12.320 --> 01:04:13.519 So I don't want to get to. 1205 01:04:15.719 --> 01:04:15.920 On this. 1206 01:04:16.360 --> 01:04:19.199 Yeah with this that what you say is factual, but 1207 01:04:19.320 --> 01:04:21.360 you still have to file the judge, the accountant. You 1208 01:04:21.880 --> 01:04:23.280 can't wake up and don't say it. I want to 1209 01:04:23.320 --> 01:04:28.840 file and say, okay, take If you do that, you're 1210 01:04:28.840 --> 01:04:32.039 going to get into the fire. That's what emphasized. If 1211 01:04:32.079 --> 01:04:35.880 you weren't file and you do it wrongly, you are 1212 01:04:35.920 --> 01:04:37.920 opening yourself up to presult your tax number. 1213 01:04:38.639 --> 01:04:39.480 So you can come back. 1214 01:04:40.239 --> 01:04:45.199 You want to come back for the LEMMA response, that's okay, 1215 01:04:45.599 --> 01:04:46.199 that's what I want. 1216 01:04:48.519 --> 01:04:49.440 Let me terify you. 1217 01:04:49.760 --> 01:04:50.039 Okay. 1218 01:04:50.400 --> 01:04:54.199 So when you talk about the app, remember it app 1219 01:04:54.239 --> 01:05:00.440 that you see what's there chatter account working behind the scene, right, 1220 01:05:01.039 --> 01:05:03.920 So it's not just the app as staybacks. 1221 01:05:04.400 --> 01:05:07.159 There are people working there that are qualified to do 1222 01:05:07.280 --> 01:05:07.719 these things. 1223 01:05:08.280 --> 01:05:11.440 So yes, you're seeing the app, but the app staffs 1224 01:05:11.840 --> 01:05:14.320 that are paid and are qualified to do these things. 1225 01:05:14.840 --> 01:05:16.920 Then The other thing that the app does actually you 1226 01:05:16.960 --> 01:05:20.599 can pay your tax really app because we're also partnered 1227 01:05:20.679 --> 01:05:24.800 with rebelter Right. So if you do your tax properly, 1228 01:05:25.480 --> 01:05:28.880 you can file and paid. But you're not filing on 1229 01:05:29.039 --> 01:05:32.159 your own. So we asked two different questions. Are you 1230 01:05:32.320 --> 01:05:36.039 filing at somebody that's an accountant, you have an accounted 1231 01:05:36.159 --> 01:05:38.519 to your business. You say no, then the system is 1232 01:05:38.599 --> 01:05:41.360 filing it on your behalf. If the system is doing 1233 01:05:41.400 --> 01:05:44.400 it as a system, we are qualified to do it 1234 01:05:44.480 --> 01:05:48.440 because if this system was made by accountants, a chattered 1235 01:05:48.599 --> 01:05:53.400 accountant and the person behind the scene can find this 1236 01:05:53.559 --> 01:05:55.760 thing for you if you want, if you make maybe 1237 01:05:56.039 --> 01:05:59.119 an inaus reports, when the accountants to do it personally 1238 01:05:59.239 --> 01:06:01.480 for you, they can, And if you also want to 1239 01:06:01.519 --> 01:06:03.719 do it for your own you can also do it. 1240 01:06:04.239 --> 01:06:07.039 But the app was not just built by somebody on 1241 01:06:07.119 --> 01:06:09.880 the street. No, it was bused with engineers. 1242 01:06:10.079 --> 01:06:14.000 It was bused with accountants that knows exactly what they're doing. 1243 01:06:14.239 --> 01:06:16.480 So by the law they are covered like yeah, well, 1244 01:06:16.519 --> 01:06:21.679 I what saying is that if you are filing attacks 1245 01:06:22.000 --> 01:06:23.880 account to the laws now you will have to have 1246 01:06:24.360 --> 01:06:28.360 the quota for the legal rights to file attacks. That's 1247 01:06:28.440 --> 01:06:30.079 what I hear him saying yeah. 1248 01:06:30.400 --> 01:06:35.360 Yes, yes, I'm sivitariing that if you want somebody from 1249 01:06:35.480 --> 01:06:38.079 papers to do that for you, we can do it 1250 01:06:38.199 --> 01:06:40.840 for you. That person started then if you want to 1251 01:06:40.880 --> 01:06:45.199 do it by yourself, the app itself was done by 1252 01:06:46.239 --> 01:06:49.159 accountants working with papers. 1253 01:06:49.599 --> 01:06:50.679 Okay, so yes. 1254 01:06:50.760 --> 01:06:54.719 For example, now for a company digitart company to have 1255 01:06:55.000 --> 01:06:59.199 people's for the start community to have people's records, I 1256 01:06:59.440 --> 01:07:03.159 need to be compliance with the what's it called nc 1257 01:07:04.519 --> 01:07:07.920 NDCP something like that, I need to be compearence with them. 1258 01:07:08.639 --> 01:07:13.960 So I have the compliance certificate on behalf of my company. 1259 01:07:14.639 --> 01:07:17.199 So I'm the d CEO on behalf of my company. 1260 01:07:17.519 --> 01:07:21.679 So right now, because of I own the company, I 1261 01:07:21.760 --> 01:07:25.119 can handle those documents on bere for the company. But 1262 01:07:25.280 --> 01:07:27.880 let's assume that I do not have this right, I 1263 01:07:28.000 --> 01:07:31.559 cannot employ a d C. That d C or in 1264 01:07:31.599 --> 01:07:35.880 that company not qualifies my company to handle people's information. 1265 01:07:36.360 --> 01:07:39.719 So the same thing goes for taxation. If you have 1266 01:07:39.880 --> 01:07:42.360 people that are qualified that is working in the company 1267 01:07:42.400 --> 01:07:43.320 as representative. 1268 01:07:43.559 --> 01:07:46.119 If a tax my comody law comes to say, who 1269 01:07:46.280 --> 01:07:47.400 is the person that's qualified to. 1270 01:07:47.480 --> 01:07:47.920 Do this thing? 1271 01:07:48.119 --> 01:07:51.719 You show the person in charge of the accountants dispersive beauty. 1272 01:07:51.880 --> 01:07:52.920 This person is qualified. 1273 01:07:52.960 --> 01:07:53.880 This person can do it. 1274 01:07:54.599 --> 01:07:59.599 I hope have clarified this, mister Shaw know, sure. 1275 01:07:59.440 --> 01:08:03.079 You got your company, but I can't. 1276 01:08:03.159 --> 01:08:05.880 I actually know I can't. I can't because I. 1277 01:08:05.920 --> 01:08:07.719 Have personally and I got it. 1278 01:08:07.880 --> 01:08:10.559 Okay, personally that is your best nal training. 1279 01:08:12.400 --> 01:08:17.520 Yes, yes, yes, except yes, yes, yes, I I think personally, 1280 01:08:17.840 --> 01:08:21.680 I am the one hunding the data and compliance personally. 1281 01:08:21.319 --> 01:08:27.479 For the company. Are good? Yeah, all right, better, thank 1282 01:08:27.520 --> 01:08:33.880 you coming, You're welcome. You know, thenation of a small company? 1283 01:08:34.039 --> 01:08:38.880 That were again either fifteen million ordia, so you know 1284 01:08:39.239 --> 01:08:41.840 I should show the two numbers in the law. The 1285 01:08:41.920 --> 01:08:43.560 law you are quoting has two numbers. 1286 01:08:44.720 --> 01:08:45.880 Jam is okay? 1287 01:08:46.159 --> 01:08:52.479 Jam saying fifty Nigeria PA's art N twenty twenty five 1288 01:08:52.720 --> 01:08:55.840 is saying twenty for fifty million? 1289 01:08:57.119 --> 01:09:01.640 Why Nigeria past Admisation part school so on the we're 1290 01:09:01.680 --> 01:09:03.560 still waiting for uifications. 1291 01:09:05.439 --> 01:09:06.199 When when that. 1292 01:09:06.319 --> 01:09:12.840 Pleasure the hold on? There's no, there's no question we 1293 01:09:13.000 --> 01:09:13.399 have to wait. 1294 01:09:14.600 --> 01:09:14.960 Condition. 1295 01:09:15.279 --> 01:09:18.920 There are two or three conditions to be qualified as 1296 01:09:18.960 --> 01:09:20.960 a small company past letter. 1297 01:09:21.399 --> 01:09:23.079 Let people get it's right. 1298 01:09:23.560 --> 01:09:26.760 One of those classes is either you're one hundred you 1299 01:09:26.920 --> 01:09:31.600 have don't know hundred million or fifteen million, which is 1300 01:09:31.720 --> 01:09:35.000 here to be clarified or your face are said, yes, 1301 01:09:35.199 --> 01:09:37.640 there's no exceed two und fifteen million if you. 1302 01:09:37.680 --> 01:09:40.560 Have two fifteen million. 1303 01:09:41.000 --> 01:09:42.199 If you said you are. 1304 01:09:42.119 --> 01:09:45.760 A small company and you have if it's assets of 1305 01:09:46.000 --> 01:09:49.319 more than two and a fifteen million, you are. 1306 01:09:49.279 --> 01:09:53.640 Not a small company. Says you're not a small company. 1307 01:09:53.720 --> 01:09:57.520 And lastly, since you are company registered with the CC 1308 01:09:58.000 --> 01:09:59.560 as a professional. 1309 01:10:00.159 --> 01:10:03.520 Service, you are not a small company. 1310 01:10:03.600 --> 01:10:04.880 You'll pay you. 1311 01:10:06.680 --> 01:10:08.920 Are the lawyers, wires and accountant. 1312 01:10:09.079 --> 01:10:11.479 Right can you repeat yourself? 1313 01:10:11.560 --> 01:10:13.239 Can you repeat yourself on what you just said? 1314 01:10:13.720 --> 01:10:18.600 So the small companies has three main keys. 1315 01:10:19.319 --> 01:10:23.800 The first of eighties higher your tone wise hundred million 1316 01:10:24.720 --> 01:10:27.279 or fifteen which is yes to be clarified by the 1317 01:10:27.960 --> 01:10:29.079 revenue body. 1318 01:10:29.439 --> 01:10:33.359 Yeah, or your six asset. 1319 01:10:34.520 --> 01:10:41.600 Exit does not exceed fifteen million. If it's exceeded fifteen million, 1320 01:10:41.760 --> 01:10:43.279 you are not a small company. 1321 01:10:44.039 --> 01:10:47.600 M Lastly, if you registered. 1322 01:10:47.520 --> 01:10:52.279 As a professional service mm hmm, you are not a 1323 01:10:52.359 --> 01:10:57.239 small company. The law doesn't include you as one of 1324 01:10:57.319 --> 01:10:58.119 the small companies. 1325 01:10:58.680 --> 01:11:01.880 That's where I want to cry FI as you respect 1326 01:11:01.920 --> 01:11:03.880 you of when are you missed situation or not? 1327 01:11:04.119 --> 01:11:07.479 As far as you registered as peters you're not yes 1328 01:11:08.760 --> 01:11:10.520 like that. I want you to. 1329 01:11:11.479 --> 01:11:12.199 I want you to be. 1330 01:11:13.680 --> 01:11:13.880 Yeah. 1331 01:11:14.560 --> 01:11:16.319 I think I was making that point again, so again 1332 01:11:16.439 --> 01:11:19.600 just to be clear, right, I'm shining from mentioning numbers, mister, 1333 01:11:19.880 --> 01:11:22.680 because we don't have the numbers to be evenly was 1334 01:11:22.760 --> 01:11:26.000 it wants to get the physical printed gazette. So you're 1335 01:11:26.039 --> 01:11:28.640 totally on point. Let us folks be aware. We're just 1336 01:11:28.760 --> 01:11:31.159 shining away from saying fifty you want to go to 1337 01:11:31.239 --> 01:11:34.239 get the real physical one because of what's going on. 1338 01:11:34.319 --> 01:11:39.760 But fantastic thanks to your contribution. Let's get Peter Peter 1339 01:11:39.880 --> 01:11:47.840 off from Peter. All right, thank you, thank you, thank. 1340 01:11:47.680 --> 01:11:50.199 You for the conversation. So far, we are really learning 1341 01:11:50.239 --> 01:11:54.560 the lots. So I wanted to ask about a part 1342 01:11:55.840 --> 01:11:59.760 it returns from investment and yeah, do to invest with 1343 01:12:00.640 --> 01:12:03.279 be as or individual? 1344 01:12:03.760 --> 01:12:04.600 How does it treated? 1345 01:12:05.000 --> 01:12:09.479 And secondly, I want to request going to share a slide. 1346 01:12:10.119 --> 01:12:10.399 Thank you. 1347 01:12:11.600 --> 01:12:19.600 Okay, I will share my life, but not immediately I'll 1348 01:12:19.600 --> 01:12:21.840 say data, I'll say it after this space. 1349 01:12:22.720 --> 01:12:25.560 Just forgive me. I'm supposed to give you can this slide, 1350 01:12:25.640 --> 01:12:26.479 but I'm a. 1351 01:12:26.520 --> 01:12:30.720 New mom, so my baby is not clibrates. Because of that, 1352 01:12:30.920 --> 01:12:33.760 I could not provide this. I will share this light 1353 01:12:33.840 --> 01:12:34.079 to you. 1354 01:12:34.640 --> 01:12:36.079 Then on this one. 1355 01:12:36.439 --> 01:12:39.880 So what the love says, and I do not want 1356 01:12:39.960 --> 01:12:40.840 to be wrong on it. 1357 01:12:41.319 --> 01:12:46.920 I can quote, I can really what is saying is saying, dividends, 1358 01:12:47.159 --> 01:12:53.279 dividends distributed by authorized collective investment scheme you need trust 1359 01:12:53.760 --> 01:12:57.520 private equity, venture capitals and ets douse I don't be 1360 01:12:57.600 --> 01:13:00.479 exempt from your income. So if you if you invest, 1361 01:13:00.520 --> 01:13:03.399 if you buy a mutual fund or ATF in Nigeria, 1362 01:13:03.560 --> 01:13:08.359 collective investment scheme rested by sex, the dividends you get 1363 01:13:08.479 --> 01:13:10.680 from them are not going to be taxable to you. 1364 01:13:10.880 --> 01:13:11.520 That's what they're saying. 1365 01:13:11.560 --> 01:13:17.359 Peter, all right, okay, so are you are you treating 1366 01:13:17.439 --> 01:13:20.600 the dividend as the returns as you have money market 1367 01:13:20.840 --> 01:13:22.319 on the dividends. 1368 01:13:22.800 --> 01:13:26.359 Money markets will give you return your yield. They will 1369 01:13:26.399 --> 01:13:31.199 give you your coupon yield or eco distribution that yield 1370 01:13:31.279 --> 01:13:33.079 you get the dividends they give you back to you 1371 01:13:33.279 --> 01:13:36.720 from the collective. It has to be collective. Not you 1372 01:13:36.880 --> 01:13:39.920 going to buy the shared directive collective. Yes, it's ex 1373 01:13:40.000 --> 01:13:42.119 and we're going to encourage more nitrants to invest in 1374 01:13:42.199 --> 01:13:45.479 captol marketing. One earths are doing gambling and crypto, so 1375 01:13:45.560 --> 01:13:47.560 they're doing this to allow you to go in through 1376 01:13:47.680 --> 01:13:50.159 collecting teams. So what it means for you, peit is, 1377 01:13:50.239 --> 01:13:52.960 if you want to invest, I want to take advantage 1378 01:13:53.000 --> 01:13:56.359 of the tax benefits. Try to buy the ETFs, the 1379 01:13:56.479 --> 01:14:00.600 unit trust, the mutual fund, not the individual stocks directly. 1380 01:14:00.680 --> 01:14:02.840 If you want to put money in the bank, maybe 1381 01:14:02.880 --> 01:14:06.520 I want to look at a money market fund as 1382 01:14:06.600 --> 01:14:10.640 opposed to say in commercial paper or a fixed deposit. 1383 01:14:10.760 --> 01:14:14.600 But remember federal government bonds and state bonds are exempt 1384 01:14:14.640 --> 01:14:17.239 from taxes. So when you want to invest now you 1385 01:14:17.359 --> 01:14:20.439 have to have your your your investing leans on. If 1386 01:14:20.479 --> 01:14:23.439 you want to avoid taxes, you go for bonds, you 1387 01:14:23.560 --> 01:14:25.960 go for collective schemes. If you just want to address 1388 01:14:26.039 --> 01:14:30.000 and get your income chase collected the individual stops. 1389 01:14:30.039 --> 01:14:34.079 Yeah yeah, okay, So another thing again in papers, we 1390 01:14:34.199 --> 01:14:39.119 have our investing and we have investment partners the musical 1391 01:14:39.279 --> 01:14:39.840 cord rules. 1392 01:14:40.279 --> 01:14:41.039 So if you're. 1393 01:14:41.000 --> 01:14:44.399 Investing with state perks, our investment partners are giving you 1394 01:14:44.640 --> 01:14:46.399 money markets of eighteen percents. 1395 01:14:47.000 --> 01:14:49.880 You can invest in what's it called. You can invest 1396 01:14:49.960 --> 01:14:50.920 in solvereign worlds. 1397 01:14:51.279 --> 01:14:54.800 You can invest in eurobonds, you can invest in usc 1398 01:14:55.479 --> 01:14:58.680 you can invest in what is called You can do 1399 01:14:58.800 --> 01:15:01.479 your fix step on this. But one very interesting thing 1400 01:15:01.680 --> 01:15:05.439 about what's it called about the money market? You know, 1401 01:15:05.520 --> 01:15:08.239 your money market is like every day the profit that 1402 01:15:08.439 --> 01:15:11.840 is made on that day when trades are made, so 1403 01:15:11.960 --> 01:15:14.119 you make your profit everybody. So if you have maybe 1404 01:15:14.159 --> 01:15:17.119 twenty thousand or ten thousand or your money markets. 1405 01:15:16.840 --> 01:15:19.359 And accounts, if maybe the trade. 1406 01:15:19.159 --> 01:15:21.840 For that day is it can be ten percents, it 1407 01:15:21.880 --> 01:15:24.159 can be it has never going to be low fitting percents, 1408 01:15:24.479 --> 01:15:28.000 but usually between fifty percent or eighteen percents, So maybe 1409 01:15:28.039 --> 01:15:30.840 today or ten thousand, the trade might be ten percent 1410 01:15:30.960 --> 01:15:31.680 or fifteen percent. 1411 01:15:32.039 --> 01:15:32.880 You make that money. 1412 01:15:33.039 --> 01:15:35.239 So every day your money market, you're making money. 1413 01:15:35.720 --> 01:15:37.800 So I don't have. 1414 01:15:38.279 --> 01:15:42.560 Enough information about investing, but only twenty fourth. If you're 1415 01:15:42.600 --> 01:15:46.199 in a buja, we're doing our launch party right if 1416 01:15:46.239 --> 01:15:46.560 you go to. 1417 01:15:46.600 --> 01:15:49.279 Our handle, you will see it there. We have our 1418 01:15:49.399 --> 01:15:52.000 investment parties are coming to talk about everything that has 1419 01:15:52.039 --> 01:15:55.159 to do with investments. So if you don't want to 1420 01:15:56.039 --> 01:15:56.520 take her. 1421 01:15:56.439 --> 01:16:01.159 Backs investment can put it in money, get in nine 1422 01:16:01.239 --> 01:16:03.760 insur round, put this intension. 1423 01:16:03.399 --> 01:16:07.279 Phone, put this in, put it in all these places. 1424 01:16:07.399 --> 01:16:08.800 If you don't further. 1425 01:16:08.600 --> 01:16:10.399 Out of this will take your money. 1426 01:16:12.880 --> 01:16:15.399 I mean this is what happens all over the world, Peter. 1427 01:16:15.880 --> 01:16:18.560 It's called a tax tax intication strategy. So again it's 1428 01:16:18.560 --> 01:16:21.159 going to be down to your liquidity. If you make income, Yes, 1429 01:16:21.760 --> 01:16:24.479 right now in America, we're going to pay taxes between 1430 01:16:24.560 --> 01:16:28.520 now and April fifteenth. What many people do if you 1431 01:16:28.600 --> 01:16:33.079 have what's called an IRA, people would wait and file 1432 01:16:33.560 --> 01:16:35.880 see what they're supposed to pay in taxes, then go 1433 01:16:36.119 --> 01:16:38.920 buy an IRA so that way they can reduce their 1434 01:16:39.079 --> 01:16:41.319 above the line income. And if you're what I mean, 1435 01:16:41.800 --> 01:16:44.720 you file see the taxes are going to pay matybe 1436 01:16:44.760 --> 01:16:46.479 you do to both tax if you file on too, 1437 01:16:46.520 --> 01:16:49.279 both taxes will tell you this is your taxes. Then 1438 01:16:49.319 --> 01:16:51.680 you go back and go and buy or contribute to 1439 01:16:51.760 --> 01:16:55.760 your IRA yours account or even buy make more con 1440 01:16:55.840 --> 01:16:58.880 down to your phone okey, then need to reduce your taxes. 1441 01:16:58.920 --> 01:17:01.039 So that's a legirl with to is it that you 1442 01:17:01.159 --> 01:17:05.399 pay tax or you're investing yourself? You choose one. Still 1443 01:17:05.920 --> 01:17:08.000 you know you pay tax for investing yourself. 1444 01:17:09.119 --> 01:17:12.319 Give governments or you invest fantastic. 1445 01:17:12.159 --> 01:17:16.960 You're good, Well let's get dollar Peter, good fantastic, Let's 1446 01:17:17.000 --> 01:17:20.920 get dollargy that we'll go to no information dollargy. You've 1447 01:17:20.920 --> 01:17:28.000 got the floor. Dollargy is not ready. Let's get no information. 1448 01:17:32.000 --> 01:17:36.399 How you doing, I'm carry about you. I'm doing very well. 1449 01:17:36.479 --> 01:17:39.840 So thanks for asking. All right, I'm going to ask 1450 01:17:39.920 --> 01:17:45.680 the question are about services? And when amos speaking? 1451 01:17:46.159 --> 01:17:52.960 Yea, thank you. Let's questions because us a specific world 1452 01:17:53.000 --> 01:17:53.439 where it. 1453 01:17:53.600 --> 01:17:55.399 Was describing for services. 1454 01:17:56.039 --> 01:17:57.840 He said, if you register. 1455 01:18:00.079 --> 01:18:03.680 As a professional asset. So I'm just struggling with the 1456 01:18:03.760 --> 01:18:11.239 definition of professional and he used that, Yeah, yeah, I 1457 01:18:11.279 --> 01:18:18.039 don't want you registered. Something comes to you. No, it's 1458 01:18:18.079 --> 01:18:21.520 it's really, it's really those guys, those professional firms like 1459 01:18:21.680 --> 01:18:25.239 a lawyer and accountant and auditor chatter, so they or 1460 01:18:26.000 --> 01:18:29.520 anything chattered. Anything that needs you to qualify before you 1461 01:18:29.600 --> 01:18:34.800 can practice, that's okay, anything that needed to take an 1462 01:18:34.880 --> 01:18:39.479 old not but that maybe you're qualifying in like an accountant, 1463 01:18:40.079 --> 01:18:47.800 the architect, dentist related professions. 1464 01:18:47.920 --> 01:18:51.199 Right. So yeah, at the end of the day, what 1465 01:18:51.399 --> 01:18:53.960 is going to matter is if you if you want 1466 01:18:53.960 --> 01:18:59.279 a company. That's what they call the the memorandum of association, 1467 01:19:00.079 --> 01:19:01.840 the articles of association. 1468 01:19:02.880 --> 01:19:05.199 Now in the memorial ranslation, that's what they call the 1469 01:19:05.279 --> 01:19:07.319 objects of the memoralim of reverslation. 1470 01:19:07.479 --> 01:19:11.239 Those objects are basically the object. 1471 01:19:11.319 --> 01:19:15.800 Those objects explain in these legal terms what the law 1472 01:19:16.039 --> 01:19:19.000 will see as the activities that this company or this 1473 01:19:19.119 --> 01:19:20.079 legal entity. 1474 01:19:20.039 --> 01:19:24.880 Is carrying or it was created to engaging. So your 1475 01:19:24.960 --> 01:19:27.800 business activities will be bliged in that object. So if 1476 01:19:27.840 --> 01:19:29.239 you if you want, if you want to know if 1477 01:19:29.239 --> 01:19:31.840 your prof about most good and can look. 1478 01:19:31.760 --> 01:19:35.119 At your objects, if your objects stays there that you 1479 01:19:35.279 --> 01:19:39.079 actually engage in professional saiss or auditing. 1480 01:19:38.760 --> 01:19:41.159 Or whatever the case may be. If it's there, then 1481 01:19:41.199 --> 01:19:43.039 there'll be a wall to be seen by law, by 1482 01:19:43.119 --> 01:19:46.319 the by the SACY and by the NASS as a 1483 01:19:46.359 --> 01:19:47.319 compens respect. 1484 01:19:48.279 --> 01:19:51.000 But if if it's not, then you know, so it's 1485 01:19:51.039 --> 01:19:52.880 all matters of what decide that you will do those 1486 01:19:52.920 --> 01:19:55.920 your objects web side objects of your memo. So that 1487 01:19:56.119 --> 01:19:59.399 that's that's the that's the Gottom line. You know, you 1488 01:19:59.479 --> 01:20:01.560 can't talk house where you're doing and we're not doing. 1489 01:20:02.680 --> 01:20:04.680 The bottom line is what is in your objects out 1490 01:20:05.159 --> 01:20:07.000 how to row and see you and that also that 1491 01:20:07.159 --> 01:20:09.199 me how much you'd be You know, this is an 1492 01:20:09.279 --> 01:20:11.720 issue that me have also taken to some of the authority. 1493 01:20:11.800 --> 01:20:15.079 Is true because like I said, this is my amine because. 1494 01:20:14.880 --> 01:20:17.319 I wasn't going to so we're trying to you know, 1495 01:20:18.199 --> 01:20:20.960 we've been trying to get almost go back exemptions, but 1496 01:20:21.119 --> 01:20:25.000 leaving give goes about exception as first you're PSF and 1497 01:20:25.560 --> 01:20:30.000 there's pers objects and you can't sertify for somebody you 1498 01:20:30.079 --> 01:20:31.399 know benefits. 1499 01:20:32.319 --> 01:20:33.920 Ye, I don't know. I don't know if that crifes, 1500 01:20:36.840 --> 01:20:37.079 thank you? 1501 01:20:37.600 --> 01:20:38.520 Can I say something? 1502 01:20:39.399 --> 01:20:41.840 I think the focus should not solely be what. 1503 01:20:42.000 --> 01:20:45.760 You qualify as. Maybe you are as person. 1504 01:20:46.359 --> 01:20:49.039 What if you focus on I think the law focus 1505 01:20:49.199 --> 01:20:53.239 is solely on your income. So whether you're register you're 1506 01:20:53.239 --> 01:20:56.760 not registered as a professional SERVI this person, maybe you're 1507 01:20:56.920 --> 01:21:01.119 bat on the streets rights and is doing so well 1508 01:21:01.520 --> 01:21:05.960 that you make it both the strendhold. When you least 1509 01:21:06.119 --> 01:21:09.199 that said, you will be taxed, so it doesn't really matter. 1510 01:21:09.279 --> 01:21:12.520 So you don't focus on whether you are a professional 1511 01:21:12.760 --> 01:21:15.560 this person. You focus on the income that you make. 1512 01:21:15.600 --> 01:21:17.880 It's all over that you make within the period of time. 1513 01:21:18.399 --> 01:21:24.199 This is what cool. 1514 01:21:25.399 --> 01:21:26.079 It's interesting. 1515 01:21:31.960 --> 01:21:36.239 Lady. Yeah she broke up, but I actually broke up 1516 01:21:36.279 --> 01:21:38.479 with bit. But but I think the point again that 1517 01:21:39.119 --> 01:21:42.800 man standa. PSLs are quoted specifically the Act. So once 1518 01:21:43.000 --> 01:21:45.319 once we agree that your too has got to hit 1519 01:21:45.399 --> 01:21:48.800 that level. They are quotes specifically that your PSF you, 1520 01:21:48.960 --> 01:21:52.600 So they're saying, irrespective of what we have said, irrespective 1521 01:21:52.960 --> 01:21:55.920 if you're PSF, these things don't apply to you. That's 1522 01:21:55.960 --> 01:21:58.439 what they're trying to say. So he's trying to all 1523 01:21:58.479 --> 01:22:00.760 the time from all these things are saying. You know, 1524 01:22:01.600 --> 01:22:03.840 pack it. It's not for you. So it's a very 1525 01:22:04.000 --> 01:22:07.880 good you know if yours YEA important to know that 1526 01:22:08.000 --> 01:22:10.279 you are. If you are, some things that we're saying 1527 01:22:10.640 --> 01:22:14.920 might not applied to you. That's just it. Yeah, have 1528 01:22:15.039 --> 01:22:17.560 you have you spoken all? Because you know why did they? 1529 01:22:18.039 --> 01:22:22.920 So please go ahead and what's your question? 1530 01:22:24.399 --> 01:22:27.199 Okay, good evening and thank you for hosting the space. 1531 01:22:28.640 --> 01:22:30.960 Thanks for the explanation so far. 1532 01:22:31.359 --> 01:22:34.680 Okay, I wanted to find out if you are a 1533 01:22:34.880 --> 01:22:40.079 rotation worker and this this applies pretty much space right 1534 01:22:41.000 --> 01:22:44.640 now and you get paid in ex now the country 1535 01:22:44.720 --> 01:22:48.600 you walk the air touched low applies when you bring 1536 01:22:48.680 --> 01:22:50.079 your money back to the Nigeria. 1537 01:22:50.920 --> 01:22:51.680 Is that money tax? 1538 01:22:52.720 --> 01:22:55.239 You're jumping many guns here your many goals? Where are 1539 01:22:55.239 --> 01:22:55.680 you working? 1540 01:22:57.800 --> 01:23:01.159 Okay? This is your working Sayla or in Qatar? 1541 01:23:02.159 --> 01:23:05.399 So how how how many days do you live in Nigeria? 1542 01:23:07.560 --> 01:23:12.119 So typically rotation is twenty days on twenty almost like 1543 01:23:12.199 --> 01:23:13.520 half a year in Nigeria. 1544 01:23:14.079 --> 01:23:15.560 Okay, so look at what I wear. I'm going to 1545 01:23:15.640 --> 01:23:18.239 do this right. You only pay tax if you're a 1546 01:23:18.399 --> 01:23:22.520 resident of Nigeria. So if you spend one hundred and 1547 01:23:22.680 --> 01:23:27.239 eighty three days in Nigeria, or your permanent home is 1548 01:23:27.319 --> 01:23:32.479 in Nigeria, or you have a significant economic or family 1549 01:23:32.640 --> 01:23:36.279 tie in Nigeria. Those three things are very important, then 1550 01:23:36.399 --> 01:23:39.479 you must pay tax in Nigeria. So in respect of 1551 01:23:39.560 --> 01:23:42.199 where you work, if you work in Katar in rigging Katar, 1552 01:23:42.640 --> 01:23:46.119 but you spend one eighty three days in Nigeria, or 1553 01:23:46.319 --> 01:23:48.800 you have a permanent home in Nigeria, or you have 1554 01:23:48.920 --> 01:23:52.239 a permanent or you have significant business or economic terms 1555 01:23:52.319 --> 01:23:55.720 in Nigeria, then you are going to pay tax in Nigeria. 1556 01:23:55.840 --> 01:23:58.640 So that income you make foreign is going to be 1557 01:23:58.800 --> 01:24:00.960 income that you pay tax on. The question for you 1558 01:24:01.079 --> 01:24:04.760 now is this because it's salary. It's not dividend, so 1559 01:24:04.880 --> 01:24:07.840 you can't claim export anything. So it's pure salary. I 1560 01:24:07.920 --> 01:24:10.640 think you're going to pay pi T. That's why I 1561 01:24:10.720 --> 01:24:11.479 think about you. 1562 01:24:11.520 --> 01:24:16.640 Think yes, I think it's whatever it's is that you're 1563 01:24:16.720 --> 01:24:19.399 paying tax. Let's assume that the tax one didn't you 1564 01:24:19.479 --> 01:24:19.880 fits that? 1565 01:24:20.079 --> 01:24:24.000 Okay, you do X Y Z this outside of the country. 1566 01:24:24.039 --> 01:24:25.279 Are you just reading this here? 1567 01:24:25.680 --> 01:24:28.920 There's something called tax credits, right, So whatever thing you're 1568 01:24:28.960 --> 01:24:32.439 paying that country, when you fly your tax in Nigeria, 1569 01:24:32.840 --> 01:24:33.520 it's going to be. 1570 01:24:33.720 --> 01:24:35.399 Either rainbowsed or you'll pay more. 1571 01:24:36.039 --> 01:24:37.600 But he will pay to p I T. So the 1572 01:24:37.680 --> 01:24:40.960 point is that respont the of the of the tax credits, 1573 01:24:41.439 --> 01:24:48.000 double tax, he's liable to pay. He's will do. I 1574 01:24:48.079 --> 01:24:50.000 think there's no PI T. That's not that's there's no 1575 01:24:50.039 --> 01:24:53.000 double tax agreement with the Nigeria and Qatar and Nigeria 1576 01:24:53.119 --> 01:24:56.600 and Angola. You're going to pay PID in Nigeria even 1577 01:24:56.640 --> 01:24:59.760 if you end that income in golar. That makes sense 1578 01:24:59.800 --> 01:24:59.960 that you. 1579 01:25:02.000 --> 01:25:05.600 All right. So so when she said no, no double task. 1580 01:25:06.000 --> 01:25:09.520 So if I'm good on tax law applies, and I'm 1581 01:25:09.520 --> 01:25:13.000 already I was, I've already been taxed and am and 1582 01:25:13.119 --> 01:25:16.880 then I come back to night and based on baby 1583 01:25:17.319 --> 01:25:18.000 family ties. 1584 01:25:18.079 --> 01:25:21.840 You know you mentioned something like that, right, Am I 1585 01:25:22.039 --> 01:25:23.600 going to another. 1586 01:25:25.520 --> 01:25:28.159 It's saying if are you saying? If you are, let's 1587 01:25:28.159 --> 01:25:30.640 look at let's google what natureia have double tax and 1588 01:25:30.680 --> 01:25:35.319 I'm gonna Google, here double double you will. 1589 01:25:35.239 --> 01:25:40.720 Not be double tax. But you can't confirm you will 1590 01:25:40.760 --> 01:25:41.520 not be double tax. 1591 01:25:41.960 --> 01:25:43.960 Let let's find out. So now you have double Now 1592 01:25:44.039 --> 01:25:52.279 you have double tax with the U, k US, Canada, China, France, Singapore, 1593 01:25:52.840 --> 01:25:58.840 South Africa, and Spain, Spain, uh In Europe we have 1594 01:25:59.680 --> 01:26:04.399 Cripul Belgium, France, in Atherlands, Romania, Spain, suit in the UK, 1595 01:26:04.880 --> 01:26:11.399 in Asia, Singapor, Philippines, Pistan, Africa. Cannot cawind the outside 1596 01:26:11.439 --> 01:26:12.119 that you're gonna pay. 1597 01:26:17.279 --> 01:26:18.600 Let me just add many that. 1598 01:26:20.279 --> 01:26:23.880 Irrespective of the country that that you has digities with 1599 01:26:24.039 --> 01:26:27.319 that that that's w irrespective of those countries. 1600 01:26:27.359 --> 01:26:31.800 There's there's a provision called even at relief. So the 1601 01:26:31.920 --> 01:26:34.159 worst case scenario way of going to see is humor. 1602 01:26:34.199 --> 01:26:34.640 Have to pay. 1603 01:26:34.760 --> 01:26:37.399 That's first, but then you will do a future fighting 1604 01:26:37.439 --> 01:26:38.319 and you get your reformed. 1605 01:26:38.359 --> 01:26:40.920 You guys, are you give me? You guys? 1606 01:26:40.960 --> 01:26:42.640 Are you guys are giving? 1607 01:26:43.279 --> 01:26:48.039 But that really Google, I will find you sexual really 1608 01:26:49.439 --> 01:26:54.279 relieve all Nigerias against the the who and the country 1609 01:26:54.640 --> 01:26:57.000 the other countries. It does not have a digity in Nigeria. 1610 01:26:57.079 --> 01:27:00.399 So I just want to listen acts a very simple question. 1611 01:27:00.720 --> 01:27:03.399 Here's a simple question. He works in Angola and Qatar. 1612 01:27:03.600 --> 01:27:05.880 Will he be taxed, Yes, he'll be taxed. Those cuntures 1613 01:27:05.880 --> 01:27:08.319 are not listed here. So all this fine going to 1614 01:27:08.399 --> 01:27:10.479 do later in Ben. All this you're gonna do in 1615 01:27:10.600 --> 01:27:12.960 natural he's going to be he has to file packs 1616 01:27:13.000 --> 01:27:16.039 with that income in Nigeria because those countries to Qatar 1617 01:27:16.199 --> 01:27:18.600 and Angola is not listed here in the countries are named. 1618 01:27:19.199 --> 01:27:21.479 Yeah, but is your residence in Nigeria. 1619 01:27:21.800 --> 01:27:24.760 I don't given you he has to answer. I told him, 1620 01:27:24.760 --> 01:27:27.960 if you stay one eighty three days in Nigeria or 1621 01:27:28.000 --> 01:27:31.800 your ben let's talk, let's my interrupt place that you learn. 1622 01:27:32.159 --> 01:27:35.520 He's asking the question if you stay one, if you 1623 01:27:35.640 --> 01:27:40.000 stay one eighty three days in Nigeria, number two, you 1624 01:27:40.159 --> 01:27:44.199 have family ties or builds in Nigeria. Number three, your 1625 01:27:44.359 --> 01:27:48.840 permanent home is in Nigeria, then any income you make 1626 01:27:48.880 --> 01:27:53.680 in Angola or Qatar is taxable in Nigeria. That's what 1627 01:27:53.760 --> 01:27:54.359 a lot of says. 1628 01:27:55.640 --> 01:27:59.119 Yeah, yeah, I was also alluding to the same thing. 1629 01:27:59.079 --> 01:28:01.800 Because you think your primary residence. 1630 01:28:02.359 --> 01:28:04.600 So that's why I'm actually if he's a residence in Nigeria. 1631 01:28:04.920 --> 01:28:07.399 If you have a primary residence but you live in Angola, 1632 01:28:07.680 --> 01:28:11.279 but your Angolar residence is not declared as your primary residence, 1633 01:28:11.439 --> 01:28:13.600 you're not going to pay tax in Angola. You pay 1634 01:28:13.720 --> 01:28:17.000 tax in the place that you declare as your primary residence. 1635 01:28:17.199 --> 01:28:17.840 So even if he. 1636 01:28:17.880 --> 01:28:21.560 Works in Angola, Butania is declared as primary residence, it's 1637 01:28:21.560 --> 01:28:22.159 good to pay. 1638 01:28:22.039 --> 01:28:22.760 Tax in Nigeria. 1639 01:28:24.359 --> 01:28:28.319 It's an American irrespective of where he declares tax, he 1640 01:28:28.399 --> 01:28:30.840 will pay American taxes her respective. 1641 01:28:31.159 --> 01:28:34.119 Yes, and this is where the the the tax credit 1642 01:28:34.239 --> 01:28:36.960 comes in. Right, Let's say he's an American and he 1643 01:28:37.039 --> 01:28:39.680 pays that tax well his own. 1644 01:28:39.640 --> 01:28:43.000 Residence in Anigulia. So they will not be like what 1645 01:28:43.199 --> 01:28:46.039 is it called a tax credits? Either will pay too. 1646 01:28:46.039 --> 01:28:49.239 Much then the tax my hair and you are not 1647 01:28:49.359 --> 01:28:52.199 more than you. If you pay less, then you have 1648 01:28:52.239 --> 01:28:54.600 to pay the men want to do Naginian government. So 1649 01:28:54.720 --> 01:28:58.800 for me an example, right, my primary residence. 1650 01:28:58.680 --> 01:29:01.039 Is okay, it's in is in Belgium. 1651 01:29:01.880 --> 01:29:05.319 So I'm working now if this is also my ownest, Okay, 1652 01:29:05.359 --> 01:29:06.760 my primary primary. 1653 01:29:06.399 --> 01:29:07.399 Residence is in Belgium. 1654 01:29:07.680 --> 01:29:10.840 I'm working, I'm working and I'm making my day, so 1655 01:29:11.000 --> 01:29:14.159 I have to pay tax Belgium law. 1656 01:29:14.479 --> 01:29:16.039 Right because I have to do this. 1657 01:29:16.159 --> 01:29:18.880 So also still compliance, I have to put the Belgium 1658 01:29:18.960 --> 01:29:22.479 law tax. But le's assume the detaxation in Belgium is 1659 01:29:22.680 --> 01:29:27.239 lower than detaxation in Nigeria. Right, I'm still going to 1660 01:29:27.359 --> 01:29:29.680 pay the bags to the Nigerian governments. 1661 01:29:30.319 --> 01:29:31.800 Yeah, I don't want you guys to make the team 1662 01:29:31.880 --> 01:29:35.199 a complicated right, So it's not complicated. Yeah, well let 1663 01:29:35.239 --> 01:29:39.000 me let me go. I don't don't, I don't want, 1664 01:29:39.920 --> 01:29:42.279 I don't make it. I'm really the DMS. So look 1665 01:29:42.279 --> 01:29:46.760 at so he's asking a questions are asking and because 1666 01:29:46.760 --> 01:29:49.520 he's putting katar and go ahead, look at the he's 1667 01:29:49.640 --> 01:29:52.840 asking if you and if you are in Nigerian that 1668 01:29:53.000 --> 01:29:56.079 maybe you go to your impotcast from Belgium. You go 1669 01:29:56.199 --> 01:29:59.680 to Belgium port trucks. You go to Belgium in port trucks. 1670 01:30:00.119 --> 01:30:03.000 You stayed fifty days in Belgium total. You live in 1671 01:30:03.199 --> 01:30:06.199 your family houses in Keja, your your wife is in 1672 01:30:06.279 --> 01:30:08.680 the Kecha, your kids are in the Kecher. What you 1673 01:30:08.760 --> 01:30:12.560 are spending nearly half the year in Belgium? Is he 1674 01:30:12.680 --> 01:30:16.399 going to pay tax? This simple question? No, b No, 1675 01:30:16.520 --> 01:30:18.640 And I'm just I'm not saying the simple way. The 1676 01:30:18.760 --> 01:30:22.279 answer is this, where are you a resident of That's 1677 01:30:22.279 --> 01:30:26.039 a simple question. Where Once you determine your residency, then 1678 01:30:26.079 --> 01:30:28.640 you ask yourself, is that country does you have a 1679 01:30:28.720 --> 01:30:31.880 double tax Uprea agreement? If this question, if you were 1680 01:30:31.880 --> 01:30:34.920 saying he has, he's in Spain, the answer will be no, 1681 01:30:35.359 --> 01:30:38.720 because Spain and Nigeria have a double tax agreement. So 1682 01:30:38.920 --> 01:30:41.239 he's fine. He will not pay tax in Nigeria because 1683 01:30:41.279 --> 01:30:44.079 whatever he pays in Spain, he will claiming to do 1684 01:30:44.359 --> 01:30:47.760 it from Nigeria. It's clear, simple, it was in South Africa. Yeah, 1685 01:30:47.800 --> 01:30:56.000 it's there Spain. Yeah, but you are going to you 1686 01:30:56.680 --> 01:30:59.760 that he's not asking, he's asking will he. 1687 01:31:00.960 --> 01:31:03.199 Have the same Him and I have the same situation 1688 01:31:03.479 --> 01:31:05.760 now in disregards of taxation. 1689 01:31:06.239 --> 01:31:08.840 So I am making my echo from Nigeria. 1690 01:31:08.560 --> 01:31:11.920 Right example, and I live in those from my primary 1691 01:31:12.000 --> 01:31:14.039 residence is not Langeria. 1692 01:31:14.960 --> 01:31:18.960 And what about salary? I did myself living in this country? 1693 01:31:20.199 --> 01:31:20.359 Right? 1694 01:31:20.680 --> 01:31:21.319 That's moly. 1695 01:31:21.640 --> 01:31:24.359 If even if let's say Nigeria, okay, let's let me 1696 01:31:24.399 --> 01:31:26.640 do you that you as my primary. 1697 01:31:26.279 --> 01:31:27.640 Residence, You're going to be. 1698 01:31:30.199 --> 01:31:33.960 Better. That's my primary stories. 1699 01:31:36.079 --> 01:31:38.680 Hello, what say is it a nation of. 1700 01:31:40.800 --> 01:31:42.119 Even if you're permanent resident? 1701 01:31:42.800 --> 01:31:45.079 Are you an already that many days? 1702 01:31:45.479 --> 01:31:46.600 Three'? 1703 01:31:47.159 --> 01:31:49.920 That is the simple in Nigeria. 1704 01:31:50.239 --> 01:31:55.119 Now those in Italian Union lateral whatever Baby was talking about, 1705 01:31:55.399 --> 01:31:59.680 if those in countries that we do have in double 1706 01:31:59.760 --> 01:32:03.960 tax agreement with that's something isn't really that they don't 1707 01:32:03.960 --> 01:32:08.079 be paying. That is, if the space only three days 1708 01:32:08.079 --> 01:32:10.399 in Nigeria, you pay tax. If you do want to 1709 01:32:10.439 --> 01:32:12.439 pay tax, that you want to live under the tax 1710 01:32:12.520 --> 01:32:14.399 to live in Sugaradia. 1711 01:32:13.840 --> 01:32:16.279 From Arab countries, that is you have to spend one 1712 01:32:16.319 --> 01:32:16.880 into three days. 1713 01:32:16.880 --> 01:32:20.479 And yeah, ecloonatize strong family tized in Nigeria. 1714 01:32:21.000 --> 01:32:23.239 Thank you, and they've they've gone further. Let me even 1715 01:32:23.279 --> 01:32:25.479 tell what the tax law where they went further. The 1716 01:32:25.600 --> 01:32:28.600 tax law says, if you are in if you are 1717 01:32:28.600 --> 01:32:32.960 a resident of Nigeria and that country pays you income 1718 01:32:33.560 --> 01:32:36.920 and that country does not tax you, Nigeria tax you. 1719 01:32:37.000 --> 01:32:38.880 That's what he's explaining. This is the tax law for 1720 01:32:39.720 --> 01:32:44.439 non residents here. You yeah, for non residence employment income. 1721 01:32:45.239 --> 01:32:48.399 If you go to Saudi and the Sadi government does 1722 01:32:48.479 --> 01:32:52.079 not tax you, and I just NIGERI will tax you. 1723 01:32:52.159 --> 01:32:54.439 That's what they're seeing in the tax law. So yeah, 1724 01:32:54.479 --> 01:32:55.880 you won't go for that. We will make it that 1725 01:32:55.920 --> 01:32:58.880 you can't want. So if if you're salar Radia and 1726 01:32:59.119 --> 01:33:02.199 they give you a exemption and you don't pay your Nigerias. 1727 01:33:02.479 --> 01:33:06.720 So be very careful about we're talking about Google. Yes, 1728 01:33:07.439 --> 01:33:11.680 it doesn't mean no no, Ben. That's why I say 1729 01:33:11.720 --> 01:33:14.079 that you're going to Z instead of a I don't 1730 01:33:14.159 --> 01:33:17.199 like access. Simple question he walks into countries. The quoted 1731 01:33:17.199 --> 01:33:19.880 the countries for US is asking will he pay taxes? 1732 01:33:20.000 --> 01:33:25.239 So no, it's question I don't know how. Then then 1733 01:33:25.840 --> 01:33:29.680 the answer is this, where is mister della in resident 1734 01:33:29.960 --> 01:33:34.399 of Once you answer where he's resident of, it answers itself. 1735 01:33:34.840 --> 01:33:39.680 Its mister will saying he's working in Spain. End of 1736 01:33:39.800 --> 01:33:43.039 story because Spain and Nigeria have a d t T. 1737 01:33:44.119 --> 01:33:46.920 But mister Deyla is not working in Spain or South 1738 01:33:46.960 --> 01:33:50.680 Africa or Philippines, or he's not he's working in two 1739 01:33:50.800 --> 01:33:54.680 nations that do not have dedity with Nigeria, which means 1740 01:33:54.720 --> 01:33:56.159 we don't have to go to the residence and say 1741 01:33:56.520 --> 01:33:59.359 is he spending one eighty three days in Nigeria? Yes 1742 01:33:59.439 --> 01:34:02.199 or no? Does he have family in Nigeria, Yes or no? 1743 01:34:02.760 --> 01:34:05.079 Does he have bas Nigeria yes or no? Does he 1744 01:34:05.159 --> 01:34:08.680 have a family house perman Nigeria, Yes or no? When 1745 01:34:08.720 --> 01:34:11.119 he answers those four questions, he will know it's going 1746 01:34:11.159 --> 01:34:15.279 to be taxing those countries or Nigeria. It's a simple determination. 1747 01:34:15.399 --> 01:34:17.279 You don't have to argue about the lawyer is there 1748 01:34:17.560 --> 01:34:21.159 feeling the blanks and I think you have bit clear 1749 01:34:21.279 --> 01:34:25.359 now right, you're big clearing now it's the lawyer is there. 1750 01:34:26.119 --> 01:34:27.800 He can post her to spend tomorrow. 1751 01:34:29.079 --> 01:34:29.199 Right. 1752 01:34:31.399 --> 01:34:34.560 So the conditions are either or So if I don't 1753 01:34:34.600 --> 01:34:38.239 do want three, what I have family, ties, strength. 1754 01:34:38.720 --> 01:34:43.600 What those four things? So if you spend one day 1755 01:34:44.439 --> 01:34:47.079 but you have a family permanent, I just about Ben's 1756 01:34:47.159 --> 01:34:50.720 permanent in Nigeria in Nigerian type. Good your permanent address 1757 01:34:51.079 --> 01:34:54.079 in Nigeria, if your family, if your wife is in Nigeria, 1758 01:34:54.319 --> 01:34:57.239 your kids are Nigeria. But you spend two many days 1759 01:34:57.279 --> 01:35:00.079 in Italy. No, you have the permanent your signal, you 1760 01:35:00.159 --> 01:35:05.760 can't families in Nigeria. He had catuals fabulations. 1761 01:35:05.840 --> 01:35:10.000 The follow up question and letty for instance, I go 1762 01:35:10.159 --> 01:35:13.319 to government has taxed team and attached him many fifteen 1763 01:35:13.359 --> 01:35:19.279 percent and now you're spent over wanted to treat this 1764 01:35:19.439 --> 01:35:22.960 in Nigeria. So the Gian government is to tax hims 1765 01:35:23.000 --> 01:35:26.000 on that based on this in compression twenty percent. So 1766 01:35:26.119 --> 01:35:28.479 if you fan twenty fifty percent, he's gonna be fifty 1767 01:35:28.600 --> 01:35:30.479 five percent Nigeria. 1768 01:35:30.680 --> 01:35:34.279 That's what Ben is now saying. This is where Ben's 1769 01:35:34.479 --> 01:35:37.880 of Well, that's that you're gonna get that will come 1770 01:35:37.960 --> 01:35:40.359 in because that's where you now say you know what 1771 01:35:41.039 --> 01:35:43.880 he's got. Yes, he's great for point of that session. 1772 01:35:43.920 --> 01:35:52.399 That my point he's going he's going to want don't 1773 01:35:52.479 --> 01:35:57.319 don't see answer the guy properly see is if it's foreign, 1774 01:35:57.800 --> 01:36:01.000 he will pay the tax in Angola he will paid. 1775 01:36:01.520 --> 01:36:03.479 Then he will go on file. If you keep on 1776 01:36:03.640 --> 01:36:05.720 saying you can go and fire and not answering properly, 1777 01:36:05.800 --> 01:36:07.920 you say oh no, no, no, no, he will pay 1778 01:36:08.000 --> 01:36:12.079 the taxes and Angola, then he will try not there's 1779 01:36:12.079 --> 01:36:15.199 not giving back the money. God, God's gonna say you 1780 01:36:15.359 --> 01:36:18.680 are in residents here, we have no dtity here, pay 1781 01:36:18.840 --> 01:36:21.520 and go. That's the point of making America will give 1782 01:36:21.520 --> 01:36:23.199 you back. Well, I'm good to give you back. It's 1783 01:36:23.199 --> 01:36:24.640 no guarantee, there's no dtty. 1784 01:36:25.319 --> 01:36:27.079 So don't you. 1785 01:36:30.279 --> 01:36:34.680 Come to simpling words too countries before whatever he's reason, 1786 01:36:34.760 --> 01:36:36.760 you've paid in Angola or whatever the case may be. 1787 01:36:37.479 --> 01:36:39.720 Nigeria and Naga decides not to tax. You have been 1788 01:36:39.760 --> 01:36:43.199 safe and you can decide not to take you based 1789 01:36:43.239 --> 01:36:44.720 on everything instead of paid. 1790 01:36:44.840 --> 01:36:46.239 It's not that it doesn't work. 1791 01:36:46.439 --> 01:36:48.119 You processed. 1792 01:36:48.680 --> 01:36:56.239 Okay, an agreements place an agreement? Why do country? Why 1793 01:36:56.319 --> 01:37:01.039 do countries sign an agreement? Two nations come to and sign. 1794 01:37:02.039 --> 01:37:03.000 He doesn't want to. 1795 01:37:04.600 --> 01:37:08.199 Against like, you missed my point by taking now together 1796 01:37:08.239 --> 01:37:12.520 to sign that treaty. Now, one nation called Nigeria has 1797 01:37:12.600 --> 01:37:16.319 created the univers that relief. That relief means that if 1798 01:37:16.800 --> 01:37:18.920 you you're in like in this guy's case, nice working 1799 01:37:18.920 --> 01:37:22.680 in our country and you're now pay that day, you 1800 01:37:22.760 --> 01:37:25.239 can bring the documentary used to pay tax there and 1801 01:37:25.439 --> 01:37:25.960 keep nine. 1802 01:37:26.199 --> 01:37:30.399 But he's going to pay the tax, that's his question. Yes, 1803 01:37:30.520 --> 01:37:33.439 well then you are going to we're going to run 1804 01:37:33.520 --> 01:37:36.279 back to his The question is will he pay the 1805 01:37:36.399 --> 01:37:40.279 tax and go like yes, he's not, he's he wants 1806 01:37:40.319 --> 01:37:41.880 to know where he will first. 1807 01:37:42.119 --> 01:37:47.039 Okay, I'm focusing on his questions and where you go. 1808 01:37:47.159 --> 01:37:52.319 Okay, Okay, that's that's what the other follow up. 1809 01:37:53.640 --> 01:37:55.560 Let me your say this and now do you tell 1810 01:37:55.680 --> 01:37:59.039 the agreement where with kind of the us and the 1811 01:37:59.119 --> 01:38:02.600 race is let's see your treasure distinctive percent in Canada, 1812 01:38:02.760 --> 01:38:04.680 your treasure is twenty percent in Enginia. 1813 01:38:05.319 --> 01:38:06.560 You maybe are paid in Canada. 1814 01:38:06.560 --> 01:38:09.560 That is act if you come to and good lad that. 1815 01:38:09.560 --> 01:38:12.479 We don't have anything with you've paid twenty percent day 1816 01:38:12.800 --> 01:38:15.119 and in the junior you are to paid on five percent. 1817 01:38:15.439 --> 01:38:17.079 You will still paying many five percent. 1818 01:38:17.319 --> 01:38:19.359 But even as good as there is, if it's in 1819 01:38:19.479 --> 01:38:22.079 Canada and other country that were we have agreement with, 1820 01:38:22.199 --> 01:38:24.119 you're not going to pay anything. Same way we do 1821 01:38:24.279 --> 01:38:28.279 have agreement with Tudi Arabia because their TuS really at 1822 01:38:28.319 --> 01:38:31.199 that point you pay all the percents yet Euria. So 1823 01:38:31.399 --> 01:38:33.479 if you're living in a country, if you are now 1824 01:38:33.680 --> 01:38:35.279 the bab you're paying forty percent. 1825 01:38:35.680 --> 01:38:37.359 In Nageria you are to patre five percent. 1826 01:38:37.760 --> 01:38:40.399 Nagia will not refund you to just get their bidiens 1827 01:38:40.399 --> 01:38:42.520 that okay, you've paid over gay. But the potron lie 1828 01:38:42.560 --> 01:38:45.680 is that you know you will stive five tax. So 1829 01:38:45.840 --> 01:38:51.079 the point of finding tax then look have a version 1830 01:38:51.119 --> 01:38:51.640 of country. 1831 01:38:51.960 --> 01:38:54.359 Okay, so gaduy, what do you think the new you? 1832 01:38:55.039 --> 01:38:56.920 What do you think it dos? What benefit you think 1833 01:38:57.039 --> 01:38:58.000 people can benefit from? 1834 01:38:59.560 --> 01:39:02.359 The really is for nations that we do not have 1835 01:39:02.479 --> 01:39:06.239 agreements with like nation that is not like outside Canada, US, 1836 01:39:06.319 --> 01:39:08.640 you can sort, I can do res So Like now 1837 01:39:08.800 --> 01:39:11.359 let's say I'm any two hundred million in Canada. They're 1838 01:39:11.479 --> 01:39:14.800 taxing into eighty percent of that already million nguriacs. Whoever, 1839 01:39:14.800 --> 01:39:16.960 I will not five percent, but I'm saying that we 1840 01:39:17.000 --> 01:39:19.680 will have five percent paid five percent. 1841 01:39:19.840 --> 01:39:22.960 I need that used to make you said you said 1842 01:39:23.399 --> 01:39:24.279 that twenty percent. 1843 01:39:25.399 --> 01:39:27.640 If we take it of twenty percent of five percent, 1844 01:39:27.680 --> 01:39:30.399 then I will glance twenty five percent. But if that's 1845 01:39:30.399 --> 01:39:34.079 an apple with Canadia now perlans Joe, there's an agreement already, 1846 01:39:34.359 --> 01:39:35.600 So I don't know if you know what I'm saying. 1847 01:39:36.840 --> 01:39:39.119 You balance five percent? Say you balanced ty five percent? 1848 01:39:39.319 --> 01:39:41.800 Like even I'm good as they say you're paying twenty 1849 01:39:41.880 --> 01:39:44.359 percent of your hundred million, and I'm good at but 1850 01:39:44.479 --> 01:39:46.600 in Injuria, if you have made this one Injuria, you 1851 01:39:46.880 --> 01:39:51.000 you have touching twenty five percent of that amount. Now, 1852 01:39:51.119 --> 01:39:53.359 but you have paid twenty percent in amount, paid the 1853 01:39:53.439 --> 01:39:54.600 balance five percent. 1854 01:39:54.439 --> 01:39:58.199 Injuria, and by dream that you've avoided Google. That's a show. 1855 01:39:58.680 --> 01:40:01.439 If you're if you're in Canadia, if you're if you're 1856 01:40:01.640 --> 01:40:04.720 twenty percent of the amount in Canada, and then you're 1857 01:40:04.720 --> 01:40:07.800 to five percent there empty because they have an agreement, 1858 01:40:08.079 --> 01:40:09.359 so they're not put on that shore. 1859 01:40:09.399 --> 01:40:09.920 They gain. 1860 01:40:12.399 --> 01:40:13.800 Yeah, yeah, that's true, that's true. 1861 01:40:14.319 --> 01:40:16.880 Obviously it is better than the another release, you know, 1862 01:40:17.159 --> 01:40:20.439 realigres with the knowledge. 1863 01:40:20.560 --> 01:40:23.479 Yeah, so just to be clear that they are, Yes, 1864 01:40:23.560 --> 01:40:25.880 you will pay tax and Angola catable when you come 1865 01:40:25.880 --> 01:40:28.319 to Nigeria. You can use it in lateral tax and 1866 01:40:28.520 --> 01:40:31.359 clean back what you have paid, even if there's fluid dedity. 1867 01:40:31.960 --> 01:40:36.479 So just to be clear. Yeah, so you won't lose 1868 01:40:36.520 --> 01:40:41.479 that money. Yeah, you won't lose that money, gotcha, fantastic. 1869 01:40:41.760 --> 01:40:43.880 I think about both buying down. We've got about three 1870 01:40:43.960 --> 01:40:47.039 minutes till twelve. I don't see any other questions. 1871 01:40:46.640 --> 01:40:49.760 On the don't talk about go for it. 1872 01:40:50.800 --> 01:40:52.680 Yeah, I think we look down with told in tax? Yes, 1873 01:40:52.800 --> 01:40:56.079 so what is told in tax? What is told in tax? 1874 01:40:56.159 --> 01:41:06.119 Okayvance payments. So example, mister A is going to buy something, 1875 01:41:06.399 --> 01:41:09.119 is maybe doing his service with another company. 1876 01:41:09.479 --> 01:41:13.920 I'm giving mister bean my go and cut the verse. 1877 01:41:14.079 --> 01:41:16.359 Or you have a you have a learning company that 1878 01:41:16.680 --> 01:41:19.319 does loading services, and I said, okay, mister bean, your 1879 01:41:19.359 --> 01:41:23.520 company come and work for my company. Right for that services, 1880 01:41:23.640 --> 01:41:28.199 I'm going to deduct ten percent of whatever money I'm 1881 01:41:28.239 --> 01:41:29.880 paid to mister Bean as the company. 1882 01:41:30.279 --> 01:41:32.119 But for me to deduct ten percent. 1883 01:41:31.920 --> 01:41:36.760 From that money, I have to qualify by my treasholder 1884 01:41:36.840 --> 01:41:41.199 the company makes. So if my compaign makes the thresholder 1885 01:41:41.359 --> 01:41:45.920 qualifies me to pay see IC and I have also 1886 01:41:46.079 --> 01:41:51.960 registered with the tax people for withholding as well, then 1887 01:41:52.039 --> 01:41:56.079 I can pless withholding from Ben our the doc ten 1888 01:41:56.119 --> 01:41:59.359 percent of that money. I starts advant payment for Ben. 1889 01:42:00.159 --> 01:42:03.720 So when benoans do not file his tax right, Ben 1890 01:42:03.760 --> 01:42:06.399 will not collected the credit news. Remember when idot that 1891 01:42:06.479 --> 01:42:10.039 money from Ben, I have to give Ben a tax 1892 01:42:10.199 --> 01:42:13.159 credit nes that Ben is going to use to upset 1893 01:42:13.279 --> 01:42:15.159 his tax when he does his filing. 1894 01:42:15.880 --> 01:42:17.800 So Ben, I have paid Ben. 1895 01:42:18.000 --> 01:42:20.720 Ben has me one million, I gave you nine undred thousand. 1896 01:42:20.840 --> 01:42:23.399 I take ten percent of that money. I better ten 1897 01:42:23.439 --> 01:42:29.600 percent of government with Ben's competity empty number or Ben's 1898 01:42:29.720 --> 01:42:32.640 personality number, whatever I want to use this I collected. 1899 01:42:32.760 --> 01:42:35.199 I collected it, but it's for competent not for individuals. 1900 01:42:35.439 --> 01:42:38.800 I collected cis completing number, and then I paid up to. 1901 01:42:38.880 --> 01:42:40.399 The impax to government. 1902 01:42:40.880 --> 01:42:42.439 So I give Ben credit notes. 1903 01:42:42.520 --> 01:42:44.880 When Ben wants to file his tax for the year, 1904 01:42:45.399 --> 01:42:48.479 he uses that to deduct his taxable income. 1905 01:42:50.680 --> 01:42:53.840 Yes, so he uses that to the doc startsable income. 1906 01:42:53.880 --> 01:42:58.840 So for example, if I have retailed, let's say I 1907 01:42:59.039 --> 01:43:03.319 don't say this is so things and those people I 1908 01:43:03.399 --> 01:43:07.600 collected withholding and tax from them, and then I bought things. 1909 01:43:07.800 --> 01:43:11.079 Or I I did some jobs and the job paid me. 1910 01:43:11.479 --> 01:43:14.119 But related withholding tax from me, and they give me 1911 01:43:14.199 --> 01:43:16.840 the reholding credits. When I want to find my own 1912 01:43:16.880 --> 01:43:18.319 as a company, I'm going. 1913 01:43:18.279 --> 01:43:21.720 To pix that. That's credit notes to reduce my tax. 1914 01:43:22.159 --> 01:43:25.520 When also find his tax for his company, because I 1915 01:43:25.560 --> 01:43:29.479 collected his ten percent of his income, then he too, 1916 01:43:29.560 --> 01:43:32.359 he's going to use that as a credit note, a 1917 01:43:32.439 --> 01:43:37.479 credit notes dischargeable tax, turgical income tax. So this way, 1918 01:43:37.680 --> 01:43:41.199 when companies do business with companies, you are expecting your 1919 01:43:41.439 --> 01:43:45.000 tax agents, by the law, to collect withholding tax, but 1920 01:43:45.159 --> 01:43:46.880 you have to be qualified first. 1921 01:43:46.640 --> 01:43:47.039 To do that. 1922 01:43:47.720 --> 01:43:50.239 So for me, that's what I'm hearing as an semi 1923 01:43:50.359 --> 01:43:53.760 for me that when I do my supplies and I 1924 01:43:53.880 --> 01:43:56.640 am charged in withholding tax, as you could get my 1925 01:43:56.840 --> 01:43:58.239 tax tax. 1926 01:43:58.720 --> 01:44:03.720 Yes, yes, you you must get it from because you 1927 01:44:03.800 --> 01:44:06.399 can claim me back. Well that's you're the company. But 1928 01:44:06.600 --> 01:44:10.279 focus because I do my launch, I wanted to. I 1929 01:44:10.359 --> 01:44:13.399 wanted to dogs. I told them about it to inter 1930 01:44:13.680 --> 01:44:15.880 the doortion. But then I told them that they did not. 1931 01:44:15.960 --> 01:44:16.399 Know about this. 1932 01:44:16.520 --> 01:44:18.960 I use that that moment to educate them that well, 1933 01:44:18.960 --> 01:44:21.520 I'm not qualified as of this moment because I don't 1934 01:44:21.600 --> 01:44:24.880 miss the chreshold who withhold it? But did you know 1935 01:44:25.000 --> 01:44:28.199 that when you're doing businesses company, the company has the 1936 01:44:28.359 --> 01:44:31.520 right to behold the tax from the money and dip. 1937 01:44:31.640 --> 01:44:33.319 They actually agree that I should be told you, but 1938 01:44:33.399 --> 01:44:35.000 I said no, no, no, I'm just telling you for 1939 01:44:35.079 --> 01:44:38.680 information purposes. I do not qualify to withhold. But the 1940 01:44:38.760 --> 01:44:41.199 thing is, if you rehold the tax, you have to 1941 01:44:41.399 --> 01:44:45.479 your COMPLI. You're obligated by law to give that person 1942 01:44:45.560 --> 01:44:48.960 that you're withholding detached from them their credit news. Just 1943 01:44:49.119 --> 01:44:52.039 like the e eighty as well, when you're doing your 1944 01:44:52.119 --> 01:44:54.920 V eighty, the person that you're giving your vity too 1945 01:44:55.439 --> 01:44:59.199 must also have that thevice to collectiviating from you because 1946 01:44:59.399 --> 01:45:01.960 you're going to simply. 1947 01:45:03.239 --> 01:45:07.359 Is the same way you makes for behold intact because. 1948 01:45:07.239 --> 01:45:11.119 It goes both just very important when you pay your 1949 01:45:11.319 --> 01:45:15.960 when you get charged with all intax demand for tax certificate, 1950 01:45:17.880 --> 01:45:18.680 that but very. 1951 01:45:18.720 --> 01:45:20.479 Very important, very important. 1952 01:45:20.680 --> 01:45:23.680 I'm not sure if anybody else has any closing remarks, 1953 01:45:24.119 --> 01:45:27.520 anyone that is still here before we saw of wind down. 1954 01:45:31.600 --> 01:45:33.319 Let me just let me just say that in this 1955 01:45:34.479 --> 01:45:36.000 transition as a business. 1956 01:45:35.760 --> 01:45:39.159 Person, it's very important that you keep all your records, 1957 01:45:39.279 --> 01:45:42.840 especially when it comes to your voices and stuff. Is 1958 01:45:42.960 --> 01:45:44.840 very very important because at the end of the day, 1959 01:45:45.239 --> 01:45:48.439 very all the time, company time, and it's best well 1960 01:45:49.079 --> 01:45:51.159 you always prepare us if you're going to be audited, 1961 01:45:54.760 --> 01:45:57.840 so that that happens that you get audited, you have 1962 01:45:58.079 --> 01:46:01.399 all the documents to back up your claims, because that's 1963 01:46:01.439 --> 01:46:04.560 operating becauses where they see a lack of lack of documentation, 1964 01:46:05.119 --> 01:46:09.960 do we use that the penalties YEA to their penalties 1965 01:46:10.039 --> 01:46:12.640 on and their interests and war the punishments that if 1966 01:46:12.720 --> 01:46:14.399 you just suppose to see that, then. 1967 01:46:15.119 --> 01:46:16.800 You can't defend your position again. 1968 01:46:16.880 --> 01:46:18.760 So it's very good that they keep your documents and 1969 01:46:19.000 --> 01:46:21.880 keep all your your receive you you know, the invoices, 1970 01:46:21.880 --> 01:46:25.399 almost very related documents. Keep everything properly, you know, because 1971 01:46:25.399 --> 01:46:27.479 you don't know when you need them to defend your 1972 01:46:27.520 --> 01:46:28.119 position and. 1973 01:46:28.439 --> 01:46:33.640 Your company money. Compet completely agree. So this last law 1974 01:46:33.680 --> 01:46:37.159 has been very very controversial, right, I would say this 1975 01:46:38.159 --> 01:46:40.439 in terms of the whole lot, look at the whole 1976 01:46:40.520 --> 01:46:43.680 more in totality, what does it bring. It brings simplification, 1977 01:46:44.600 --> 01:46:48.159 it brings modernization, and it brings a lot of exemption 1978 01:46:48.439 --> 01:46:51.880 for this very progressive So if you're really a small taxpayer, 1979 01:46:52.479 --> 01:46:55.319 really on the business side though, on the business side, 1980 01:46:55.359 --> 01:46:58.279 I think it gives you a lot of leeway. On 1981 01:46:58.399 --> 01:47:01.079 the business side, I would say on the side. On 1982 01:47:01.199 --> 01:47:04.439 the personal side, I think my biggest issue with the 1983 01:47:04.520 --> 01:47:10.000 tax law is the removal of the automatic deduction, the 1984 01:47:10.119 --> 01:47:14.880 twenty percent CR That's my biggest because it's twenty percent, 1985 01:47:14.960 --> 01:47:17.720 but look at it this way. It's automatic. So in 1986 01:47:17.880 --> 01:47:21.039 the old law, I don't have to do anything. I 1987 01:47:21.159 --> 01:47:26.159 get twenty percent tax deduction automatically. In this new law, 1988 01:47:26.359 --> 01:47:28.479 I have to do go do something, even if nothing 1989 01:47:28.600 --> 01:47:30.840 is good for me, I still have to go do it. 1990 01:47:31.039 --> 01:47:35.760 My fear is that some Nigerians would be cash poor. 1991 01:47:36.359 --> 01:47:39.840 Let's say next year you get married, or you buy 1992 01:47:39.880 --> 01:47:43.199 a new car, or you are but forbid, you get 1993 01:47:43.640 --> 01:47:48.199 somebody gets still and you cannot afford to buy those deduction. 1994 01:47:48.399 --> 01:47:51.479 Maybe you can't afford to do additional bunting contributions, or 1995 01:47:51.520 --> 01:47:54.600 you can't afford to do the buy liveing. That means 1996 01:47:54.680 --> 01:47:56.720 for that tax year you will not get a deduction 1997 01:47:56.960 --> 01:47:59.840 that tax year because you didn't buy anything. In the 1998 01:48:00.079 --> 01:48:03.479 old scheme, you've got the twenty percent automatic with me. 1999 01:48:03.600 --> 01:48:05.880 Even if you bought a car in quotes or you 2000 01:48:06.000 --> 01:48:08.479 are ill, you still got to twenty percent of your 2001 01:48:08.560 --> 01:48:13.000 income as a tax break. That's my big issue with 2002 01:48:13.159 --> 01:48:16.439 this tax skin But in a tons of simplicity, modernization, 2003 01:48:17.000 --> 01:48:20.880 and on the business side, the allowance is very, very progressive. 2004 01:48:20.960 --> 01:48:23.439 So that's just my take on it. No, where don't 2005 01:48:23.520 --> 01:48:26.880 with arguing it's here. The law is here, so we 2006 01:48:27.039 --> 01:48:30.199 have to learn how to operate within the bit of 2007 01:48:30.239 --> 01:48:33.199 the law. Saying you will not pay it's not a strategy. 2008 01:48:33.479 --> 01:48:35.720 Saying you are angry, it is not a strategy. You've 2009 01:48:35.720 --> 01:48:38.800 got to understand the law and you've got to implemental 2010 01:48:38.920 --> 01:48:43.720 deductions exemptions so you can reduce your taxable incomnastic keyword 2011 01:48:44.239 --> 01:48:49.680 reduce your taxable income venomor you have a closing word there, Yeah, you. 2012 01:48:50.000 --> 01:48:54.439 Study, Oh, does make sure your business physicalization meaning get 2013 01:48:54.560 --> 01:48:58.960 a receipt for everything everything you do that is business related, 2014 01:48:59.039 --> 01:48:59.960 so you don't go it a. 2015 01:49:02.159 --> 01:49:05.119 Business. But why can't Why can't I why can't I eat? 2016 01:49:05.880 --> 01:49:10.359 Why can't I do that? But if I if I, 2017 01:49:10.439 --> 01:49:13.800 if I have a meeting with with the colin, yeah, 2018 01:49:13.880 --> 01:49:25.039 if I haven't, okay, because why can't I get cereals? 2019 01:49:26.399 --> 01:49:30.680 Why I go to the restaurants for my partners in 2020 01:49:35.479 --> 01:49:37.640 the I don't like when you make this when you 2021 01:49:37.680 --> 01:49:40.079 make this thing drinking as if? What is this money 2022 01:49:40.119 --> 01:49:43.600 we're talking about? If I go to a restaurant and 2023 01:49:43.760 --> 01:49:47.239 I have the business meeting with the partner in the restaurant, 2024 01:49:47.279 --> 01:49:55.319 that's a business expense. So what was okay? Okay? So 2025 01:49:55.840 --> 01:49:58.119 because your life, people get confused, don't know if you're 2026 01:49:58.159 --> 01:50:03.039 being it's what the money. Let's don't make money. 2027 01:50:02.840 --> 01:50:08.039 That way, make money that way. 2028 01:50:08.119 --> 01:50:09.560 The people that make money that way. 2029 01:50:11.840 --> 01:50:14.319 My last my last question for you, but my last 2030 01:50:14.399 --> 01:50:18.159 question for you, last question for you the video, last 2031 01:50:18.199 --> 01:50:22.960 question for the video. It's a musician, isn't the show 2032 01:50:23.039 --> 01:50:27.079 based Mister video buys a Lamborghini, so he's instet up 2033 01:50:27.079 --> 01:50:32.720 a company called the video Limited and limited buys a Lamborghini. 2034 01:50:33.800 --> 01:50:40.000 Mm hmmm, mister Wido uses that Lamborghini for videos, not 2035 01:50:40.199 --> 01:50:44.199 that video that Wido limited by the Lamborghini. That video 2036 01:50:44.319 --> 01:50:48.039 the person uses that Lamborghini for video shoes for to 2037 01:50:48.319 --> 01:50:51.840 keep his image of because he says that that Lamborghini 2038 01:50:52.479 --> 01:50:56.920 is an expense and also a capex being used holy 2039 01:50:57.479 --> 01:51:04.239 and exclusively to manufacture your entertainment content, can that Bido 2040 01:51:04.560 --> 01:51:10.279 Limited claim that Lamborghini as a business expense? 2041 01:51:10.680 --> 01:51:11.800 Okay? Okay, So. 2042 01:51:13.359 --> 01:51:16.319 That expense will not if he wants to claim it 2043 01:51:16.800 --> 01:51:20.920 holy immediately because you cannot claim your copex all of 2044 01:51:21.039 --> 01:51:23.800 it at once. So that means it depends on what 2045 01:51:23.920 --> 01:51:26.319 he uses the Lamborghini for. So if he bought it 2046 01:51:26.439 --> 01:51:30.479 with the company, it's completely a business expense because it's 2047 01:51:30.520 --> 01:51:31.560 not in the Dvidos name. 2048 01:51:31.800 --> 01:51:34.960 It's in the company's name. So one is a business expense. 2049 01:51:35.399 --> 01:51:38.880 Then secondly, if he wants to now the dog sits right, 2050 01:51:39.439 --> 01:51:39.680 then you. 2051 01:51:39.760 --> 01:51:41.680 Not say, okay, what do you use in Lamborghini for? 2052 01:51:41.880 --> 01:51:45.000 If the video says I use that Lamborghini to shoot 2053 01:51:45.039 --> 01:51:48.119 my music videos, I use the Lamborghini to do things 2054 01:51:48.159 --> 01:51:50.119 that have to do with my music, and I use 2055 01:51:50.119 --> 01:51:53.920 the Lamborghini every day or every month, So this now 2056 01:51:54.039 --> 01:52:00.000 goes into operating expense, so the Lamborghini is operating every month. 2057 01:52:00.039 --> 01:52:03.119 Wants for him to help him to achieve the financial 2058 01:52:03.199 --> 01:52:05.119 activities that now turns to profit. 2059 01:52:05.560 --> 01:52:08.359 It goes before that business expense, not. 2060 01:52:08.479 --> 01:52:11.640 From that capext at this point, it's other business experts. 2061 01:52:11.680 --> 01:52:16.680 So you can, yes, hundred present the Lamborghinia from. 2062 01:52:17.279 --> 01:52:23.920 The from the company's expense in this category. I can 2063 01:52:24.039 --> 01:52:27.199 not a missis category. He uses this maybe every month, 2064 01:52:27.359 --> 01:52:31.279 all the time for whatever thing he's doing as business related, right, 2065 01:52:31.760 --> 01:52:32.279 and it's not. 2066 01:52:32.479 --> 01:52:33.159 In his name. 2067 01:52:34.960 --> 01:52:36.880 What if you put the Lamborghina in his name? 2068 01:52:38.119 --> 01:52:41.520 No, he can no longer adopt this because what is 2069 01:52:41.560 --> 01:52:43.760 because first he will pay visit and put it in 2070 01:52:43.880 --> 01:52:46.279 his name, and you cannot take company money to buy 2071 01:52:46.359 --> 01:52:47.159 something for yourself. 2072 01:52:48.439 --> 01:52:50.399 Okay, So what I hear you saying is this, if 2073 01:52:50.520 --> 01:52:55.439 I am making any revenue apart from my salary, any 2074 01:52:55.520 --> 01:52:59.239 revenue whatsoever, it makes sense for me to incorporate that 2075 01:52:59.359 --> 01:53:00.479 activities out here. 2076 01:53:00.800 --> 01:53:03.079 Yes, a hundred percent create. 2077 01:53:03.600 --> 01:53:06.399 That's what that was what I was going to Okay, fantastic, 2078 01:53:07.439 --> 01:53:10.960 all right, guys, can him yeah, go for it. 2079 01:53:12.560 --> 01:53:14.560 If he poses in his name, let's don't missed too, lily, 2080 01:53:14.600 --> 01:53:17.199 and he puts in his name, I believe that there's 2081 01:53:17.199 --> 01:53:19.760 a way he can lease his personally to the company 2082 01:53:20.640 --> 01:53:21.159 and then. 2083 01:53:21.079 --> 01:53:24.359 They don't the least. The least feed that accompanies. 2084 01:53:23.920 --> 01:53:27.720 Paying to keep his alarm in his name, but in 2085 01:53:27.840 --> 01:53:29.359 his name, in his name. 2086 01:53:29.439 --> 01:53:34.560 If he puts in his name drop him, he can 2087 01:53:34.720 --> 01:53:38.239 lease it to his own companion him drug can. 2088 01:53:38.199 --> 01:53:40.720 Lease his personal vel get into his own company. So 2089 01:53:40.960 --> 01:53:42.680 and then he has to talk to what they're paying 2090 01:53:42.720 --> 01:53:45.239 in the least. You can't talk what he companies pay. 2091 01:53:45.399 --> 01:53:48.159 Was only or your link in this from from your 2092 01:53:48.479 --> 01:53:49.920 you know, from your taxical income. 2093 01:53:53.520 --> 01:53:55.399 I know, but it's a good question, is asking, I 2094 01:53:55.439 --> 01:53:58.640 don't know, I just as made you called the struggle 2095 01:53:58.840 --> 01:54:00.439 in his name and the company us. 2096 01:54:02.279 --> 01:54:06.640 Okay, your scenario is correct. Your scenario is correct. He 2097 01:54:06.720 --> 01:54:08.079 can do that is correct. 2098 01:54:08.479 --> 01:54:11.680 But that remember that mister carry is asking if the 2099 01:54:11.800 --> 01:54:16.359 purchase of the Lamborghini can be in business deductions. But 2100 01:54:16.520 --> 01:54:19.039 now you're saying that if he bought the Lamborghinna in 2101 01:54:19.119 --> 01:54:21.680 his name, that means that the money he used in 2102 01:54:21.800 --> 01:54:26.119 binding Lamborghinia, that money has removed from his company accounts, 2103 01:54:26.479 --> 01:54:28.199 it has gone to his personal account. 2104 01:54:28.359 --> 01:54:29.960 Is that that money from his company. 2105 01:54:29.720 --> 01:54:33.800 Account to his personal account has already been changed? You know, 2106 01:54:33.880 --> 01:54:36.640 he has already paid the tax on that money. And 2107 01:54:36.760 --> 01:54:39.880 then he's not buying that car personally. If he now 2108 01:54:39.920 --> 01:54:42.560 rents the cart to his company, of course he can 2109 01:54:42.640 --> 01:54:46.079 now collect that one to If that one is that 2110 01:54:46.119 --> 01:54:48.399 coming has an income, that's also going to be tax. 2111 01:54:49.159 --> 01:54:49.680 That was. 2112 01:54:51.560 --> 01:54:52.199 An income. 2113 01:54:53.119 --> 01:54:56.079 So the only so, the only way that what the 2114 01:54:56.159 --> 01:55:00.800 scenario works is he's buying the Lamborghini with company money, 2115 01:55:01.079 --> 01:55:03.560 with the company names so on. The Lamborghini is the 2116 01:55:04.039 --> 01:55:09.520 entertainment that owns the Lamborghini, lamb the Lamborghinea. So if 2117 01:55:09.560 --> 01:55:13.079 the video is buying Lamborghinia with his own personal money, 2118 01:55:13.520 --> 01:55:15.920 then that means that for the mint to the personal. 2119 01:55:15.760 --> 01:55:16.920 He has already paid tax. 2120 01:55:17.640 --> 01:55:22.000 This no longer okay, My last question I promised last question? 2121 01:55:22.640 --> 01:55:26.359 What if I Calu, my example, Calu lives in the 2122 01:55:26.560 --> 01:55:31.039 house paid by the company, and Calu drives a car 2123 01:55:31.359 --> 01:55:34.399 paid by the company, how would I record that as 2124 01:55:34.520 --> 01:55:38.039 a person and would they change into camp How would 2125 01:55:38.039 --> 01:55:40.159 it be recorded in my own personal books? Is that 2126 01:55:40.359 --> 01:55:43.279 house and that car is it income to me? As 2127 01:55:43.479 --> 01:55:49.960 Carlu individual is paid by calorimeter, is. 2128 01:55:50.000 --> 01:55:50.720 It income to me? 2129 01:55:51.680 --> 01:55:52.000 Okay? 2130 01:55:52.119 --> 01:55:58.159 So for example, mister Calu works in mister right, yes, okay, 2131 01:55:58.640 --> 01:56:04.760 and then mister Carmitted has given mister Calu company car. 2132 01:56:05.000 --> 01:56:06.479 Company, house and everything. 2133 01:56:06.960 --> 01:56:10.880 So the position of the law is that the cars 2134 01:56:11.000 --> 01:56:14.239 that is given to mister Calum is going to the 2135 01:56:14.520 --> 01:56:17.479 law is going to look at the what is it 2136 01:56:17.600 --> 01:56:21.680 called the equivalents of that car, the world of that car, 2137 01:56:22.359 --> 01:56:25.119 the work of that house is going to follow under 2138 01:56:25.159 --> 01:56:28.800 your chargeable income is not free. So the fact that 2139 01:56:29.079 --> 01:56:31.800 the company is buying it for you doesn't mean that 2140 01:56:31.880 --> 01:56:32.439 it's not going to. 2141 01:56:32.520 --> 01:56:35.600 Form a salary base where it's deducted. 2142 01:56:36.680 --> 01:56:36.720 In. 2143 01:56:37.479 --> 01:56:40.199 So, yes, the company has both it for you, but 2144 01:56:40.800 --> 01:56:44.039 your will not look as Okay, that house called ten million, 2145 01:56:44.680 --> 01:56:46.720 the car cost twenty million. 2146 01:56:47.239 --> 01:56:50.239 They're not going to bundle it up in your group 2147 01:56:50.960 --> 01:56:56.560 salary so that those benefits and can be of income. 2148 01:56:56.840 --> 01:56:59.560 Yes, yes, yes, in based of your gross your gross. 2149 01:57:00.119 --> 01:57:03.359 Why why was it different with the video? The video's 2150 01:57:03.399 --> 01:57:05.640 company also brought him a car, So how come he 2151 01:57:05.720 --> 01:57:07.439 gets a deduction? I don't get a deduction? 2152 01:57:08.239 --> 01:57:10.560 No, no, no, I think we're mistaken. 2153 01:57:10.680 --> 01:57:14.760 As the question for I'm asking you a question from yes, yes, 2154 01:57:15.159 --> 01:57:18.520 why why is it? Why can't I it's. 2155 01:57:18.479 --> 01:57:24.279 Different for divido because DVD company purchases is not only 2156 01:57:24.439 --> 01:57:27.079 the car, the name the owner of the car is 2157 01:57:27.119 --> 01:57:28.479 the limited. 2158 01:57:28.359 --> 01:57:30.800 Okay, what if by company gives the car with calor 2159 01:57:30.880 --> 01:57:33.439 limited and the bears there has its own bike. 2160 01:57:34.279 --> 01:57:38.359 So if all of the company's name for example, now, okay, 2161 01:57:38.600 --> 01:57:41.119 how do I put this? If all of the companies, 2162 01:57:41.840 --> 01:57:43.880 if the company gives you the house and the car, 2163 01:57:44.239 --> 01:57:48.199 if you be salary right, but if they be limited 2164 01:57:48.479 --> 01:57:52.760 by the Lamborghini and the uses inmborghinea is the difference 2165 01:57:52.880 --> 01:57:56.720 in the row that can be deducted in tax. It 2166 01:57:57.000 --> 01:58:00.520 doesn't make up your gross salary. But if the compliment 2167 01:58:00.600 --> 01:58:04.199 says okay, okay, even in two scenarios, they're giving you 2168 01:58:04.279 --> 01:58:06.840 a car, right, the completely painful Remember. 2169 01:58:06.600 --> 01:58:08.880 You said the company bases, what are they complicted by? 2170 01:58:09.079 --> 01:58:12.479 What if you do what the company is limited? There's 2171 01:58:12.520 --> 01:58:15.039 a portaise, right, and it was made by the company. 2172 01:58:15.359 --> 01:58:18.319 It's going to be done as an expense at the 2173 01:58:18.399 --> 01:58:21.039 end of the day. But the beneficiary of this one, 2174 01:58:21.159 --> 01:58:22.920 now enough prompts your. 2175 01:58:23.159 --> 01:58:26.720 Base, your big group b and everything kind. 2176 01:58:27.000 --> 01:58:30.199 So this usually happens when you are in an employment 2177 01:58:30.399 --> 01:58:34.439 contract with somebody. So if you're working for yourself, it's 2178 01:58:34.600 --> 01:58:35.359 also you're. 2179 01:58:35.199 --> 01:58:36.119 Also being yourself. 2180 01:58:36.239 --> 01:58:36.560 That's what. 2181 01:58:38.560 --> 01:58:41.680 Yes, yeah, it still makes your group salary. 2182 01:58:41.760 --> 01:58:44.239 It still makes well what I wanted to go. I 2183 01:58:44.319 --> 01:58:47.960 was trying to make it differension between an inner and 2184 01:58:48.079 --> 01:58:52.039 an employee, an owner and an employer, and I thank 2185 01:58:52.079 --> 01:58:54.000 you that you you found that. And I'm saying because 2186 01:58:54.000 --> 01:58:58.159 I look, people are understanding what we're saying. If you 2187 01:58:58.239 --> 01:59:01.680 are an owner, you are there from my employee, even 2188 01:59:01.680 --> 01:59:05.760 if it's your company, if your company employees an employee, right, 2189 01:59:05.800 --> 01:59:08.239 but if you own the company owner, so do that 2190 01:59:08.399 --> 01:59:12.520 information what you will. There's a little fantastic Sunday guys. 2191 01:59:12.600 --> 01:59:14.720 I think I've blent a lot lot myself, and lots 2192 01:59:14.720 --> 01:59:16.800 of folks have lent a lot as well, lots of 2193 01:59:16.960 --> 01:59:19.119 d ms. Again, had to read dms. I just wanted 2194 01:59:19.279 --> 01:59:21.520 them to be true. And of course have to go 2195 01:59:21.600 --> 01:59:23.640 back to our baby. So do I appreciate you coming in, 2196 01:59:23.920 --> 01:59:25.640 but no matter again you said you were launching your 2197 01:59:26.279 --> 01:59:28.960 pay pers. Where was it on the twenty. 2198 01:59:28.800 --> 01:59:34.079 Four of January as was blown? Okay, if you are interested, 2199 01:59:34.439 --> 01:59:38.600 please go to our paypers accounts and fill the fam 2200 01:59:39.039 --> 01:59:42.680 And also if you have any questions about tax you 2201 01:59:42.760 --> 01:59:45.399 want to know how we can give to the taxation. 2202 01:59:45.520 --> 01:59:47.079 Please hit the pay pers. 2203 01:59:47.159 --> 01:59:50.920 Stealing all of your questions, I will answer, so the 2204 01:59:51.199 --> 01:59:54.119 graphic designer can make it as what is it called 2205 01:59:54.159 --> 01:59:57.720 as a flyer where we answer all of the questions. 2206 01:59:57.439 --> 01:59:57.800 You might have. 2207 01:59:57.960 --> 02:00:01.439 So even if able to treat your you particularly today 2208 02:00:01.520 --> 02:00:04.560 right now, you can still continue the conversation after this 2209 02:00:04.680 --> 02:00:08.199 faced flow to the DM and after these questions from 2210 02:00:08.199 --> 02:00:10.000 two days after the other and will make it an 2211 02:00:10.039 --> 02:00:13.079 implyers so every person can see, can. 2212 02:00:13.039 --> 02:00:15.399 You also give gifts of my books to folks and 2213 02:00:15.560 --> 02:00:16.319 actually nice? 2214 02:00:16.560 --> 02:00:21.079 Okay, yes, yes, yes I can. I can't give gifts. 2215 02:00:21.479 --> 02:00:24.720 So the issue now is where do we get the 2216 02:00:24.880 --> 02:00:29.279 books in Nigeria. So if you're if you're someone that 2217 02:00:29.399 --> 02:00:32.319 can get mister callous book in Nigeria, we want to 2218 02:00:32.399 --> 02:00:35.479 give three of mister Callow's books because you'll have to 2219 02:00:35.560 --> 02:00:37.680 be fine. If finance is something. 2220 02:00:37.560 --> 02:00:40.960 Everybody needs to know. Everybody needs to know finance. 2221 02:00:41.399 --> 02:00:43.359 And this before we end, I just want to touch 2222 02:00:43.479 --> 02:00:46.760 this last thing right and and young government is trying 2223 02:00:46.760 --> 02:00:47.479 to take the money. 2224 02:00:47.960 --> 02:00:49.840 But there's something they did as I think it's a 2225 02:00:49.920 --> 02:00:50.439 bit clever. 2226 02:00:51.079 --> 02:00:54.000 Even if I say that's ever by half because they 2227 02:00:54.039 --> 02:00:56.840 are charging seventy percent. Is if you if you're elders 2228 02:00:56.920 --> 02:01:01.000 than seventy percent, then they're not taxing you. It's another story. 2229 02:01:01.039 --> 02:01:03.560 A doon'e going to it, but a please. They are 2230 02:01:03.640 --> 02:01:07.720 incentivising you to have a pension that comes. So if 2231 02:01:07.800 --> 02:01:11.000 you're working in an employment so as an employer, if 2232 02:01:11.039 --> 02:01:13.439 you don't have all the fifty stuff, you're not you're 2233 02:01:13.520 --> 02:01:15.680 not required by the law to register with pain Come. 2234 02:01:16.119 --> 02:01:19.279 But you as an individual, you can register. 2235 02:01:19.279 --> 02:01:20.039 In pain Come. 2236 02:01:20.560 --> 02:01:24.439 So imagine you're eighty four, right, and remember you can 2237 02:01:24.600 --> 02:01:29.199 put eight of your money what a salary you're being 2238 02:01:29.279 --> 02:01:32.279 paid if you're a freelancer, into your pain Come accounts. 2239 02:01:32.640 --> 02:01:35.880 Imagine you start doing that every month, one hundred thousand 2240 02:01:36.000 --> 02:01:37.800 every month until the day you're fifty. 2241 02:01:38.640 --> 02:01:41.279 You'll be a millioneer and you retire without having your 2242 02:01:41.319 --> 02:01:42.399 children to give you food. 2243 02:01:43.079 --> 02:01:47.079 Right, so take advantage of this laws. Imagine you're paying 2244 02:01:47.119 --> 02:01:51.119 for your relative. Right if you're you. 2245 02:01:51.119 --> 02:01:54.239 Don't have to go and look for contributions by medicine 2246 02:01:54.880 --> 02:01:58.319 because you're already paying for your insurance and also that 2247 02:01:58.840 --> 02:02:02.560 life insurance pree your annuity. Please take advantage of this. 2248 02:02:02.840 --> 02:02:04.680 If you do not do it, the young will take 2249 02:02:04.680 --> 02:02:06.760 your money. So do not let them take your money. 2250 02:02:07.039 --> 02:02:07.359 Do it? 2251 02:02:07.800 --> 02:02:11.279 Do it is really really important. Register for your life insurance. 2252 02:02:11.680 --> 02:02:14.439 But what now advise you do not tell the person 2253 02:02:14.680 --> 02:02:18.199 the head in the nests of king, do not tell 2254 02:02:18.239 --> 02:02:21.319 anybody that you registered a general advis advice people to 2255 02:02:21.359 --> 02:02:25.000 do it, But don't tell anybody that because I'm kidding 2256 02:02:25.000 --> 02:02:27.319 you to take insurance because there's a. 2257 02:02:27.399 --> 02:02:29.760 Lot of money or the insurance if you die. 2258 02:02:30.159 --> 02:02:32.880 But you know, just imagine that you enter into an accidents, 2259 02:02:32.920 --> 02:02:34.600 you that your family. I'm not going to pry. 2260 02:02:36.800 --> 02:02:41.079 Rather, I'll say this way right, buy life insurance and 2261 02:02:41.399 --> 02:02:45.880 put your trust as the beneficiary. So this way right. 2262 02:02:46.079 --> 02:02:49.560 If you pass away, the money goes to your trust. 2263 02:02:50.199 --> 02:02:53.119 Have a trustee and be a copied trusty that then 2264 02:02:53.199 --> 02:02:56.720 takes over your wishes. So if you have daughters, you 2265 02:02:56.840 --> 02:03:00.000 have sons, you have grandparents in the village, you support, 2266 02:03:00.279 --> 02:03:03.319 maybe your church in the village and all that, it's 2267 02:03:03.359 --> 02:03:07.359 not righting. The will write and trust and say, should 2268 02:03:07.399 --> 02:03:09.960 I pass away, all my money should be used to 2269 02:03:10.199 --> 02:03:13.680 educate my daughters. When my daughters are for educated, give 2270 02:03:13.760 --> 02:03:16.560 them a life salary of million a month or something 2271 02:03:16.600 --> 02:03:19.720 like that. Whatever balance I have, send it to my truck. 2272 02:03:19.800 --> 02:03:22.880 You put all these wuistions in your trust. You give 2273 02:03:22.920 --> 02:03:25.600 your appoint a corporate trust is that many of them 2274 02:03:25.680 --> 02:03:29.239 are first trustees and lead tructre all over the night. 2275 02:03:29.319 --> 02:03:33.560 Negos get them corporate trustee. Then you when you buy 2276 02:03:33.680 --> 02:03:38.199 life insurance, even your arrested, you put a corporate beneficiary, 2277 02:03:38.680 --> 02:03:42.039 not yourself, and then you can tell you your relatives. 2278 02:03:42.439 --> 02:03:46.359 My beneficiary is the trust. So nothing happens to you. 2279 02:03:46.439 --> 02:03:48.439 Even if you pass away today, no one's going to 2280 02:03:48.479 --> 02:03:52.520 get your money because your trust gets the proceeds and 2281 02:03:52.680 --> 02:03:55.720 your trust will then carry out your wishes to educate 2282 02:03:55.800 --> 02:03:59.119 your kids. They give money to your kids after they've graduated, 2283 02:03:59.439 --> 02:04:02.039 and they can't support your charge or your hobby after 2284 02:04:02.159 --> 02:04:05.720 your pass testamentary trust. So even if you have passed 2285 02:04:05.880 --> 02:04:09.720 me that trust, godless are still going to be taken 2286 02:04:09.800 --> 02:04:13.279 care of. So do those things use finance to your benefits. 2287 02:04:13.359 --> 02:04:16.640 Don't do exactly and you don't as well. But thanks 2288 02:04:16.680 --> 02:04:19.399 you so much. We'll talk about the books. Yeah, all right, folks, 2289 02:04:19.479 --> 02:04:21.800 Thank you so much, Bob, and I appreciate you guys 2290 02:04:21.800 --> 02:04:24.119 for tuning in here, and I hope you guys listening today. 2291 02:04:24.319 --> 02:04:28.000 I'll see you guys next next week, we're bringing a 2292 02:04:28.119 --> 02:04:31.039 stockbroker that's gonna come in and show us his twenty 2293 02:04:31.119 --> 02:04:35.760 twenty six plan Nigerian stocks for the stocks. What portfolio 2294 02:04:35.920 --> 02:04:39.399 is he building now for twenty twenty six. I'm gonna 2295 02:04:39.399 --> 02:04:42.720 have that stockbroker here, very experienced guy. You guys make 2296 02:04:42.760 --> 02:04:45.399 sure you join and I'll definitely see you guys next week. 2297 02:04:45.840 --> 02:04:47.000 Thanks you so much for being. 2298 02:04:46.960 --> 02:04:49.640 Here, Thank you so much for having me. Thank you 2299 02:04:49.800 --> 02:04:50.840 everyone's for listening. 2300 02:04:51.119 --> 02:04:52.319 All right, you guys have a good one.