Speaker 1: Come from that space with me calu Aga. Of course,
Speaker 1: on this space we're talking money, the economy, and of
Speaker 1: course finance. This week we're doing taxes. We're doing which
Speaker 1: we say, a masterclass on taxes this week, right, we
Speaker 1: want to essentially talk around those tax tax law that's
Speaker 1: being past right, how it affect you on a personal level,
Speaker 1: what important thing? How would it affect you as an
Speaker 1: semi right, we wanna do more like a masterclass edition ticket, slowly,
Speaker 1: step by step going through the boasts of account I e.
Speaker 1: We're gonna do the income statement, We're gonna do the
Speaker 1: balance sheet, We're gonna talk about VAT, We're gonna do
Speaker 1: with holding tax. We're gonna make it really, really practical.
Speaker 1: So it's gonna be those real questions that you are
Speaker 1: going to come that's gonna come to you from twenty
Speaker 1: seven this year, not the hypotheticals, but the real things.
Speaker 1: So I have a great accountant, great co host with
Speaker 1: me today, bella man. She's going to reduce herself in
Speaker 1: just a second, and then she's going to take us
Speaker 1: through space. It's going to be more of like an
Speaker 1: co interviewing where I ask questions and then she's answering.
Speaker 1: Giving us those answers, Levita also just address this top
Speaker 1: of the list of the session. We know a lot
Speaker 1: of issues with the tax reforms, lots of sho we say, error,
Speaker 1: duplications and regards and all that, but most of all
Speaker 1: we're talking about here are not each of that. We're
Speaker 1: in contention even when the law was passed, right, so
Speaker 1: we're talking about those those col things they tax rate,
Speaker 1: the exemptions and all that. When we get to the
Speaker 1: place where we think there's been some confusion, of course
Speaker 1: would mention it. But really this taclay is here and
Speaker 1: it's good for you as an SEME business owner, as
Speaker 1: a guide that's playing taxes to understand what the taxes
Speaker 1: are going to say so that you know exactly what
Speaker 1: to do. So we're not talking now to the shuld
Speaker 1: we see the CEOs of large companies. Really our target
Speaker 1: for this space is going to be at sm guy,
Speaker 1: you have a small company, you're employed five people, ten people,
Speaker 1: living one hundred people, and you haven't been paying the
Speaker 1: taxes the way you should have been, or you're unsure
Speaker 1: how this new taxi gym would affect you. You are
Speaker 1: our target today because we're going to be very very practical,
Speaker 1: and I'm using the world very very slow and deliberator.
Speaker 1: You can follow and of course you can have those
Speaker 1: notes and you can ask your questions. So let me
Speaker 1: just ask my coast to induce your self, tell us
Speaker 1: what it's all about, and then we're just going to
Speaker 1: start the session. Thanks for holding on, guys, bell but
Speaker 1: you've got the floor.
Speaker 2: Okay, good here everyone.
Speaker 3: My name is Mary Mark. I'm here to host. It's
Speaker 3: a very interest in topic and we're going to dissect it.
Speaker 3: So everybody is clear. Then, just to be clear on
Speaker 3: my profession, I have my master's in finance. I have
Speaker 3: worked as an account as an accounting assistant, but I
Speaker 3: cannot call myself an accountant because I do not have.
Speaker 2: A degree in accounting.
Speaker 3: So to put it out there, so one mischools or
Speaker 3: calu in the future.
Speaker 1: I am so yeah, fantastic And again I just put
Speaker 1: a slide up there. We're also on YouTube, guys, so
Speaker 1: if I'm just follow visuals w also on YouTube. We
Speaker 1: did share the links to YouTube page. Just do Thinkland Calgary.
Speaker 1: You see YouTube. You can also flow those spacials as well.
Speaker 1: So again, just overall, we're doing education right we're not
Speaker 1: doing a facial advice or tax advice. It's more of education.
Speaker 1: So at the end take what you've learned to go
Speaker 1: speak to your tax person and of course you should
Speaker 1: get more clarity on that. So we're not doing tax advice,
Speaker 1: just education. But I'm going to be set the state
Speaker 1: for you, belam. This is going to be a there
Speaker 1: is going to be a company, right, and I'm the CEO.
Speaker 1: I'm the sea of the company. I own this company.
Speaker 1: I own a second company, and I'll tell you about
Speaker 1: the company. But this company now is making maybe that's
Speaker 1: just round figure, so it's very very easy to remembers
Speaker 1: making a million, never turnover and all that. Let's start
Speaker 1: off just by asking you what income I am the
Speaker 1: CEO of this company. What income am I going to
Speaker 1: file as a personal for my company? As an individual? Now?
Speaker 1: What income is exposed to taxation? Personal income taxes?
Speaker 3: Okay, so let me start here. You're CEO, you have
Speaker 3: the company. So first of all, whatever that your income
Speaker 3: is already tax deducted, it has already gone through taxation.
Speaker 2: And whatever thing you hold as income, if.
Speaker 3: One million is your income, it's no longer subjected.
Speaker 2: To taxation anymore.
Speaker 3: Now if you as a company, you may let's say
Speaker 3: ten million and turnover.
Speaker 2: Now we can talk.
Speaker 3: About what is subjected to taxation now. But before you
Speaker 3: now go to the taxation. If you have an accountant,
Speaker 3: let's say your CARNU, you're a business person, you have
Speaker 3: one exhibited as a company, and you run the booth
Speaker 3: of them together.
Speaker 2: Right, One thing the.
Speaker 3: Taxo wants you to do is the taxo wants you
Speaker 3: to separate your businesses from your personal income. So you
Speaker 3: should never ever there should be a world in China
Speaker 3: world between your personal income and your.
Speaker 2: Business income as from the first of January. Dose two things.
Speaker 2: If you used to do.
Speaker 3: Them before, do not do them anymore, because if there's
Speaker 3: no clear destinction, the taxman can come for your income.
Speaker 3: So because there's a lord that talks about the presumptive,
Speaker 3: I will just talk on there. These are for people
Speaker 3: that do not know accounting, the losses. If you don't
Speaker 3: know accounting and you bring your statement to say this
Speaker 3: is what I make, I make one million and from
Speaker 3: that account, this is where you spend money from. So
Speaker 3: so it is going to assume that all of the
Speaker 3: one million that's in your account is a changeable income.
Speaker 3: So there's a need for also separate this, sue, So
Speaker 3: will you ask me the question again? If I'm a person,
Speaker 3: I have a business, and I have a company, my
Speaker 3: business makes ten million, what is the.
Speaker 2: Tax I pay on this?
Speaker 1: Yeah, I want to talk about just myself, not ignoring
Speaker 1: my company. So let's say correct, I'm the CEO. My
Speaker 1: company has paid me, pays me a salary, and my
Speaker 1: company also I also own shares in the company. I
Speaker 1: also a company also paid me a dividend? Is the
Speaker 1: salary taxable to me? I have a file? Is that
Speaker 1: income to me as an individual, not the company? For me? Now, Calu,
Speaker 1: I'm the CEE of Carlo Company. Car company pays me
Speaker 1: a salary. I also get a dividend check from Carlo Company.
Speaker 1: Do I pay tax on the salary and the dividend?
Speaker 2: Okay?
Speaker 3: So first, before you you get your salary as call,
Speaker 3: your company already collected pay from it, so your income
Speaker 3: is already your your next position, so you no longer
Speaker 3: pay anything from that. Then from your dividends, it's already
Speaker 3: deducted at source. So the person the portfolio manager, before
Speaker 3: they give you your dividends, the taxes as if are
Speaker 3: already dedorted at souce. Therefore, your personal income that's paid
Speaker 3: to you as a salary, it's already collected. They've already
Speaker 3: collected their taxes or your company accountacs already collected that
Speaker 3: taxes your payroll.
Speaker 2: Comply, So.
Speaker 1: When I'm going to right, do I have to file
Speaker 1: taxes on individual? You have?
Speaker 3: So you don't have to because your tax has already
Speaker 3: been deducted at all.
Speaker 2: So when the companies pay your tax?
Speaker 3: Okay, will you company s pay you your salary right
Speaker 3: before your salary is paid like you know before you
Speaker 3: probably do now pre twenty twenty six, is you go
Speaker 3: the company accounts and you send salaries, you can no
Speaker 3: longer do that again is wrong and it's legal.
Speaker 2: You have to have a payroll. Oh man, you have
Speaker 2: businesses need to have a payroll.
Speaker 3: So, mister Carlus, if you have a company, your company
Speaker 3: has to pay you salary and that salary has to
Speaker 3: be tax deductible. It has to go through all the deductions,
Speaker 3: the statitute deductions and the contributions if the company is
Speaker 3: doing that for you, right, So, once it hits your account,
Speaker 3: your money that's comming to you account is the next
Speaker 3: position not a taxable position anymore, because before he leaves
Speaker 3: the company it.
Speaker 2: Must be taxes.
Speaker 1: Question for you is what if I what if the
Speaker 1: company does not do that?
Speaker 2: Okay, there are penalties.
Speaker 3: There are penalties, So no, you don't have to fast.
Speaker 2: So now we have to.
Speaker 3: I think we're meeting two things this year. You're still
Speaker 3: putting yourself as Carlo the company. You have to separate
Speaker 3: yourself mister calum, mister company.
Speaker 2: Right.
Speaker 3: So if your company, let's say ABC Limited, is paying
Speaker 3: carlous salary, right, by the law as of today, there
Speaker 3: must be a payroll. There must be a payroll that
Speaker 3: you will that your accountants. If you're the world that's
Speaker 3: doing it yourself, you must meet the deductions right, and
Speaker 3: then you must pay your tax.
Speaker 2: If it's a company.
Speaker 3: If your companies pay your salary, you must fall under
Speaker 3: the pay role they pay your band. So you must
Speaker 3: go through that pay band before you pay yourself salary,
Speaker 3: which is the payroll. I think Drances have not been
Speaker 3: talking a lot or we're not using payroll as a
Speaker 3: love before younger, but from friend they when I'm this
Speaker 3: already in law, you have to go through payroll, and
Speaker 3: payroll constitutes off the statutute deductions and the statutory and contributions.
Speaker 2: So yes, mister calum, even if your company is pay
Speaker 2: your money, once he.
Speaker 3: Hits your account, it's the next position.
Speaker 2: You no longer pay tax anymore.
Speaker 1: Lets I get that, unless you do have an accompany. Yeah.
Speaker 1: The point I'm trying to make is this right, the
Speaker 1: company has paid the taxes and it's a company as
Speaker 1: the next position.
Speaker 2: But no, you don't don't pay anymore.
Speaker 1: I get you. What do I have to file? Is
Speaker 1: the question? Do I have to file?
Speaker 3: You don't have to file because no, you personally do
Speaker 3: not have to file because the company is paying you.
Speaker 3: But your company will fire tax. Your company will not
Speaker 3: fight c C. So under the c I T in
Speaker 3: the accounting, everything like a company paid to employers is adopted.
Speaker 2: Do you understand?
Speaker 3: So you know, as a company will file the company tax,
Speaker 3: but your company has already adopted paid from you.
Speaker 1: Okay, understand yes? So so so now what about my income?
Speaker 1: Let's say I'm asking this question on purpose. Let's say
Speaker 1: I own a Coco exported company. I own that coques
Speaker 1: in company one right, the coortance company gives me a
Speaker 1: million ira return. I do export cocoa. I get a
Speaker 1: million ira, that's my dividends or in company? Is that tax?
Speaker 1: Is it taxable? Okay?
Speaker 2: So let me get in the street. Let me get
Speaker 2: you correctly.
Speaker 3: You have a cocoa company right and made perfect.
Speaker 2: You're asking if it's.
Speaker 1: Tax Isn't it correct? I pay tax on that profit
Speaker 1: from export because.
Speaker 3: Because feeder government is trying to make exports, it's trying
Speaker 3: to make exports what is called attractive to Nigerians. We
Speaker 3: want to bring foreign influence.
Speaker 2: Into the country.
Speaker 3: So further, government is saying that there are things that
Speaker 3: are tax exempts in the exporting exporting category. So if
Speaker 3: you're doing those activities that follow that the tax is
Speaker 3: the category for exporting, then all of the process that
Speaker 3: come from there is one hundred percent tax agent.
Speaker 2: But there's the cave there's a caveage there which.
Speaker 3: It says that if you're engaging in this exempts category,
Speaker 3: you must make sure that the financial activities you're doing,
Speaker 3: whatever thing you're doing there, if you're farming or you're
Speaker 3: exporting cocoa, let it be that if it's coco or
Speaker 3: any other cash product, it's one hundred percent under the
Speaker 3: exam category. If it is no, undred hundred percent under
Speaker 3: the exempt category.
Speaker 2: So let's maybe you're a farming cocoa.
Speaker 3: Are you're farming what is it called carrots for example,
Speaker 3: exporting carrots, or you're exporting passue, and it doesn't have
Speaker 3: the exempt it's an example, you don't have the exams
Speaker 3: and position right. The government says that in this case,
Speaker 3: you're the other thing that you're also.
Speaker 2: Doing as an activity.
Speaker 3: Financial activity should be twenty five percent or less than
Speaker 3: twenty five percent for you to have that exempts status.
Speaker 3: So if you're doing another activity in that export and
Speaker 3: partgorary that is not for the exents list, and then
Speaker 3: you now miss them up and maybe the other one
Speaker 3: is forty percent of your activity that you're doing and
Speaker 3: that one is sixty percent, you do not miss that
Speaker 3: category anymore to get.
Speaker 1: So let me understand what you're saying. So if if,
Speaker 1: if if the export is on that list, for instance,
Speaker 1: coco is on that list, I can clean AE hundred
Speaker 1: percent exemption on they don't come from. But carrots are
Speaker 1: not on that list. So even if I so even
Speaker 1: if I export carrots, I can clean carrots because car
Speaker 1: open list.
Speaker 2: Yes, yes, you cannot clean carrots.
Speaker 3: And then Let it be that the carrot activity is
Speaker 3: not more than spenty five percent.
Speaker 1: So can I claim five percent?
Speaker 3: If it's less or twenty five percent, then you can
Speaker 3: see four D one hundred percent.
Speaker 2: So the activity altogether is on hundred percents.
Speaker 3: Let's say one part is seventy.
Speaker 2: Five percent and particistants five percent. You see for long
Speaker 2: that that's as category.
Speaker 3: But let's say maybe your current business is so big
Speaker 3: that is certificience. Then you no longer fall into the
Speaker 3: category the government is going to charge you outrightly as
Speaker 3: they charge everybody.
Speaker 2: You're no longer pense.
Speaker 1: Okay.
Speaker 2: So even though you're.
Speaker 3: Doing it what is it called as.
Speaker 2: Category, you have to stick to that product. You don't
Speaker 2: mix it.
Speaker 1: Okay. So again, Lenny, point for me here that I
Speaker 1: have to get that list of exports activities that qualify exactly.
Speaker 1: I think that list has to deal with with sports, education, agriculture,
Speaker 1: sports education, agriculture. What about if I just go ahead?
Speaker 3: Okay, so no, that list for exports is no, sports
Speaker 3: is agriculture mainly, but this sport only is. I think
Speaker 3: this is you're touching on the point of what is
Speaker 3: it called people that are exempt from v e C.
Speaker 1: I'm what I'm trying to say, is this okay? Like
Speaker 1: for me, right, So I am the CEO. The lawyer
Speaker 1: is saying that if I do certain activities dividends received,
Speaker 1: I'm putting it on a dividens from investments in holy
Speaker 1: export points of dominent oil company in respect to good
Speaker 1: exempt and if you export goods and you're practiced through
Speaker 1: officials and Nigeria, the lawyer saying, you'll know the tax
Speaker 1: this is holy export related businesses. So in that list
Speaker 1: it's talking about sporting, religious, educational. Then agricola I got
Speaker 1: as a five year no no taxes holiday, five year
Speaker 1: tax for the day for what carrot? You have five
Speaker 1: year but holy export driven activities them from taxes. That's what.
Speaker 2: That's for your reason, Okay.
Speaker 3: So once I gets from that is let me take
Speaker 3: my slides that I prepared.
Speaker 2: Is that you you you.
Speaker 3: Have the exensienist for experts category, but you cannot mix
Speaker 3: it like even if you're doing cocoo. Now it has
Speaker 3: that and that sense of one hundred percent exports, right,
Speaker 3: but if you're not missing coco, your activity has to
Speaker 3: be fully fully on that category list that the government
Speaker 3: is exented from it. If you miss it up with
Speaker 3: something on other products, even in agriculture.
Speaker 2: That is not the exensiveness. Then that means that.
Speaker 3: You're missing your activity together even though it's exports.
Speaker 1: Okay, understood, Just to let us ask again, I get
Speaker 1: that point now. So like I know in the in
Speaker 1: the Lord, it's not talking about the person. This is
Speaker 1: top that about Calum, not Calo company Calu. If Calu
Speaker 1: gets an interest, interest dividends from outside Nigeria, it's exempt.
Speaker 1: So if for instance, I own a property in America
Speaker 1: and that property in America pays me dollars and I
Speaker 1: bring that dollar back to Nigeria through approved channels, the
Speaker 1: law is saying that I don't pay tax on that.
Speaker 1: So dividends, interest, rent, royalty derived from outside Nigeria and
Speaker 1: brought into Nigeria through approved channels, I don't pay tax.
Speaker 1: It says. Dividends received from investments in export businesses, I
Speaker 1: don't pay tax on that. It's saying dividends from collective
Speaker 1: investment scheam. So I go and buy an ATF or
Speaker 1: a mutual from Nigeria, I don't pay that. It's saying.
Speaker 1: If I do a profit, if I invest in sports
Speaker 1: and so if I own it. If I own an ina,
Speaker 1: profits of a company, engage in sportsn it is, I
Speaker 1: don't pay tax on that. If I also buy federal
Speaker 1: governments and state boards the copper income, also don't pay
Speaker 1: tax on that. So again for Calu, not Carlo company.
Speaker 1: For I'm gonna come the Carlo company. Now for Candu
Speaker 1: as an individual, these are all my passive income strategies
Speaker 1: that I don't pay tax on, right mm hmm okay,
Speaker 1: perfect to clarify before we're going to the company.
Speaker 3: Yes, yes, yes, okay, let's.
Speaker 1: Jump into the company. Now the biggest question before you go.
Speaker 1: Let's I mean to ask you this question. If I
Speaker 1: receive money into my bank account, do I pay tax
Speaker 1: on it? If I get tenline into my bank account?
Speaker 3: No, no, no, no, you do not pay because government
Speaker 3: does not tax your bank accounts don't. The only thing
Speaker 3: government tax is if you're using your bank accounts as
Speaker 3: your business accounts. This is where where you find your tax.
Speaker 3: You tax what your personal accounts of. Men do not
Speaker 3: look into it. It doesn't concern them. Or men do
Speaker 3: not have gifts. Your gifts are tax So let's say
Speaker 3: somebody send your money and send me twenty million his
Speaker 3: gifts not that, okay, how will.
Speaker 1: Ask me?
Speaker 3: I know it's your personal account. It's your personal account.
Speaker 3: Don't take business accounts, right. So if the person that
Speaker 3: is paying that money is in you their money for services, it's.
Speaker 2: A different thing.
Speaker 3: But if the person is paying you that money, I
Speaker 3: think gift. Now I transfer tell me them to my
Speaker 3: to my brother, or tell me to my sister.
Speaker 2: Twenty millions to my sister. If I targeted gifts, right.
Speaker 3: Then it's a gift and it's in my personal accounts.
Speaker 2: Money is in my.
Speaker 3: Personal account, and I'll listen to But if let's say
Speaker 3: the money is like fifty million, money gets to that
Speaker 3: point where they say you need to pay, you need
Speaker 3: to pay what is it called?
Speaker 2: You need to pay a CID? Now the tax man
Speaker 2: is not really care.
Speaker 3: If you look at the administrative law, the tax man
Speaker 3: is not really clear on what they would do or
Speaker 3: how they will go into your account. I saying this
Speaker 3: is what is subject to People are saying that the
Speaker 3: tax is not clear, the tasty the administrative law is
Speaker 3: not goad of that. And I think when I have
Speaker 3: doing this, he said they are going after small people,
Speaker 3: They're going after the people. Right, So did you not
Speaker 3: specifically say if you sit, then.
Speaker 2: The government is going to call it.
Speaker 3: The tax man has the authority to call you, send
Speaker 3: you to courts as peoplet penalty on you and you
Speaker 3: will pay while you're going to court. So this is
Speaker 3: a discretion of the taxman. But let's say your money is.
Speaker 2: Not hitting the presshore.
Speaker 3: That is the red flag there.
Speaker 2: Nobody comes for you. Let's know you get five million regularly.
Speaker 3: Okay, that's fine, but think it starts to have condeminium.
Speaker 2: In your personal accounts.
Speaker 3: The tax man might come to you, and in fact
Speaker 3: the bank reports you because now they say in the
Speaker 3: administrative law that banks are not required by the law
Speaker 3: to report suspected cast activity.
Speaker 2: Do you understand.
Speaker 3: So at the end of the day, it depends on
Speaker 3: the volume of money that goes into your acco.
Speaker 2: And it's also the discussion of the taxman.
Speaker 3: To say, okay, we're going to call to explain to us,
Speaker 3: but tell us where this money is coming from and
Speaker 3: why do you receiving the money. The tax man is
Speaker 3: not clear on who does that, but who you will
Speaker 3: go for. They do not tax accounts. So the learning
Speaker 3: personal accounts, the learning.
Speaker 1: Point is do not do not mix your personal accounts exactly.
Speaker 3: Do not do that.
Speaker 1: So if so, anything personal goes to my personal account,
Speaker 1: anything business, okay account.
Speaker 3: And if somebody is giving you money, that's a gift.
Speaker 3: If it's undred million, they should put it there.
Speaker 1: That is a gift and puts my personal account.
Speaker 2: And you go see your personal accounts and it gives issues,
Speaker 2: it gifts.
Speaker 1: Okay, let's go.
Speaker 4: So.
Speaker 1: So in terms of the exemptions for the individual, I
Speaker 1: think there are some not this five classical rent? What
Speaker 1: you know is it now five hundred thousand or two
Speaker 1: hundred thousand?
Speaker 2: Again about yes.
Speaker 1: I'm back now. So if I pay rent of five million,
Speaker 1: is the cap five hundred?
Speaker 2: Is that five hundred thousand?
Speaker 4: Five?
Speaker 2: Un towns?
Speaker 1: Okay, So there's rent. I can claim my rent. I
Speaker 1: can pay for life insurance myself and my wife reduction
Speaker 1: for the premium. I can buy national housing fund. I
Speaker 1: can use national health insurance scheme. What's the last one?
Speaker 1: I can do retirement in the count. So this is
Speaker 1: outside is five? Is there any other above the line
Speaker 1: deduction to produce my income outside this five?
Speaker 3: Okay? So answer this is I'm thinking yourself employed.
Speaker 1: Right, not just for CALU, just no limited.
Speaker 3: Self employed self okay, So yourself employed okay, So yes,
Speaker 3: there are business inductions for you. The same rule applies, right,
Speaker 3: So any money that you use.
Speaker 2: In making like anything that.
Speaker 3: Falls into financial activity. So let's see mister can as
Speaker 3: in person you use send your error to make your
Speaker 3: business operations in a month. Let's say maybe you buy
Speaker 3: and you say that you buy, you buy.
Speaker 2: Okay, let me use this pertical example. Mister can't walks.
Speaker 3: In his house because he's a freelancer. Right, you cannot
Speaker 3: just say okay, because I'm a freelancer the utility bill,
Speaker 3: you're not like all the utility bill or all the
Speaker 3: lens bill and gift to tax man.
Speaker 2: That's not a politic.
Speaker 3: That's man cannot poltic because they say that it has.
Speaker 2: To be the only business.
Speaker 3: So when you're using back of your house, are you
Speaker 3: living for business? You cannot just put all of the deductions.
Speaker 2: Yes, So you have to partition it and you have
Speaker 2: to be clear.
Speaker 3: So they think this is why that's man looking for
Speaker 3: and they're looking for small fish or they're looking for
Speaker 3: briefish to fry.
Speaker 2: Then it's gonna come for you.
Speaker 3: But if you do all your business deduction, for example,
Speaker 3: your your intimity.
Speaker 2: Your internet or for people that.
Speaker 3: Won't pay for listen, you pay for training, you can
Speaker 3: deduce that.
Speaker 2: You pay for what is it called you pay for
Speaker 2: you maybe all these people that do graphic design, and
Speaker 2: you have all your accounts that you pay for and
Speaker 2: you have received.
Speaker 3: Okay, But anyway, you cannot make any deduction without receipts.
Speaker 1: Okay.
Speaker 3: Also you want to make mostly received if you don't
Speaker 3: have the receipt I'm sorry, that's not just take.
Speaker 1: You seriously want to be a paper receipts or receives No,
Speaker 1: it is okay.
Speaker 3: So the administrative law is talking about physicalization, right.
Speaker 2: It says that everybody they.
Speaker 3: Want to physicalization, meaning that every receipt has to be digital.
Speaker 3: They want to see digitally. Right, So as a freelancer
Speaker 3: you have to approach your digital receipts and show that. Okay,
Speaker 3: if you want to do maybe you prepay for Figma
Speaker 3: for example, because you designer, you have to put your.
Speaker 2: Receipts twenty dollars every every month.
Speaker 3: Right, So you there and then you can do it received.
Speaker 3: You're not.
Speaker 2: You cannot.
Speaker 1: Hope again, So you slow down, somebody, you slow down
Speaker 1: so they can follow, right, okay, so that question. So
Speaker 1: if I buy Diesel, I'm at home, I use diesel.
Speaker 1: Of course at home, I also do my for my computer.
Speaker 1: So are you that received the mind gives me it
Speaker 1: has to be digital or how does that work? Give
Speaker 1: it to me? How does that digital?
Speaker 2: You has to be digital? Your receipts.
Speaker 1: Digital.
Speaker 3: So if you go to buy diesel, give you your
Speaker 3: received and gives it to you, you slap it and
Speaker 3: then you take your take it, you upload you're finding
Speaker 3: well as any individual file.
Speaker 2: I think once a year.
Speaker 3: I once a year. So when you want to fill
Speaker 3: that year, you take all of your sets, everything that
Speaker 3: you want to it needs to have a receipt. If
Speaker 3: you receipts, you cannot adopt because you cannot do that
Speaker 3: certain expense. And then you stay from your house. If
Speaker 3: you may be your house is you pay a lot
Speaker 3: of about rents because already you know it's already cant
Speaker 3: at five hundreds. So what you say, I use my
Speaker 3: house for business? The lords know less you take the
Speaker 3: five hundred thousand, whether business or not. You cannot move
Speaker 3: a five thousand thousand, So the rest is for the other.
Speaker 2: So any other thing you use that money, it's regarded
Speaker 2: as the expense.
Speaker 1: So let me for me that I have to take
Speaker 1: photo of the receipts, take a picture of scanning to
Speaker 1: take photo and keep it. Okay, that's a many of
Speaker 1: the many two business we don't do this, so yeah,
Speaker 1: it's important.
Speaker 2: Everybody needs to do it. Everybody needs to do all.
Speaker 1: Right, So can we You can reduce your tax that
Speaker 1: you can use your text?
Speaker 3: Look fantastic, you can Is your a changeable income?
Speaker 1: Okay, moved to the company. Now, yes, let's go to
Speaker 1: the company. First thing, let's look at an income statement.
Speaker 1: The first on the incomes is going to be revenues. Right,
Speaker 1: what what can we say about revenues for a company
Speaker 1: in terms of this new tax year? First of what
Speaker 1: qualifies me as a small community pay tax or the exempt?
Speaker 1: What is it give me? That? Is it one hundred million?
Speaker 1: What qualifies me to pay.
Speaker 4: Today?
Speaker 3: We're not sure because they dispute what what the house fast?
Speaker 2: So the president said that we don't know.
Speaker 3: So another copy is saying fifty million million, Another copy
Speaker 3: is saying is one hundred million to fifty million? We
Speaker 3: cannot really say what?
Speaker 1: Interesting again, I know the world that is to over.
Speaker 1: That was the old law, it's still saying tournover that
Speaker 1: means revenue is revenue or tono. Okay, So that does
Speaker 1: means that if the sales I am making is that qualitify?
Speaker 1: Is it sales that qualifies me as a company? Is
Speaker 1: this sales assets together or just sales they don't qualifies?
Speaker 1: So if I'm at home, I have a computer and
Speaker 1: I have an aptop, I have it or my total
Speaker 1: assets fifteen million Ira, but I get lucky, somebody wants
Speaker 1: to come to an I just to do business and
Speaker 1: the and the sales and the goal between and I
Speaker 1: get the commission of a billion Ira. It's possible. Right,
Speaker 1: I made a billionaire revenue on assets of fifteen million,
Speaker 1: So do I I might do I qualify?
Speaker 5: Or because I have now assets but your income but
Speaker 5: I don't have a set. I don't have the assets.
Speaker 3: But even if if if that money is basically as
Speaker 3: an income, you qualify.
Speaker 1: But my question of asking is this right? Because I
Speaker 1: hear you say that the turnover, the revenue and the
Speaker 1: assets they have to go together to qualify. Correct. Yes,
Speaker 1: So what I'm saying that if I used to million
Speaker 1: assets to generate one billion RA turnover, am I a
Speaker 1: big company.
Speaker 2: That's what I'm going to But you're you're saying the
Speaker 2: same thing.
Speaker 3: Your your revenue is your turnover, right, So that's revenue there,
Speaker 3: that's fifteen billion. So you use let's say you you
Speaker 3: invested a fifteen million error and you got million.
Speaker 2: Of course you.
Speaker 3: Fall into it doesn't matter, you fall into the taxicle category.
Speaker 3: So once they're looking at they're looking at the revenue
Speaker 3: you make, not the money you're using investing to make
Speaker 3: That revenue is the revenue you make at the end
Speaker 3: of the month or at the end of the year.
Speaker 3: This is what government is taxing you on.
Speaker 1: Yeah, but what I'm saying is that so both of
Speaker 1: them have to take qualified. So what if one of
Speaker 1: them does not qualify and the other one qualified. If
Speaker 1: I have revenue of one has the meeting, okay, just
Speaker 1: one has the meetings. Okay, okay, Okay, that's what I
Speaker 1: was going. Okay, So let's so with let's income. I
Speaker 1: don't think if there's anything I can talk think about
Speaker 1: outside income. Let's now go to expenses or is there
Speaker 1: anything with income you don't talking around Before we get
Speaker 1: to expense this, then any other issue with income as
Speaker 1: a person has to be aware of the taxman, say
Speaker 1: we have to file income or please go ahead.
Speaker 2: Okay, so let me talk.
Speaker 3: I'm looking at my slice because I think I was
Speaker 3: talking of and I wanted to Okay, okay, so very
Speaker 3: important is I was that from your operating the door tables?
Speaker 2: Right, So we're.
Speaker 1: Good, But we're going to expenses now, right, So okay,
Speaker 1: let's not. Let's so not with don revenues I made
Speaker 1: in one hundred million revenues right now? Expenses? Now, what
Speaker 1: is the more self expenses? What's the general language?
Speaker 3: So letter you make what is it called hundred million revenue? Right,
Speaker 3: so do not say that your expense there will be
Speaker 3: and what is it called expert Your expense doctible will
Speaker 3: be adamable.
Speaker 2: No, your expense doctable will be all of your groups.
Speaker 3: Profits, costal sales divided by costal.
Speaker 1: You're you're going to you're going to accounted for us
Speaker 1: just to say and exclusively, right.
Speaker 2: Okay, yes, okay, let me make it.
Speaker 1: Let me let me holy an exclusively. So essentially, if
Speaker 1: I do any if I have an expense that I
Speaker 1: used to make that one one hundred million, I can
Speaker 1: claim it. Is that the simple way to say it.
Speaker 3: Yes, yes, you can no issues received.
Speaker 2: You can claim it.
Speaker 3: Yes, and your tax can also be zero as well.
Speaker 2: You can claim it.
Speaker 3: You can make come over four hundred million, and if
Speaker 3: you have a good accountants legally right, no you're not.
Speaker 2: There's nothing illegal about this.
Speaker 3: If you in cure the expenses, they are holy and
Speaker 3: they are exclusive.
Speaker 2: You can prove it.
Speaker 3: Right.
Speaker 2: At the end of the day, you can end up
Speaker 2: paying zero on.
Speaker 3: Taxation because you're not going to spend your money, like
Speaker 3: you have to take away.
Speaker 2: Your expenses out of your revenue. You have to take
Speaker 2: away your.
Speaker 3: Expenses, so the taxman is not looking at your revenue saying, oh,
Speaker 3: although it's like a snapshot to say, okay, you made
Speaker 3: one undred million if for example, now, okay, this is
Speaker 3: where the presumptiveness is coming. So I'll go back to
Speaker 3: that point again.
Speaker 2: So the law says.
Speaker 3: That the taxman has the right or the discretion to
Speaker 3: look at people that fall into the presumptive tax. So
Speaker 3: preson's they The law says that if a person right
Speaker 3: that does not keep an accounting books now doesn't know
Speaker 3: an account Let's say you're enough, you don't know nothing
Speaker 3: about accounting, and you have a business account and lets
Speaker 3: that business account you tend millionaire to study business and
Speaker 3: the business now makes twenty billion, right, do not says
Speaker 3: in this case, do not can look at your whole
Speaker 3: account statement because you don't have records for anything, and
Speaker 3: do I will tell you, okay, for this money, you
Speaker 3: will either pay six percent.
Speaker 2: Or you'll pay eighty percent.
Speaker 1: Because I didn't file, they would present no.
Speaker 2: No, no, no no no, you failed.
Speaker 3: You failed, but not filing. You love physical lives because
Speaker 3: you do not know accounting, so they're not spending lives
Speaker 3: in you for not knowing accounting and not getting an accountant. Wow,
Speaker 3: So if you do not know accounting, you do not
Speaker 3: get an accountant, and you just say the let'sical addition. Anyway,
Speaker 3: it's easy to just give the no man, okay, so
Speaker 3: no money. What happens is I do it as well
Speaker 3: in my former businesses.
Speaker 2: I just give my business.
Speaker 3: Statements, my business and my segments of account from my
Speaker 3: business accounts, and then it goes through the taxation processes.
Speaker 2: Right, and I pay my tax.
Speaker 3: But now it cannot be done this way anymore.
Speaker 2: Right, you need somebody to do your proper accounts.
Speaker 3: If you say, oh, I don't have any statement. I
Speaker 3: don't have any records. I don't have any receipts. I
Speaker 3: just have transaction records in my accounts. So the taxman
Speaker 3: cannot look at that you are compassing these accounts six
Speaker 3: percent in basic percent on your total turnover.
Speaker 2: For your total turnover.
Speaker 1: Let's be very clear what you're saying, and I hope
Speaker 1: folks know what you're saying. If you do not, if
Speaker 1: you make all this profits, I do not have a
Speaker 1: professional that would arrange your books of accounts and file
Speaker 1: those taxes the taxman. Even if you file and you
Speaker 1: just don't be the taxman can say we disagree, we
Speaker 1: just filing. I would have do give you a different
Speaker 1: tax to pay. The point here is that you've got
Speaker 1: to seek advice. If you can't just assume that there's
Speaker 1: debit credit and five taxes, You've got to seek advice.
Speaker 1: Make sure someone that is trained is looking at your books.
Speaker 1: And that's what I'm hearing from you here.
Speaker 2: Yes, yes, you have to. You have to because this.
Speaker 3: Is where the question received.
Speaker 1: Yeah, before you go ahead, someone is just asking here
Speaker 1: if I do graphics design, I'm at home, do I
Speaker 1: qualify as on the depressional Let's leave Why it's asking
Speaker 1: is that because the tax will exempts small business below,
Speaker 1: it's in a ton of accept professional services. So it's
Speaker 1: saying it's graphic designing a professional service.
Speaker 3: So how do we know?
Speaker 1: How do you know?
Speaker 3: Let's even forget about whether it's professional or not.
Speaker 2: Right, you make income. That's what it's talking about. The
Speaker 2: income you make.
Speaker 3: Right, whether you say is professional or it's own professional,
Speaker 3: that's that doesn't really matter. You're a graphic designer in
Speaker 3: your house and you make an income that is less
Speaker 3: than the taxable brand, so defer taxes. I think it's
Speaker 3: for twenty million and above paid twenty percent or twenty
Speaker 3: five million or twenty million. So we're not sure that's
Speaker 3: year because we don't know which one that we're working
Speaker 3: with because the federal government had then, so we all
Speaker 3: know what's going on there, So we don't know. But
Speaker 3: let's add you with twenty five million, and you are
Speaker 3: you are a.
Speaker 2: Graphic designer in your house.
Speaker 3: As long as you don't make up to twenty five million, right,
Speaker 3: you don't pay tax, but you won't file the fact
Speaker 3: that you don't make twenty five million doesn't mean that you're.
Speaker 2: Going to file your taxes. Even if it's zero.
Speaker 3: The law requires you to file your tax. So as
Speaker 3: a graphic designer in your house, you only file once
Speaker 3: a year. Right, so once a year you go to
Speaker 3: your state where you live. You have to file through
Speaker 3: the state higher race. You go to your state. Please, everybody,
Speaker 3: if you're listening to me, go.
Speaker 2: And get your team number.
Speaker 1: You need it.
Speaker 3: You get your team number, you file right, you'll see
Speaker 3: the process or you will.
Speaker 2: See how they ask you to find it.
Speaker 3: So, whether or not you you make what is it
Speaker 3: called you make twenty million, that's less than the average
Speaker 3: that government wants to tax.
Speaker 2: You need to stay for your tax regardless.
Speaker 3: But yes, if you fall below then you don't pay
Speaker 3: any tax. Yeah, so they only talking about people that
Speaker 3: are both.
Speaker 2: The threshold, not people.
Speaker 3: That are below the threshold, and sayingle for companies.
Speaker 1: As well, gotcha? So I think So, I think where
Speaker 1: he's going to this, right, all the stuff we're talking
Speaker 1: about exempts professional affairs like lawyers and accountants. They can
Speaker 1: actually claim most of these things we're talking about. That's
Speaker 1: what he's going to So I think it's trying to
Speaker 1: ask it. A graphic designer is going to be looked
Speaker 1: at as the same as a lawyer and as an
Speaker 1: account I don't think. So that's why I don't think.
Speaker 3: But they know doesn't really focus on that because he's
Speaker 3: quoting more particular place, but he's not looking at the
Speaker 3: other lord, the other things that preceded and the one
Speaker 3: that goes after it. Right, what is this company incompact?
Speaker 3: Is if you make below a certain threashore, which is
Speaker 3: either a five million or fifteen millions.
Speaker 2: You don't pay tax.
Speaker 3: So whether you're your you're a graphic designer that's in
Speaker 3: your house, are you.
Speaker 2: Ready below that?
Speaker 3: You have zero?
Speaker 2: So the fact that you're you only make you know
Speaker 2: you don't miss that threshold.
Speaker 3: You see me to fare and you're seeing to father
Speaker 3: that zero.
Speaker 1: Gotcha, but more we're going we're gonna stop like eleven
Speaker 1: get questions. But let me also just let's go back
Speaker 1: to income. What if I what if that company sold
Speaker 1: a building that I bought the building a towndred narra,
Speaker 1: they sell it for a thousand just they make capital
Speaker 1: against tax? What's the low say about capital against tax?
Speaker 3: Okay, yes, so let's go to capital gains tacks. Give
Speaker 3: me a minute, So capital against tacks the norse what
Speaker 3: the losses there is if you buy a building, right,
Speaker 3: there's schedules.
Speaker 2: For the capital gains.
Speaker 3: I mean for the capital allowance you have.
Speaker 2: So when you buy, you buy like.
Speaker 3: A building and less any building is five hundred million.
Speaker 2: The law says you have the first.
Speaker 3: Schedule, which is I think is about ten percent.
Speaker 2: I'm going to go through.
Speaker 3: My slight to get that it is about ten percent.
Speaker 3: So it has two points, right, So the first schedule
Speaker 3: and the annual schedule. So you have to do the
Speaker 3: first one and the second one. I think all of
Speaker 3: this will be twenty five percent. Then you dedoct it
Speaker 3: gradually over a period of time. You don't take all
Speaker 3: of the money if you buy your house, you don't
Speaker 3: dedot it all of it from your your business expense.
Speaker 2: You have to adopt this baits by bas.
Speaker 3: Yearly and I think the first schedule ten and fifteen.
Speaker 3: Then I think it's twenty five percent, So you don't
Speaker 3: deduct if you buy a house of five hundred million,
Speaker 3: you don't wish you to your accounting and you doc
Speaker 3: all of them for capital allowance. There's a there's potential
Speaker 3: that you would issue buying house if you make capital expenditure.
Speaker 1: So So there's capital allowance when I invest correct, right,
Speaker 1: when I invest in in capital assets, house tract or
Speaker 1: what it works, I get capitle allowance more or less.
Speaker 1: Then if I make a profit on the sale of
Speaker 1: an asset, I pay tax on that seal. That's what
Speaker 1: I'm going to like. If I sell my head office,
Speaker 1: I pay profit on that seal. If I make a profit,
Speaker 1: that's capital gains. That's not asking. So that's also taxable. Right,
Speaker 1: the gain on the seal of an asset is taxable.
Speaker 2: Yes, it is taxable.
Speaker 1: It is taxable.
Speaker 2: Yeah, it's is taxable.
Speaker 3: So they say capital gain is taxable, but it's taxable.
Speaker 3: It's it's taxable by ten percent of the profits.
Speaker 2: But before you go to the capital gains tax, I
Speaker 2: think it's I think it's no.
Speaker 3: Subject to ten percent.
Speaker 2: Capital gains captial gains and losses.
Speaker 3: No, it's object ten percent percent ten percent okay ten
Speaker 3: all right?
Speaker 2: Yeah, okay, fine, so that's ten percent.
Speaker 1: Yes, before the aroound of time, let's just start briefly
Speaker 1: on V eighty and withholding tax work us through because
Speaker 1: lots of people are now saying I'm on Twitter, Oh
Speaker 1: I went to the market, I got charge with V eighty,
Speaker 1: walk me through V eighty and withholding tax as a
Speaker 1: small semi who can I just I have the chart.
Speaker 1: V eighty is mandatory, So what's the worst die walk
Speaker 1: me to?
Speaker 2: Okay?
Speaker 3: Okay, So first of all, if people want to ask you,
Speaker 3: if people want to take a V eighty from you,
Speaker 3: please ask them. There's the government website that you can
Speaker 3: confirmed eighty the date number is correct. So if you
Speaker 3: want to come and buy services from you, or you're
Speaker 3: buying something from letter that you're buying food from me,
Speaker 3: and I'm telling you that, oh I'm putting V eighty
Speaker 3: the first to look at the receipts, right, or the
Speaker 3: receipts people that are authorized to get digital connectivity from
Speaker 3: other people, from other businesses or individuals, you have to
Speaker 3: be registered first by fire race.
Speaker 2: You have to also not just being registered for you register.
Speaker 2: You need to read a treashold.
Speaker 3: As a business, you need.
Speaker 2: To be doing a certain turnover, right.
Speaker 3: You need to be doing at please twenty five million
Speaker 3: turnover for you to be able to charge V eighty
Speaker 3: your customers.
Speaker 1: Hold on, hold on, I said in a shop in
Speaker 1: a shop in a bar that is just making five
Speaker 1: million direct tonover. No you can't touch the eighty.
Speaker 3: No, you cannot have it. And you know what, it's
Speaker 3: easy to find out, right, it's very easy to find out.
Speaker 1: You can go, I will what will have?
Speaker 3: What will happen is I think my social media hand
Speaker 3: li is here and the questions please this listen. I
Speaker 3: know you can hear me and my pay pers, my
Speaker 3: social media president paypers write down these things for me
Speaker 3: so I will give it to you later. There's a
Speaker 3: website where people can go and search for companies that
Speaker 3: are authorized a government website to pay v So, if
Speaker 3: somebody is giving you a receipt, look at the receipts,
Speaker 3: look at the receipts number. If that person is not authorized, well,
Speaker 3: once you go and put it in the government website,
Speaker 3: you will see they will tell you that this person
Speaker 3: is not authorized to take vity from you, do not
Speaker 3: pay them VIT. So if the person is not authorized,
Speaker 3: it's easy to find out. You don't need to make arguements.
Speaker 3: Do they go to the website, you have your phone
Speaker 3: put their viaty numbers. So the first thing you ask
Speaker 3: them is do you have your viating number? If they
Speaker 3: say yes, serviating number. If they say yes, they give
Speaker 3: it to me, let me search.
Speaker 2: You search it.
Speaker 3: If it's not correct, do not pay them, viating they're
Speaker 3: not authorized like government to take vity from you.
Speaker 1: Okay. Second one I heard also that as a company,
Speaker 1: as an semi company, right, if you if you pay
Speaker 1: for V eighty or if you buy an asset and
Speaker 1: that person did not pay import duty of the eighty
Speaker 1: on that ass that you cannot claim it.
Speaker 3: Yes, okay, yes, So for example, I pay as a company. Right,
Speaker 3: when you make expense from the company, they have vaty
Speaker 3: inputs and v the outputs. Right, So the VTY input
Speaker 3: is when you you you you buy, when you buy
Speaker 3: from somebody, right, when you buy from somebody and the person.
Speaker 2: Is removing you pay, you pay.
Speaker 3: It's a let's say I bought goods and then there's
Speaker 3: a VI eighty of seven percents. I recorded that in
Speaker 3: my I recorded in my accountant when I buy goods
Speaker 3: as a company, maybe as a company that I purchased,
Speaker 3: and there's a VTY on it.
Speaker 2: I also keep it on my record. So I go
Speaker 2: to v input and output.
Speaker 3: I did the VAT that I have spent as a
Speaker 3: company from what I have bought.
Speaker 2: And what I will have sold. Right, when I did this,
Speaker 2: the balances what I get to the governments.
Speaker 3: So let's if somebody has bought it and so and
Speaker 3: the person did not pay proper vit, I cannot pay
Speaker 3: it because the receipt is a correct So this is
Speaker 3: why it's very very important.
Speaker 2: Before you pay viating on anything. Right are your company
Speaker 2: it's only company thats are this company that hass that.
Speaker 3: You only want to authorized to collect doct viated back
Speaker 3: from the typesman and attachment gives it deviated back.
Speaker 2: You have those mvity output and inputs and you have
Speaker 2: an extra.
Speaker 3: When you finding your tax right, you will pay you
Speaker 3: subtract from your companity.
Speaker 6: I see.
Speaker 3: So it's not like government is giving you money. Goverment
Speaker 3: is not giving you money. It is your taxable income.
Speaker 3: So if you're going to buy you the raator from
Speaker 3: somebody that does not pay via your that gene and
Speaker 3: then the person has not given you VID to pay
Speaker 3: and you paid it, you cannot adopt it because in
Speaker 3: that invoice the inverse is not.
Speaker 2: Needed to defer system. So you cannot adopt it and you.
Speaker 1: Cannot claim it.
Speaker 3: So this is why for me to go online as.
Speaker 2: Search to be sure that the number of debt is
Speaker 2: correct and.
Speaker 1: Their authority dev p perfect. Let's let's pause here so
Speaker 1: we can get folks and ask questions, because if you
Speaker 1: be listening, we've we're talking about personal fans and SME
Speaker 1: taxes in our tax space today we've got the lemma
Speaker 1: also sharing those insights. I want to make it a
Speaker 1: bit of a practical session, not so much on the
Speaker 1: act from all more of the operations for the SME folks.
Speaker 1: Let me get an optimist of the universe to ask
Speaker 1: this question. We've got better mind myself here and I
Speaker 1: will do better and let's do actually doing a fantastic.
Speaker 7: Well that if I buy and there's captive apposition, there's
Speaker 7: an apposition on this talk.
Speaker 1: So if I sell this dog to football, I think
Speaker 1: there is limit what goes out there. You don't have
Speaker 1: another one. But what was the The one I did
Speaker 1: see was and fifty and ten right one fifty with
Speaker 1: the total Look at it that in terms of a
Speaker 1: gross opte. Look at say, let's say the whole share
Speaker 1: to be brass one million, but the profit makes transactually
Speaker 1: has to be ten. It's pa the captive against below
Speaker 1: that you're doing. The only one about captare against for
Speaker 1: now it's mostly for big boys in code that the
Speaker 1: tired mm hmm look food and did say for transaction
Speaker 1: for the transaction. Yeah, so if you are you meet
Speaker 1: that leads.
Speaker 3: The treashould well going to charge your own capital gains?
Speaker 3: Right if everybody you need an accounts. It's not just
Speaker 3: capital gains. There are capital losses. So capital gains is
Speaker 3: placed against capital losses.
Speaker 2: So even though you've made gains, but maybe you're also
Speaker 2: made loss. Maybe you brought.
Speaker 3: Something else that's also a capital ascess that made loss.
Speaker 2: You're good also deducted from the capital gains.
Speaker 3: And also remember that as a business you also have
Speaker 3: business expenses.
Speaker 2: So in a financial year, even if you're a freelancer.
Speaker 3: Right, you have business expenses. So what the I thing
Speaker 3: you did that made you get that capital gain? Maybe
Speaker 3: you you did you paid this as soon as you
Speaker 3: have your because comment it's won't femium, it's still that. Yes,
Speaker 3: it's bought to be that at the end of the
Speaker 3: day if you have an account that that you'll go
Speaker 3: through your deductions, your business deductions, and you might end
Speaker 3: up being little or nothing.
Speaker 2: The profit are less on capital gains, not so say
Speaker 2: like that against fix.
Speaker 3: What capital gains, you get that money you see, then
Speaker 3: you got this place or world?
Speaker 2: Have you seem to make these erophensis.
Speaker 1: Declar capital as you don't come do we deserving commons
Speaker 1: where you can only claim passive that is passive. Can
Speaker 1: you go and take capital gains loss and apply to
Speaker 1: your orga.
Speaker 3: Loss trying to cut at game fix?
Speaker 2: So yes, a so have that asset. Let's say you do.
Speaker 3: Made money right, but me inchuraging yourso made this your
Speaker 3: your your.
Speaker 2: Loss of your digital assets. So digital asset loss is.
Speaker 3: Put against this assets distinct for capital and gates as
Speaker 3: well on the meetings right against loss.
Speaker 2: So the capital that success, it's good for the assist.
Speaker 2: So as soon that you made losses and I feel
Speaker 2: that you expenses.
Speaker 1: That's so for optimists, I think we're going together. Is
Speaker 1: that optimist number one?
Speaker 8: You have to do it.
Speaker 1: You have to do one fifty to qualify. And also
Speaker 1: said usually talk a loss. So if you sell your
Speaker 1: quote unquote shares right and you make a loss, you
Speaker 1: can pack that loss. If you don't make a profit,
Speaker 1: you can use that loss there with taxable profit you
Speaker 1: will that's still yea even.
Speaker 2: Your your business expenses. And also I will save this
Speaker 2: in right.
Speaker 3: So my company financial company as well, we are specialized
Speaker 3: in taxation, so.
Speaker 2: You don't have to We're doing the law for you
Speaker 2: so you don't have to do it.
Speaker 3: So if you go to pay packs, you download us,
Speaker 3: you use us ek me. It's just like a click
Speaker 3: of the bottom. Just qualify for capital loss. Yes, no,
Speaker 3: you will see everything once you put your your your
Speaker 3: income for the for the year, or your revenue for
Speaker 3: the year. Everything is automatically calculated for you as a
Speaker 3: freelance so it wants and capital.
Speaker 2: So all you're asking me, if you.
Speaker 3: Are using our products, our digital products, then taxation is
Speaker 3: made easy for you. If your business your business expenses
Speaker 3: as well.
Speaker 2: Okay, bide the way for businesses.
Speaker 3: Please, If you have any business and you have more
Speaker 3: than three more than three staffs, remember then says that
Speaker 3: even if you have three staff you have.
Speaker 2: To give one percent of your payroll to it.
Speaker 3: If oh payroll is composed, you need to do payroom
Speaker 3: because it little the end of this not even February.
Speaker 3: From this end of this month, you need to have
Speaker 3: payro a SAP if you don't have their penalties.
Speaker 2: For you as a business and you will pay it.
Speaker 1: Paid.
Speaker 2: Yes, So from the end of the months, whatever thing
Speaker 2: you do, if you have.
Speaker 3: An accountant or your brother's an accountant, or you won't
Speaker 3: payer to do it for you, you can you know,
Speaker 3: register or the ears for Peru, and then you can
Speaker 3: stream like all of your businesses, and then you do
Speaker 3: your perial for.
Speaker 2: Your staff because at the end of the most bass, if.
Speaker 3: You do not talk from your staff, you're going to
Speaker 3: pay it by yourself.
Speaker 2: As a business. This is good to your profit.
Speaker 1: Okay, so you must be I got you. Let's go
Speaker 1: to bed Optimists. Ben, You've got the floor. Then I walks, Yeah,
Speaker 1: my friend.
Speaker 6: Thank you very much to them. You really touched a
Speaker 6: lot of taking below blending loads, you know list guy
Speaker 6: calling from a broder, compliance aspects that you mentioned in
Speaker 6: training for night year.
Speaker 4: And there's also the any sight Ye yes.
Speaker 1: Yes we're still paying those things. But we're still paying
Speaker 1: those things with dout the things.
Speaker 4: It's a couple of things. India and SID.
Speaker 1: Yes, you try to be a contract they have a BP.
Speaker 4: You have to do in this business is what rooms
Speaker 4: around these things. So you can't go work with the government.
Speaker 6: You can't work with the government if you plants in
Speaker 6: everything including your taxi.
Speaker 4: If you don't have all these.
Speaker 6: Things, then fun that goverment which have no entire company,
Speaker 6: you know, So all these things are very very very important.
Speaker 4: One of the the key came to clarify.
Speaker 6: There was a question can ask can you said, if
Speaker 6: my assets let's say twenty million now as a company,
Speaker 6: you know, and and I get and I do your.
Speaker 4: Business and I get paid one billion, I still WiFi
Speaker 4: for d C, I T shoots and others, So can
Speaker 4: one doesn't counts? You know, said changed, he won't be
Speaker 4: I was there immediately, that won't be. So your assets
Speaker 4: are no longer.
Speaker 1: That's a good, that's good.
Speaker 3: That's so.
Speaker 1: So you are saying that that cash, that cash becomes
Speaker 1: the aster that they're using. Looking at cash, you're looking
Speaker 1: at okay, okay, okay, mixed mixed, thank yeah, you know
Speaker 1: said you are right out. He would have said, oh,
Speaker 1: his as is fifty miller than a computer. But now
Speaker 1: you are saying the toll by itself then goes from
Speaker 1: income because I hear you. I hear you, but still you.
Speaker 4: Know, I hear you. Liquid position to reflective.
Speaker 1: Escape there Okay, that was just on my slide.
Speaker 2: Now, So why you want to do your business deductions
Speaker 2: to do like you're allowing your fits. You know you
Speaker 2: start from your act you said, profect, go.
Speaker 3: A little bit of accounting, right when you deduct allowing
Speaker 3: your allowable experenses, you can also deduce your interests.
Speaker 2: Okay, this is important. Let me touch you on this.
Speaker 3: I'm doing this off it like there are things that
Speaker 3: already know offer that I'm looking at my slides. I'm
Speaker 3: getting a big confused. Okay, So for what is it
Speaker 3: called interest? For example, now you're a business person. This
Speaker 3: is a perfect example.
Speaker 2: You're a business person, right, you grow money too your company?
Speaker 1: Hm.
Speaker 3: You know that when as a business person you grow
Speaker 3: men into your company.
Speaker 2: This is a capital capet. It's a capital expenditure.
Speaker 1: You learn your company money, you learning.
Speaker 2: Of course computer as a person.
Speaker 3: Yes, because anybody you invest in your company, proud, it's
Speaker 3: not free money.
Speaker 2: Because it's.
Speaker 1: Make the point, make the point the point I can.
Speaker 3: Let me, let me let me say, let me say
Speaker 3: it's pleasing.
Speaker 2: And then you have a company. Right, you invest money
Speaker 2: in your company. You invested me of the company. I
Speaker 2: not bring that money to the company.
Speaker 4: Are you giving the.
Speaker 1: Company from the point ahead?
Speaker 3: Okay, okay, let me make it okay, okay, So once
Speaker 3: you what is it called? Once you pro money as
Speaker 3: a business to the company, right, what did not looking
Speaker 3: at They're not talking about related persons and thought party loan.
Speaker 3: Remember all business experies hundred person the doctable. But loans
Speaker 3: are interested the doctable. Right, so those interest that the
Speaker 3: doc from the loan, it's hundred persons collecting that lo
Speaker 3: probably thought party. So if you collected you know, from
Speaker 3: the bank, you dedot the interesting. But if you collet
Speaker 3: that alone, if I give my business paper swifty little,
Speaker 3: there's a cap what I can call it?
Speaker 4: For each year?
Speaker 1: What you can claim?
Speaker 3: Yes that I can claim that can clea back?
Speaker 1: Interesting? Interesting is it bank?
Speaker 3: And I can think all the interest on the persons
Speaker 3: I can claim it.
Speaker 1: But the losses any song payable by way of interest
Speaker 1: on debt employed in generating the income of the trade
Speaker 1: because the vocation is allowable. That's what the lawyer is says.
Speaker 1: So you saying that if I do this exact same thing,
Speaker 1: but I have the one not the intro debt is
Speaker 1: coming from me, not from a third party. I cannot
Speaker 1: claim a percent.
Speaker 2: Of that exactly.
Speaker 3: You can later you can claim it like continuously, but
Speaker 3: you're not going to claim this immediately.
Speaker 1: You're not going to claim me.
Speaker 3: And there's another thing also the talk about capital allow
Speaker 3: us right is to talk of adjusted profits to tho
Speaker 3: of adjusted profits. So you cannot just also clean all
Speaker 3: of them at homes. So what you finish through your
Speaker 3: accounting and you have to tod of the adjust.
Speaker 2: Profits, right, you will not take to that. It's what
Speaker 2: you not take as capital.
Speaker 1: Allows questions for you existing in your app or in
Speaker 1: other apps. So because also the guys were telling me,
Speaker 1: I don't know what you're talking about.
Speaker 2: Like everything I'm telling you right now, I think that.
Speaker 1: This is what capital to do for us. Right, So
Speaker 1: so as a as an SM guy, what I'm hearing
Speaker 1: you say is that if I want to finance my company,
Speaker 1: it's it's preferable. If it were preferable. Now, if I
Speaker 1: go to a bank, I can clean the interest as
Speaker 1: a deductible. If I go to myself, if I use
Speaker 1: my own money, I can't clean a deductible. Hundred person
Speaker 1: say the person understood, under, okay, let's let's get ben.
Speaker 1: Let's should you.
Speaker 4: Good evening were for this space.
Speaker 1: But before I go on.
Speaker 9: Let me ready the uh the discussions tonight. But I
Speaker 9: want to quickly ask a question before I go on
Speaker 9: to what I want to discuss is this space is
Speaker 9: on sort space?
Speaker 1: Yeah there, if you look at it, you stay powered
Speaker 1: by past. It's down the fly correct. Okay, So don't
Speaker 1: let me do let me do it too much on that.
Speaker 4: But I just want to try and fight like one or.
Speaker 9: Two peas that she has mentioned during because of our discussion.
Speaker 9: But I think for the clarification sy and for the
Speaker 9: listeners so they won't use it.
Speaker 1: They will use it.
Speaker 2: We have.
Speaker 10: The new set of law Niger's appreciation that NATS Jennings
Speaker 10: Revenue Board establishments.
Speaker 1: Hats please it would be better going forward, sorry to
Speaker 1: be quoting from those.
Speaker 9: Laws because from during because of your discussion, you should
Speaker 9: being twenty five million.
Speaker 1: Sorry, maybe this is a slip off from.
Speaker 2: We don't know said, we don't know what it is
Speaker 2: because for the.
Speaker 1: Sorry for the for the sake of C.
Speaker 4: I T.
Speaker 1: Millionaire.
Speaker 9: Based on this promotion of the sex season past art
Speaker 9: you can read what was the definition of most hours,
Speaker 9: definition of the large company or small company? And it's
Speaker 9: for your red in session two or.
Speaker 1: Two or that say a Ganta's art. So that's that
Speaker 1: on that and some of the key segments made. If
Speaker 1: you you as you as a pass payer, you have
Speaker 1: you have.
Speaker 11: Liberty to engage the task practitioner's person and account like
Speaker 11: you said under the Professions of other provision of the
Speaker 11: Passion Anty Session six sub section six one and two.
Speaker 1: Please you can further read that. So you engage a practitioner,
Speaker 1: it's not proposed to you.
Speaker 9: You have to be good and hands that can or
Speaker 9: going forward before you can have somebody jas an deal
Speaker 9: agent that well, now you have to be in chatter accountants,
Speaker 9: c C and member before you practice starts going for
Speaker 9: It's the same whichever one that you have that is organized,
Speaker 9: you know.
Speaker 1: So let me let me what what are you saying.
Speaker 1: You're saying that if I betrayed and I have an
Speaker 1: APP that tells me how to do with to tax,
Speaker 1: I can't use that your satisfied sho It's not satisfied.
Speaker 1: It's not it's not it's not satisfied. The app is
Speaker 1: not certified. I have an app canculated.
Speaker 9: When you want to fire your records with the new side,
Speaker 9: they should be organized, but.
Speaker 1: Not filing with the app you're not filing with Actually,
Speaker 1: let me let me know. I was going to stop
Speaker 1: because again the space is an space, but that I
Speaker 1: hear a folk that don't really know what's going on.
Speaker 1: I want to.
Speaker 3: Level.
Speaker 1: Let let me land, let me learn. Okay, learn, So
Speaker 1: when we are quoting tax load tax load, that people
Speaker 1: don't follow those things. People don't understand. This fort your field.
Speaker 1: So it's your field. So yes, you understand that. What
Speaker 1: I want to do in this space. Today's side is
Speaker 1: to bring up sort that knows that I talk to
Speaker 1: people and say, hey, this is what you have to do,
Speaker 1: this is what I'm doing after it. Obviously you've got
Speaker 1: to file with an accountant, but you've got to understand
Speaker 1: what you are doing day to day. If you go
Speaker 1: to the marketing should go to the markets in al Baba.
Speaker 1: You have to have something that tells you and tracks
Speaker 1: your revenues, that tracks your expenses, that aligns with your
Speaker 1: business strategy. Never talk about if you want to pay
Speaker 1: VI eight check AV eighty is whatever allots to check
Speaker 1: ev eity the guys charging vity. We don't have to
Speaker 1: wait for that guy to be quote unquote tax compliant
Speaker 1: before we go to that app to see that guy
Speaker 1: charging U V eighty taxed fire. We've got to do
Speaker 1: our homework. If you want to file, you even not
Speaker 1: to do this tax Act. You cannot file with the
Speaker 1: non chatter accounter, can you? Even in the past act,
Speaker 1: you still have to go back to chudge the account.
Speaker 1: So I don't want to get to.
Speaker 3: On this.
Speaker 1: Yeah with this that what you say is factual, but
Speaker 1: you still have to file the judge, the accountant. You
Speaker 1: can't wake up and don't say it. I want to
Speaker 1: file and say, okay, take If you do that, you're
Speaker 1: going to get into the fire. That's what emphasized. If
Speaker 1: you weren't file and you do it wrongly, you are
Speaker 1: opening yourself up to presult your tax number.
Speaker 3: So you can come back.
Speaker 1: You want to come back for the LEMMA response, that's okay,
Speaker 1: that's what I want.
Speaker 3: Let me terify you.
Speaker 4: Okay.
Speaker 3: So when you talk about the app, remember it app
Speaker 3: that you see what's there chatter account working behind the scene, right,
Speaker 3: So it's not just the app as staybacks.
Speaker 2: There are people working there that are qualified to do
Speaker 2: these things.
Speaker 3: So yes, you're seeing the app, but the app staffs
Speaker 3: that are paid and are qualified to do these things.
Speaker 3: Then The other thing that the app does actually you
Speaker 3: can pay your tax really app because we're also partnered
Speaker 3: with rebelter Right. So if you do your tax properly,
Speaker 3: you can file and paid. But you're not filing on
Speaker 3: your own. So we asked two different questions. Are you
Speaker 3: filing at somebody that's an accountant, you have an accounted
Speaker 3: to your business. You say no, then the system is
Speaker 3: filing it on your behalf. If the system is doing
Speaker 3: it as a system, we are qualified to do it
Speaker 3: because if this system was made by accountants, a chattered
Speaker 3: accountant and the person behind the scene can find this
Speaker 3: thing for you if you want, if you make maybe
Speaker 3: an inaus reports, when the accountants to do it personally
Speaker 3: for you, they can, And if you also want to
Speaker 3: do it for your own you can also do it.
Speaker 2: But the app was not just built by somebody on
Speaker 2: the street. No, it was bused with engineers.
Speaker 3: It was bused with accountants that knows exactly what they're doing.
Speaker 1: So by the law they are covered like yeah, well,
Speaker 1: I what saying is that if you are filing attacks
Speaker 1: account to the laws now you will have to have
Speaker 1: the quota for the legal rights to file attacks. That's
Speaker 1: what I hear him saying yeah.
Speaker 3: Yes, yes, I'm sivitariing that if you want somebody from
Speaker 3: papers to do that for you, we can do it
Speaker 3: for you. That person started then if you want to
Speaker 3: do it by yourself, the app itself was done by
Speaker 3: accountants working with papers.
Speaker 2: Okay, so yes.
Speaker 3: For example, now for a company digitart company to have
Speaker 3: people's for the start community to have people's records, I
Speaker 3: need to be compliance with the what's it called nc
Speaker 3: NDCP something like that, I need to be compearence with them.
Speaker 2: So I have the compliance certificate on behalf of my company.
Speaker 2: So I'm the d CEO on behalf of my company.
Speaker 3: So right now, because of I own the company, I
Speaker 3: can handle those documents on bere for the company. But
Speaker 3: let's assume that I do not have this right, I
Speaker 3: cannot employ a d C. That d C or in
Speaker 3: that company not qualifies my company to handle people's information.
Speaker 2: So the same thing goes for taxation. If you have
Speaker 2: people that are qualified that is working in the company
Speaker 2: as representative.
Speaker 3: If a tax my comody law comes to say, who
Speaker 3: is the person that's qualified to.
Speaker 2: Do this thing?
Speaker 3: You show the person in charge of the accountants dispersive beauty.
Speaker 2: This person is qualified.
Speaker 6: This person can do it.
Speaker 3: I hope have clarified this, mister Shaw know, sure.
Speaker 1: You got your company, but I can't.
Speaker 3: I actually know I can't. I can't because I.
Speaker 2: Have personally and I got it.
Speaker 4: Okay, personally that is your best nal training.
Speaker 3: Yes, yes, yes, except yes, yes, yes, I I think personally,
Speaker 3: I am the one hunding the data and compliance personally.
Speaker 1: For the company. Are good? Yeah, all right, better, thank
Speaker 1: you coming, You're welcome. You know, thenation of a small company?
Speaker 1: That were again either fifteen million ordia, so you know
Speaker 1: I should show the two numbers in the law. The
Speaker 1: law you are quoting has two numbers.
Speaker 3: Jam is okay?
Speaker 9: Jam saying fifty Nigeria PA's art N twenty twenty five
Speaker 9: is saying twenty for fifty million?
Speaker 1: Why Nigeria past Admisation part school so on the we're
Speaker 1: still waiting for uifications.
Speaker 2: When when that.
Speaker 1: Pleasure the hold on? There's no, there's no question we
Speaker 1: have to wait.
Speaker 4: Condition.
Speaker 9: There are two or three conditions to be qualified as
Speaker 9: a small company past letter.
Speaker 1: Let people get it's right.
Speaker 9: One of those classes is either you're one hundred you
Speaker 9: have don't know hundred million or fifteen million, which is
Speaker 9: here to be clarified or your face are said, yes,
Speaker 9: there's no exceed two und fifteen million if you.
Speaker 4: Have two fifteen million.
Speaker 1: If you said you are.
Speaker 9: A small company and you have if it's assets of
Speaker 9: more than two and a fifteen million, you are.
Speaker 1: Not a small company. Says you're not a small company.
Speaker 9: And lastly, since you are company registered with the CC
Speaker 9: as a professional.
Speaker 1: Service, you are not a small company.
Speaker 4: You'll pay you.
Speaker 1: Are the lawyers, wires and accountant.
Speaker 3: Right can you repeat yourself?
Speaker 2: Can you repeat yourself on what you just said?
Speaker 1: So the small companies has three main keys.
Speaker 9: The first of eighties higher your tone wise hundred million
Speaker 9: or fifteen which is yes to be clarified by the
Speaker 9: revenue body.
Speaker 2: Yeah, or your six asset.
Speaker 1: Exit does not exceed fifteen million. If it's exceeded fifteen million,
Speaker 1: you are not a small company.
Speaker 2: M Lastly, if you registered.
Speaker 9: As a professional service mm hmm, you are not a
Speaker 9: small company. The law doesn't include you as one of
Speaker 9: the small companies.
Speaker 6: That's where I want to cry FI as you respect
Speaker 6: you of when are you missed situation or not?
Speaker 1: As far as you registered as peters you're not yes
Speaker 1: like that. I want you to.
Speaker 2: I want you to be.
Speaker 4: Yeah.
Speaker 1: I think I was making that point again, so again
Speaker 1: just to be clear, right, I'm shining from mentioning numbers, mister,
Speaker 1: because we don't have the numbers to be evenly was
Speaker 1: it wants to get the physical printed gazette. So you're
Speaker 1: totally on point. Let us folks be aware. We're just
Speaker 1: shining away from saying fifty you want to go to
Speaker 1: get the real physical one because of what's going on.
Speaker 1: But fantastic thanks to your contribution. Let's get Peter Peter
Speaker 1: off from Peter. All right, thank you, thank you, thank.
Speaker 4: You for the conversation. So far, we are really learning
Speaker 4: the lots. So I wanted to ask about a part
Speaker 4: it returns from investment and yeah, do to invest with
Speaker 4: be as or individual?
Speaker 1: How does it treated?
Speaker 4: And secondly, I want to request going to share a slide.
Speaker 4: Thank you.
Speaker 3: Okay, I will share my life, but not immediately I'll
Speaker 3: say data, I'll say it after this space.
Speaker 2: Just forgive me. I'm supposed to give you can this slide,
Speaker 2: but I'm a.
Speaker 3: New mom, so my baby is not clibrates. Because of that,
Speaker 3: I could not provide this. I will share this light
Speaker 3: to you.
Speaker 1: Then on this one.
Speaker 2: So what the love says, and I do not want
Speaker 2: to be wrong on it.
Speaker 1: I can quote, I can really what is saying is saying, dividends,
Speaker 1: dividends distributed by authorized collective investment scheme you need trust
Speaker 1: private equity, venture capitals and ets douse I don't be
Speaker 1: exempt from your income. So if you if you invest,
Speaker 1: if you buy a mutual fund or ATF in Nigeria,
Speaker 1: collective investment scheme rested by sex, the dividends you get
Speaker 1: from them are not going to be taxable to you.
Speaker 1: That's what they're saying.
Speaker 12: Peter, all right, okay, so are you are you treating
Speaker 12: the dividend as the returns as you have money market
Speaker 12: on the dividends.
Speaker 1: Money markets will give you return your yield. They will
Speaker 1: give you your coupon yield or eco distribution that yield
Speaker 1: you get the dividends they give you back to you
Speaker 1: from the collective. It has to be collective. Not you
Speaker 1: going to buy the shared directive collective. Yes, it's ex
Speaker 1: and we're going to encourage more nitrants to invest in
Speaker 1: captol marketing. One earths are doing gambling and crypto, so
Speaker 1: they're doing this to allow you to go in through
Speaker 1: collecting teams. So what it means for you, peit is,
Speaker 1: if you want to invest, I want to take advantage
Speaker 1: of the tax benefits. Try to buy the ETFs, the
Speaker 1: unit trust, the mutual fund, not the individual stocks directly.
Speaker 1: If you want to put money in the bank, maybe
Speaker 1: I want to look at a money market fund as
Speaker 1: opposed to say in commercial paper or a fixed deposit.
Speaker 1: But remember federal government bonds and state bonds are exempt
Speaker 1: from taxes. So when you want to invest now you
Speaker 1: have to have your your your investing leans on. If
Speaker 1: you want to avoid taxes, you go for bonds, you
Speaker 1: go for collective schemes. If you just want to address
Speaker 1: and get your income chase collected the individual stops.
Speaker 3: Yeah yeah, okay, So another thing again in papers, we
Speaker 3: have our investing and we have investment partners the musical
Speaker 3: cord rules.
Speaker 2: So if you're.
Speaker 3: Investing with state perks, our investment partners are giving you
Speaker 3: money markets of eighteen percents.
Speaker 2: You can invest in what's it called. You can invest
Speaker 2: in solvereign worlds.
Speaker 3: You can invest in eurobonds, you can invest in usc
Speaker 3: you can invest in what is called You can do
Speaker 3: your fix step on this. But one very interesting thing
Speaker 3: about what's it called about the money market? You know,
Speaker 3: your money market is like every day the profit that
Speaker 3: is made on that day when trades are made, so
Speaker 3: you make your profit everybody. So if you have maybe
Speaker 3: twenty thousand or ten thousand or your money markets.
Speaker 2: And accounts, if maybe the trade.
Speaker 3: For that day is it can be ten percents, it
Speaker 3: can be it has never going to be low fitting percents,
Speaker 3: but usually between fifty percent or eighteen percents, So maybe
Speaker 3: today or ten thousand, the trade might be ten percent
Speaker 3: or fifteen percent.
Speaker 2: You make that money.
Speaker 3: So every day your money market, you're making money.
Speaker 4: So I don't have.
Speaker 3: Enough information about investing, but only twenty fourth. If you're
Speaker 3: in a buja, we're doing our launch party right if
Speaker 3: you go to.
Speaker 2: Our handle, you will see it there. We have our
Speaker 2: investment parties are coming to talk about everything that has
Speaker 2: to do with investments. So if you don't want to
Speaker 2: take her.
Speaker 3: Backs investment can put it in money, get in nine
Speaker 3: insur round, put this intension.
Speaker 2: Phone, put this in, put it in all these places.
Speaker 3: If you don't further.
Speaker 2: Out of this will take your money.
Speaker 1: I mean this is what happens all over the world, Peter.
Speaker 1: It's called a tax tax intication strategy. So again it's
Speaker 1: going to be down to your liquidity. If you make income, Yes,
Speaker 1: right now in America, we're going to pay taxes between
Speaker 1: now and April fifteenth. What many people do if you
Speaker 1: have what's called an IRA, people would wait and file
Speaker 1: see what they're supposed to pay in taxes, then go
Speaker 1: buy an IRA so that way they can reduce their
Speaker 1: above the line income. And if you're what I mean,
Speaker 1: you file see the taxes are going to pay matybe
Speaker 1: you do to both tax if you file on too,
Speaker 1: both taxes will tell you this is your taxes. Then
Speaker 1: you go back and go and buy or contribute to
Speaker 1: your IRA yours account or even buy make more con
Speaker 1: down to your phone okey, then need to reduce your taxes.
Speaker 1: So that's a legirl with to is it that you
Speaker 1: pay tax or you're investing yourself? You choose one. Still
Speaker 1: you know you pay tax for investing yourself.
Speaker 2: Give governments or you invest fantastic.
Speaker 1: You're good, Well let's get dollar Peter, good fantastic, Let's
Speaker 1: get dollargy that we'll go to no information dollargy. You've
Speaker 1: got the floor. Dollargy is not ready. Let's get no information.
Speaker 1: How you doing, I'm carry about you. I'm doing very well.
Speaker 1: So thanks for asking. All right, I'm going to ask
Speaker 1: the question are about services? And when amos speaking?
Speaker 4: Yea, thank you. Let's questions because us a specific world
Speaker 4: where it.
Speaker 1: Was describing for services.
Speaker 4: He said, if you register.
Speaker 1: As a professional asset. So I'm just struggling with the
Speaker 1: definition of professional and he used that, Yeah, yeah, I
Speaker 1: don't want you registered. Something comes to you. No, it's
Speaker 1: it's really, it's really those guys, those professional firms like
Speaker 1: a lawyer and accountant and auditor chatter, so they or
Speaker 1: anything chattered. Anything that needs you to qualify before you
Speaker 1: can practice, that's okay, anything that needed to take an
Speaker 1: old not but that maybe you're qualifying in like an accountant,
Speaker 1: the architect, dentist related professions.
Speaker 4: Right. So yeah, at the end of the day, what
Speaker 4: is going to matter is if you if you want
Speaker 4: a company. That's what they call the the memorandum of association,
Speaker 4: the articles of association.
Speaker 6: Now in the memorial ranslation, that's what they call the
Speaker 6: objects of the memoralim of reverslation.
Speaker 4: Those objects are basically the object.
Speaker 6: Those objects explain in these legal terms what the law
Speaker 6: will see as the activities that this company or this
Speaker 6: legal entity.
Speaker 4: Is carrying or it was created to engaging. So your
Speaker 4: business activities will be bliged in that object. So if
Speaker 4: you if you want, if you want to know if
Speaker 4: your prof about most good and can look.
Speaker 6: At your objects, if your objects stays there that you
Speaker 6: actually engage in professional saiss or auditing.
Speaker 4: Or whatever the case may be. If it's there, then
Speaker 4: there'll be a wall to be seen by law, by
Speaker 4: the by the SACY and by the NASS as a
Speaker 4: compens respect.
Speaker 6: But if if it's not, then you know, so it's
Speaker 6: all matters of what decide that you will do those
Speaker 6: your objects web side objects of your memo. So that
Speaker 6: that's that's the that's the Gottom line. You know, you
Speaker 6: can't talk house where you're doing and we're not doing.
Speaker 6: The bottom line is what is in your objects out
Speaker 6: how to row and see you and that also that
Speaker 6: me how much you'd be You know, this is an
Speaker 6: issue that me have also taken to some of the authority.
Speaker 4: Is true because like I said, this is my amine because.
Speaker 6: I wasn't going to so we're trying to you know,
Speaker 6: we've been trying to get almost go back exemptions, but
Speaker 6: leaving give goes about exception as first you're PSF and
Speaker 6: there's pers objects and you can't sertify for somebody you
Speaker 6: know benefits.
Speaker 4: Ye, I don't know. I don't know if that crifes,
Speaker 4: thank you?
Speaker 2: Can I say something?
Speaker 3: I think the focus should not solely be what.
Speaker 2: You qualify as. Maybe you are as person.
Speaker 3: What if you focus on I think the law focus
Speaker 3: is solely on your income. So whether you're register you're
Speaker 3: not registered as a professional SERVI this person, maybe you're
Speaker 3: bat on the streets rights and is doing so well
Speaker 3: that you make it both the strendhold. When you least
Speaker 3: that said, you will be taxed, so it doesn't really matter.
Speaker 3: So you don't focus on whether you are a professional
Speaker 3: this person. You focus on the income that you make.
Speaker 2: It's all over that you make within the period of time.
Speaker 1: This is what cool.
Speaker 2: It's interesting.
Speaker 1: Lady. Yeah she broke up, but I actually broke up
Speaker 1: with bit. But but I think the point again that
Speaker 1: man standa. PSLs are quoted specifically the Act. So once
Speaker 1: once we agree that your too has got to hit
Speaker 1: that level. They are quotes specifically that your PSF you,
Speaker 1: So they're saying, irrespective of what we have said, irrespective
Speaker 1: if you're PSF, these things don't apply to you. That's
Speaker 1: what they're trying to say. So he's trying to all
Speaker 1: the time from all these things are saying. You know,
Speaker 1: pack it. It's not for you. So it's a very
Speaker 1: good you know if yours YEA important to know that
Speaker 1: you are. If you are, some things that we're saying
Speaker 1: might not applied to you. That's just it. Yeah, have
Speaker 1: you have you spoken all? Because you know why did they?
Speaker 1: So please go ahead and what's your question?
Speaker 4: Okay, good evening and thank you for hosting the space.
Speaker 4: Thanks for the explanation so far.
Speaker 13: Okay, I wanted to find out if you are a
Speaker 13: rotation worker and this this applies pretty much space right
Speaker 13: now and you get paid in ex now the country
Speaker 13: you walk the air touched low applies when you bring
Speaker 13: your money back to the Nigeria.
Speaker 4: Is that money tax?
Speaker 1: You're jumping many guns here your many goals? Where are
Speaker 1: you working?
Speaker 4: Okay? This is your working Sayla or in Qatar?
Speaker 1: So how how how many days do you live in Nigeria?
Speaker 13: So typically rotation is twenty days on twenty almost like
Speaker 13: half a year in Nigeria.
Speaker 1: Okay, so look at what I wear. I'm going to
Speaker 1: do this right. You only pay tax if you're a
Speaker 1: resident of Nigeria. So if you spend one hundred and
Speaker 1: eighty three days in Nigeria, or your permanent home is
Speaker 1: in Nigeria, or you have a significant economic or family
Speaker 1: tie in Nigeria. Those three things are very important, then
Speaker 1: you must pay tax in Nigeria. So in respect of
Speaker 1: where you work, if you work in Katar in rigging Katar,
Speaker 1: but you spend one eighty three days in Nigeria, or
Speaker 1: you have a permanent home in Nigeria, or you have
Speaker 1: a permanent or you have significant business or economic terms
Speaker 1: in Nigeria, then you are going to pay tax in Nigeria.
Speaker 1: So that income you make foreign is going to be
Speaker 1: income that you pay tax on. The question for you
Speaker 1: now is this because it's salary. It's not dividend, so
Speaker 1: you can't claim export anything. So it's pure salary. I
Speaker 1: think you're going to pay pi T. That's why I
Speaker 1: think about you.
Speaker 3: Think yes, I think it's whatever it's is that you're
Speaker 3: paying tax. Let's assume that the tax one didn't you
Speaker 3: fits that?
Speaker 2: Okay, you do X Y Z this outside of the country.
Speaker 2: Are you just reading this here?
Speaker 3: There's something called tax credits, right, So whatever thing you're
Speaker 3: paying that country, when you fly your tax in Nigeria,
Speaker 3: it's going to be.
Speaker 2: Either rainbowsed or you'll pay more.
Speaker 1: But he will pay to p I T. So the
Speaker 1: point is that respont the of the of the tax credits,
Speaker 1: double tax, he's liable to pay. He's will do. I
Speaker 1: think there's no PI T. That's not that's there's no
Speaker 1: double tax agreement with the Nigeria and Qatar and Nigeria
Speaker 1: and Angola. You're going to pay PID in Nigeria even
Speaker 1: if you end that income in golar. That makes sense
Speaker 1: that you.
Speaker 4: All right. So so when she said no, no double task.
Speaker 14: So if I'm good on tax law applies, and I'm
Speaker 14: already I was, I've already been taxed and am and
Speaker 14: then I come back to night and based on baby
Speaker 14: family ties.
Speaker 4: You know you mentioned something like that, right, Am I
Speaker 4: going to another.
Speaker 1: It's saying if are you saying? If you are, let's
Speaker 1: look at let's google what natureia have double tax and
Speaker 1: I'm gonna Google, here double double you will.
Speaker 2: Not be double tax. But you can't confirm you will
Speaker 2: not be double tax.
Speaker 1: Let let's find out. So now you have double Now
Speaker 1: you have double tax with the U, k US, Canada, China, France, Singapore,
Speaker 1: South Africa, and Spain, Spain, uh In Europe we have
Speaker 1: Cripul Belgium, France, in Atherlands, Romania, Spain, suit in the UK,
Speaker 1: in Asia, Singapor, Philippines, Pistan, Africa. Cannot cawind the outside
Speaker 1: that you're gonna pay.
Speaker 4: Let me just add many that.
Speaker 8: Irrespective of the country that that you has digities with
Speaker 8: that that that's w irrespective of those countries.
Speaker 4: There's there's a provision called even at relief. So the
Speaker 4: worst case scenario way of going to see is humor.
Speaker 4: Have to pay.
Speaker 6: That's first, but then you will do a future fighting
Speaker 6: and you get your reformed.
Speaker 4: You guys, are you give me? You guys?
Speaker 1: Are you guys are giving?
Speaker 6: But that really Google, I will find you sexual really
Speaker 6: relieve all Nigerias against the the who and the country
Speaker 6: the other countries. It does not have a digity in Nigeria.
Speaker 1: So I just want to listen acts a very simple question.
Speaker 1: Here's a simple question. He works in Angola and Qatar.
Speaker 1: Will he be taxed, Yes, he'll be taxed. Those cuntures
Speaker 1: are not listed here. So all this fine going to
Speaker 1: do later in Ben. All this you're gonna do in
Speaker 1: natural he's going to be he has to file packs
Speaker 1: with that income in Nigeria because those countries to Qatar
Speaker 1: and Angola is not listed here in the countries are named.
Speaker 2: Yeah, but is your residence in Nigeria.
Speaker 1: I don't given you he has to answer. I told him,
Speaker 1: if you stay one eighty three days in Nigeria or
Speaker 1: your ben let's talk, let's my interrupt place that you learn.
Speaker 1: He's asking the question if you stay one, if you
Speaker 1: stay one eighty three days in Nigeria, number two, you
Speaker 1: have family ties or builds in Nigeria. Number three, your
Speaker 1: permanent home is in Nigeria, then any income you make
Speaker 1: in Angola or Qatar is taxable in Nigeria. That's what
Speaker 1: a lot of says.
Speaker 3: Yeah, yeah, I was also alluding to the same thing.
Speaker 2: Because you think your primary residence.
Speaker 3: So that's why I'm actually if he's a residence in Nigeria.
Speaker 3: If you have a primary residence but you live in Angola,
Speaker 3: but your Angolar residence is not declared as your primary residence,
Speaker 3: you're not going to pay tax in Angola. You pay
Speaker 3: tax in the place that you declare as your primary residence.
Speaker 2: So even if he.
Speaker 3: Works in Angola, Butania is declared as primary residence, it's
Speaker 3: good to pay.
Speaker 2: Tax in Nigeria.
Speaker 1: It's an American irrespective of where he declares tax, he
Speaker 1: will pay American taxes her respective.
Speaker 3: Yes, and this is where the the the tax credit
Speaker 3: comes in. Right, Let's say he's an American and he
Speaker 3: pays that tax well his own.
Speaker 2: Residence in Anigulia. So they will not be like what
Speaker 2: is it called a tax credits? Either will pay too.
Speaker 3: Much then the tax my hair and you are not
Speaker 3: more than you. If you pay less, then you have
Speaker 3: to pay the men want to do Naginian government. So
Speaker 3: for me an example, right, my primary residence.
Speaker 2: Is okay, it's in is in Belgium.
Speaker 3: So I'm working now if this is also my ownest, Okay,
Speaker 3: my primary primary.
Speaker 2: Residence is in Belgium.
Speaker 3: I'm working, I'm working and I'm making my day, so
Speaker 3: I have to pay tax Belgium law.
Speaker 1: Right because I have to do this.
Speaker 3: So also still compliance, I have to put the Belgium
Speaker 3: law tax. But le's assume the detaxation in Belgium is
Speaker 3: lower than detaxation in Nigeria. Right, I'm still going to
Speaker 3: pay the bags to the Nigerian governments.
Speaker 1: Yeah, I don't want you guys to make the team
Speaker 1: a complicated right, So it's not complicated. Yeah, well let
Speaker 1: me let me go. I don't don't, I don't want,
Speaker 1: I don't make it. I'm really the DMS. So look
Speaker 1: at so he's asking a questions are asking and because
Speaker 1: he's putting katar and go ahead, look at the he's
Speaker 1: asking if you and if you are in Nigerian that
Speaker 1: maybe you go to your impotcast from Belgium. You go
Speaker 1: to Belgium port trucks. You go to Belgium in port trucks.
Speaker 1: You stayed fifty days in Belgium total. You live in
Speaker 1: your family houses in Keja, your your wife is in
Speaker 1: the Kecha, your kids are in the Kecher. What you
Speaker 1: are spending nearly half the year in Belgium? Is he
Speaker 1: going to pay tax? This simple question? No, b No,
Speaker 1: And I'm just I'm not saying the simple way. The
Speaker 1: answer is this, where are you a resident of That's
Speaker 1: a simple question. Where Once you determine your residency, then
Speaker 1: you ask yourself, is that country does you have a
Speaker 1: double tax Uprea agreement? If this question, if you were
Speaker 1: saying he has, he's in Spain, the answer will be no,
Speaker 1: because Spain and Nigeria have a double tax agreement. So
Speaker 1: he's fine. He will not pay tax in Nigeria because
Speaker 1: whatever he pays in Spain, he will claiming to do
Speaker 1: it from Nigeria. It's clear, simple, it was in South Africa. Yeah,
Speaker 1: it's there Spain. Yeah, but you are going to you
Speaker 1: that he's not asking, he's asking will he.
Speaker 3: Have the same Him and I have the same situation
Speaker 3: now in disregards of taxation.
Speaker 2: So I am making my echo from Nigeria.
Speaker 3: Right example, and I live in those from my primary
Speaker 3: residence is not Langeria.
Speaker 2: And what about salary? I did myself living in this country?
Speaker 1: Right?
Speaker 2: That's moly.
Speaker 3: If even if let's say Nigeria, okay, let's let me
Speaker 3: do you that you as my primary.
Speaker 1: Residence, You're going to be.
Speaker 2: Better. That's my primary stories.
Speaker 1: Hello, what say is it a nation of.
Speaker 2: Even if you're permanent resident?
Speaker 1: Are you an already that many days?
Speaker 3: Three'?
Speaker 1: That is the simple in Nigeria.
Speaker 15: Now those in Italian Union lateral whatever Baby was talking about,
Speaker 15: if those in countries that we do have in double
Speaker 15: tax agreement with that's something isn't really that they don't
Speaker 15: be paying. That is, if the space only three days
Speaker 15: in Nigeria, you pay tax. If you do want to
Speaker 15: pay tax, that you want to live under the tax
Speaker 15: to live in Sugaradia.
Speaker 1: From Arab countries, that is you have to spend one
Speaker 1: into three days.
Speaker 15: And yeah, ecloonatize strong family tized in Nigeria.
Speaker 1: Thank you, and they've they've gone further. Let me even
Speaker 1: tell what the tax law where they went further. The
Speaker 1: tax law says, if you are in if you are
Speaker 1: a resident of Nigeria and that country pays you income
Speaker 1: and that country does not tax you, Nigeria tax you.
Speaker 1: That's what he's explaining. This is the tax law for
Speaker 1: non residents here. You yeah, for non residence employment income.
Speaker 1: If you go to Saudi and the Sadi government does
Speaker 1: not tax you, and I just NIGERI will tax you.
Speaker 1: That's what they're seeing in the tax law. So yeah,
Speaker 1: you won't go for that. We will make it that
Speaker 1: you can't want. So if if you're salar Radia and
Speaker 1: they give you a exemption and you don't pay your Nigerias.
Speaker 1: So be very careful about we're talking about Google. Yes,
Speaker 1: it doesn't mean no no, Ben. That's why I say
Speaker 1: that you're going to Z instead of a I don't
Speaker 1: like access. Simple question he walks into countries. The quoted
Speaker 1: the countries for US is asking will he pay taxes?
Speaker 1: So no, it's question I don't know how. Then then
Speaker 1: the answer is this, where is mister della in resident
Speaker 1: of Once you answer where he's resident of, it answers itself.
Speaker 1: Its mister will saying he's working in Spain. End of
Speaker 1: story because Spain and Nigeria have a d t T.
Speaker 1: But mister Deyla is not working in Spain or South
Speaker 1: Africa or Philippines, or he's not he's working in two
Speaker 1: nations that do not have dedity with Nigeria, which means
Speaker 1: we don't have to go to the residence and say
Speaker 1: is he spending one eighty three days in Nigeria? Yes
Speaker 1: or no? Does he have family in Nigeria, Yes or no?
Speaker 1: Does he have bas Nigeria yes or no? Does he
Speaker 1: have a family house perman Nigeria, Yes or no? When
Speaker 1: he answers those four questions, he will know it's going
Speaker 1: to be taxing those countries or Nigeria. It's a simple determination.
Speaker 1: You don't have to argue about the lawyer is there
Speaker 1: feeling the blanks and I think you have bit clear
Speaker 1: now right, you're big clearing now it's the lawyer is there.
Speaker 1: He can post her to spend tomorrow.
Speaker 4: Right.
Speaker 14: So the conditions are either or So if I don't
Speaker 14: do want three, what I have family, ties, strength.
Speaker 1: What those four things? So if you spend one day
Speaker 1: but you have a family permanent, I just about Ben's
Speaker 1: permanent in Nigeria in Nigerian type. Good your permanent address
Speaker 1: in Nigeria, if your family, if your wife is in Nigeria,
Speaker 1: your kids are Nigeria. But you spend two many days
Speaker 1: in Italy. No, you have the permanent your signal, you
Speaker 1: can't families in Nigeria. He had catuals fabulations.
Speaker 15: The follow up question and letty for instance, I go
Speaker 15: to government has taxed team and attached him many fifteen
Speaker 15: percent and now you're spent over wanted to treat this
Speaker 15: in Nigeria. So the Gian government is to tax hims
Speaker 15: on that based on this in compression twenty percent. So
Speaker 15: if you fan twenty fifty percent, he's gonna be fifty
Speaker 15: five percent Nigeria.
Speaker 1: That's what Ben is now saying. This is where Ben's
Speaker 1: of Well, that's that you're gonna get that will come
Speaker 1: in because that's where you now say you know what
Speaker 1: he's got. Yes, he's great for point of that session.
Speaker 1: That my point he's going he's going to want don't
Speaker 1: don't see answer the guy properly see is if it's foreign,
Speaker 1: he will pay the tax in Angola he will paid.
Speaker 1: Then he will go on file. If you keep on
Speaker 1: saying you can go and fire and not answering properly,
Speaker 1: you say oh no, no, no, no, he will pay
Speaker 1: the taxes and Angola, then he will try not there's
Speaker 1: not giving back the money. God, God's gonna say you
Speaker 1: are in residents here, we have no dtity here, pay
Speaker 1: and go. That's the point of making America will give
Speaker 1: you back. Well, I'm good to give you back. It's
Speaker 1: no guarantee, there's no dtty.
Speaker 4: So don't you.
Speaker 6: Come to simpling words too countries before whatever he's reason,
Speaker 6: you've paid in Angola or whatever the case may be.
Speaker 4: Nigeria and Naga decides not to tax. You have been
Speaker 4: safe and you can decide not to take you based
Speaker 4: on everything instead of paid.
Speaker 1: It's not that it doesn't work.
Speaker 4: You processed.
Speaker 1: Okay, an agreements place an agreement? Why do country? Why
Speaker 1: do countries sign an agreement? Two nations come to and sign.
Speaker 1: He doesn't want to.
Speaker 6: Against like, you missed my point by taking now together
Speaker 6: to sign that treaty. Now, one nation called Nigeria has
Speaker 6: created the univers that relief. That relief means that if
Speaker 6: you you're in like in this guy's case, nice working
Speaker 6: in our country and you're now pay that day, you
Speaker 6: can bring the documentary used to pay tax there and
Speaker 6: keep nine.
Speaker 1: But he's going to pay the tax, that's his question. Yes,
Speaker 1: well then you are going to we're going to run
Speaker 1: back to his The question is will he pay the
Speaker 1: tax and go like yes, he's not, he's he wants
Speaker 1: to know where he will first.
Speaker 4: Okay, I'm focusing on his questions and where you go.
Speaker 1: Okay, Okay, that's that's what the other follow up.
Speaker 15: Let me your say this and now do you tell
Speaker 15: the agreement where with kind of the us and the
Speaker 15: race is let's see your treasure distinctive percent in Canada,
Speaker 15: your treasure is twenty percent in Enginia.
Speaker 1: You maybe are paid in Canada.
Speaker 3: That is act if you come to and good lad that.
Speaker 15: We don't have anything with you've paid twenty percent day
Speaker 15: and in the junior you are to paid on five percent.
Speaker 1: You will still paying many five percent.
Speaker 15: But even as good as there is, if it's in
Speaker 15: Canada and other country that were we have agreement with,
Speaker 15: you're not going to pay anything. Same way we do
Speaker 15: have agreement with Tudi Arabia because their TuS really at
Speaker 15: that point you pay all the percents yet Euria. So
Speaker 15: if you're living in a country, if you are now
Speaker 15: the bab you're paying forty percent.
Speaker 1: In Nageria you are to patre five percent.
Speaker 15: Nagia will not refund you to just get their bidiens
Speaker 15: that okay, you've paid over gay. But the potron lie
Speaker 15: is that you know you will stive five tax. So
Speaker 15: the point of finding tax then look have a version
Speaker 15: of country.
Speaker 4: Okay, so gaduy, what do you think the new you?
Speaker 1: What do you think it dos? What benefit you think
Speaker 1: people can benefit from?
Speaker 15: The really is for nations that we do not have
Speaker 15: agreements with like nation that is not like outside Canada, US,
Speaker 15: you can sort, I can do res So Like now
Speaker 15: let's say I'm any two hundred million in Canada. They're
Speaker 15: taxing into eighty percent of that already million nguriacs. Whoever,
Speaker 15: I will not five percent, but I'm saying that we
Speaker 15: will have five percent paid five percent.
Speaker 2: I need that used to make you said you said
Speaker 2: that twenty percent.
Speaker 15: If we take it of twenty percent of five percent,
Speaker 15: then I will glance twenty five percent. But if that's
Speaker 15: an apple with Canadia now perlans Joe, there's an agreement already,
Speaker 15: So I don't know if you know what I'm saying.
Speaker 1: You balance five percent? Say you balanced ty five percent?
Speaker 15: Like even I'm good as they say you're paying twenty
Speaker 15: percent of your hundred million, and I'm good at but
Speaker 15: in Injuria, if you have made this one Injuria, you
Speaker 15: you have touching twenty five percent of that amount. Now,
Speaker 15: but you have paid twenty percent in amount, paid the
Speaker 15: balance five percent.
Speaker 4: Injuria, and by dream that you've avoided Google. That's a show.
Speaker 15: If you're if you're in Canadia, if you're if you're
Speaker 15: twenty percent of the amount in Canada, and then you're
Speaker 15: to five percent there empty because they have an agreement,
Speaker 15: so they're not put on that shore.
Speaker 4: They gain.
Speaker 1: Yeah, yeah, that's true, that's true.
Speaker 4: Obviously it is better than the another release, you know,
Speaker 4: realigres with the knowledge.
Speaker 1: Yeah, so just to be clear that they are, Yes,
Speaker 1: you will pay tax and Angola catable when you come
Speaker 1: to Nigeria. You can use it in lateral tax and
Speaker 1: clean back what you have paid, even if there's fluid dedity.
Speaker 1: So just to be clear. Yeah, so you won't lose
Speaker 1: that money. Yeah, you won't lose that money, gotcha, fantastic.
Speaker 1: I think about both buying down. We've got about three
Speaker 1: minutes till twelve. I don't see any other questions.
Speaker 2: On the don't talk about go for it.
Speaker 1: Yeah, I think we look down with told in tax? Yes,
Speaker 1: so what is told in tax? What is told in tax?
Speaker 3: Okayvance payments. So example, mister A is going to buy something,
Speaker 3: is maybe doing his service with another company.
Speaker 2: I'm giving mister bean my go and cut the verse.
Speaker 3: Or you have a you have a learning company that
Speaker 3: does loading services, and I said, okay, mister bean, your
Speaker 3: company come and work for my company. Right for that services,
Speaker 3: I'm going to deduct ten percent of whatever money I'm
Speaker 3: paid to mister Bean as the company.
Speaker 2: But for me to deduct ten percent.
Speaker 3: From that money, I have to qualify by my treasholder
Speaker 3: the company makes. So if my compaign makes the thresholder
Speaker 3: qualifies me to pay see IC and I have also
Speaker 3: registered with the tax people for withholding as well, then
Speaker 3: I can pless withholding from Ben our the doc ten
Speaker 3: percent of that money. I starts advant payment for Ben.
Speaker 3: So when benoans do not file his tax right, Ben
Speaker 3: will not collected the credit news. Remember when idot that
Speaker 3: money from Ben, I have to give Ben a tax
Speaker 3: credit nes that Ben is going to use to upset
Speaker 3: his tax when he does his filing.
Speaker 2: So Ben, I have paid Ben.
Speaker 3: Ben has me one million, I gave you nine undred thousand.
Speaker 3: I take ten percent of that money. I better ten
Speaker 3: percent of government with Ben's competity empty number or Ben's
Speaker 3: personality number, whatever I want to use this I collected.
Speaker 3: I collected it, but it's for competent not for individuals.
Speaker 3: I collected cis completing number, and then I paid up to.
Speaker 1: The impax to government.
Speaker 2: So I give Ben credit notes.
Speaker 3: When Ben wants to file his tax for the year,
Speaker 3: he uses that to deduct his taxable income.
Speaker 2: Yes, so he uses that to the doc startsable income.
Speaker 3: So for example, if I have retailed, let's say I
Speaker 3: don't say this is so things and those people I
Speaker 3: collected withholding and tax from them, and then I bought things.
Speaker 2: Or I I did some jobs and the job paid me.
Speaker 3: But related withholding tax from me, and they give me
Speaker 3: the reholding credits. When I want to find my own
Speaker 3: as a company, I'm going.
Speaker 2: To pix that. That's credit notes to reduce my tax.
Speaker 3: When also find his tax for his company, because I
Speaker 3: collected his ten percent of his income, then he too,
Speaker 3: he's going to use that as a credit note, a
Speaker 3: credit notes dischargeable tax, turgical income tax. So this way,
Speaker 3: when companies do business with companies, you are expecting your
Speaker 3: tax agents, by the law, to collect withholding tax, but
Speaker 3: you have to be qualified first.
Speaker 4: To do that.
Speaker 1: So for me, that's what I'm hearing as an semi
Speaker 1: for me that when I do my supplies and I
Speaker 1: am charged in withholding tax, as you could get my
Speaker 1: tax tax.
Speaker 3: Yes, yes, you you must get it from because you
Speaker 3: can claim me back. Well that's you're the company. But
Speaker 3: focus because I do my launch, I wanted to. I
Speaker 3: wanted to dogs. I told them about it to inter
Speaker 3: the doortion. But then I told them that they did not.
Speaker 2: Know about this.
Speaker 3: I use that that moment to educate them that well,
Speaker 3: I'm not qualified as of this moment because I don't
Speaker 3: miss the chreshold who withhold it? But did you know
Speaker 3: that when you're doing businesses company, the company has the
Speaker 3: right to behold the tax from the money and dip.
Speaker 3: They actually agree that I should be told you, but
Speaker 3: I said no, no, no, I'm just telling you for
Speaker 3: information purposes. I do not qualify to withhold. But the
Speaker 3: thing is, if you rehold the tax, you have to
Speaker 3: your COMPLI. You're obligated by law to give that person
Speaker 3: that you're withholding detached from them their credit news. Just
Speaker 3: like the e eighty as well, when you're doing your
Speaker 3: V eighty, the person that you're giving your vity too
Speaker 3: must also have that thevice to collectiviating from you because
Speaker 3: you're going to simply.
Speaker 2: Is the same way you makes for behold intact because.
Speaker 1: It goes both just very important when you pay your
Speaker 1: when you get charged with all intax demand for tax certificate,
Speaker 1: that but very.
Speaker 2: Very important, very important.
Speaker 1: I'm not sure if anybody else has any closing remarks,
Speaker 1: anyone that is still here before we saw of wind down.
Speaker 4: Let me just let me just say that in this
Speaker 4: transition as a business.
Speaker 6: Person, it's very important that you keep all your records,
Speaker 6: especially when it comes to your voices and stuff. Is
Speaker 6: very very important because at the end of the day,
Speaker 6: very all the time, company time, and it's best well
Speaker 6: you always prepare us if you're going to be audited,
Speaker 6: so that that happens that you get audited, you have
Speaker 6: all the documents to back up your claims, because that's
Speaker 6: operating becauses where they see a lack of lack of documentation,
Speaker 6: do we use that the penalties YEA to their penalties
Speaker 6: on and their interests and war the punishments that if
Speaker 6: you just suppose to see that, then.
Speaker 4: You can't defend your position again.
Speaker 8: So it's very good that they keep your documents and
Speaker 8: keep all your your receive you you know, the invoices,
Speaker 8: almost very related documents. Keep everything properly, you know, because
Speaker 8: you don't know when you need them to defend your
Speaker 8: position and.
Speaker 1: Your company money. Compet completely agree. So this last law
Speaker 1: has been very very controversial, right, I would say this
Speaker 1: in terms of the whole lot, look at the whole
Speaker 1: more in totality, what does it bring. It brings simplification,
Speaker 1: it brings modernization, and it brings a lot of exemption
Speaker 1: for this very progressive So if you're really a small taxpayer,
Speaker 1: really on the business side though, on the business side,
Speaker 1: I think it gives you a lot of leeway. On
Speaker 1: the business side, I would say on the side. On
Speaker 1: the personal side, I think my biggest issue with the
Speaker 1: tax law is the removal of the automatic deduction, the
Speaker 1: twenty percent CR That's my biggest because it's twenty percent,
Speaker 1: but look at it this way. It's automatic. So in
Speaker 1: the old law, I don't have to do anything. I
Speaker 1: get twenty percent tax deduction automatically. In this new law,
Speaker 1: I have to do go do something, even if nothing
Speaker 1: is good for me, I still have to go do it.
Speaker 1: My fear is that some Nigerians would be cash poor.
Speaker 1: Let's say next year you get married, or you buy
Speaker 1: a new car, or you are but forbid, you get
Speaker 1: somebody gets still and you cannot afford to buy those deduction.
Speaker 1: Maybe you can't afford to do additional bunting contributions, or
Speaker 1: you can't afford to do the buy liveing. That means
Speaker 1: for that tax year you will not get a deduction
Speaker 1: that tax year because you didn't buy anything. In the
Speaker 1: old scheme, you've got the twenty percent automatic with me.
Speaker 1: Even if you bought a car in quotes or you
Speaker 1: are ill, you still got to twenty percent of your
Speaker 1: income as a tax break. That's my big issue with
Speaker 1: this tax skin But in a tons of simplicity, modernization,
Speaker 1: and on the business side, the allowance is very, very progressive.
Speaker 1: So that's just my take on it. No, where don't
Speaker 1: with arguing it's here. The law is here, so we
Speaker 1: have to learn how to operate within the bit of
Speaker 1: the law. Saying you will not pay it's not a strategy.
Speaker 1: Saying you are angry, it is not a strategy. You've
Speaker 1: got to understand the law and you've got to implemental
Speaker 1: deductions exemptions so you can reduce your taxable incomnastic keyword
Speaker 1: reduce your taxable income venomor you have a closing word there, Yeah, you.
Speaker 3: Study, Oh, does make sure your business physicalization meaning get
Speaker 3: a receipt for everything everything you do that is business related,
Speaker 3: so you don't go it a.
Speaker 1: Business. But why can't Why can't I why can't I eat?
Speaker 1: Why can't I do that? But if I if I,
Speaker 1: if I have a meeting with with the colin, yeah,
Speaker 1: if I haven't, okay, because why can't I get cereals?
Speaker 1: Why I go to the restaurants for my partners in
Speaker 1: the I don't like when you make this when you
Speaker 1: make this thing drinking as if? What is this money
Speaker 1: we're talking about? If I go to a restaurant and
Speaker 1: I have the business meeting with the partner in the restaurant,
Speaker 1: that's a business expense. So what was okay? Okay? So
Speaker 1: because your life, people get confused, don't know if you're
Speaker 1: being it's what the money. Let's don't make money.
Speaker 4: That way, make money that way.
Speaker 15: The people that make money that way.
Speaker 1: My last my last question for you, but my last
Speaker 1: question for you, last question for you the video, last
Speaker 1: question for the video. It's a musician, isn't the show
Speaker 1: based Mister video buys a Lamborghini, so he's instet up
Speaker 1: a company called the video Limited and limited buys a Lamborghini.
Speaker 1: Mm hmmm, mister Wido uses that Lamborghini for videos, not
Speaker 1: that video that Wido limited by the Lamborghini. That video
Speaker 1: the person uses that Lamborghini for video shoes for to
Speaker 1: keep his image of because he says that that Lamborghini
Speaker 1: is an expense and also a capex being used holy
Speaker 1: and exclusively to manufacture your entertainment content, can that Bido
Speaker 1: Limited claim that Lamborghini as a business expense?
Speaker 2: Okay? Okay, So.
Speaker 3: That expense will not if he wants to claim it
Speaker 3: holy immediately because you cannot claim your copex all of
Speaker 3: it at once. So that means it depends on what
Speaker 3: he uses the Lamborghini for. So if he bought it
Speaker 3: with the company, it's completely a business expense because it's
Speaker 3: not in the Dvidos name.
Speaker 2: It's in the company's name. So one is a business expense.
Speaker 3: Then secondly, if he wants to now the dog sits right,
Speaker 3: then you.
Speaker 2: Not say, okay, what do you use in Lamborghini for?
Speaker 3: If the video says I use that Lamborghini to shoot
Speaker 3: my music videos, I use the Lamborghini to do things
Speaker 3: that have to do with my music, and I use
Speaker 3: the Lamborghini every day or every month, So this now
Speaker 3: goes into operating expense, so the Lamborghini is operating every month.
Speaker 3: Wants for him to help him to achieve the financial
Speaker 3: activities that now turns to profit.
Speaker 2: It goes before that business expense, not.
Speaker 3: From that capext at this point, it's other business experts.
Speaker 2: So you can, yes, hundred present the Lamborghinia from.
Speaker 3: The from the company's expense in this category. I can
Speaker 3: not a missis category. He uses this maybe every month,
Speaker 3: all the time for whatever thing he's doing as business related, right,
Speaker 3: and it's not.
Speaker 2: In his name.
Speaker 1: What if you put the Lamborghina in his name?
Speaker 3: No, he can no longer adopt this because what is
Speaker 3: because first he will pay visit and put it in
Speaker 3: his name, and you cannot take company money to buy
Speaker 3: something for yourself.
Speaker 1: Okay, So what I hear you saying is this, if
Speaker 1: I am making any revenue apart from my salary, any
Speaker 1: revenue whatsoever, it makes sense for me to incorporate that
Speaker 1: activities out here.
Speaker 2: Yes, a hundred percent create.
Speaker 1: That's what that was what I was going to Okay, fantastic,
Speaker 1: all right, guys, can him yeah, go for it.
Speaker 6: If he poses in his name, let's don't missed too, lily,
Speaker 6: and he puts in his name, I believe that there's
Speaker 6: a way he can lease his personally to the company
Speaker 6: and then.
Speaker 4: They don't the least. The least feed that accompanies.
Speaker 1: Paying to keep his alarm in his name, but in
Speaker 1: his name, in his name.
Speaker 6: If he puts in his name drop him, he can
Speaker 6: lease it to his own companion him drug can.
Speaker 4: Lease his personal vel get into his own company. So
Speaker 4: and then he has to talk to what they're paying
Speaker 4: in the least. You can't talk what he companies pay.
Speaker 4: Was only or your link in this from from your
Speaker 4: you know, from your taxical income.
Speaker 1: I know, but it's a good question, is asking, I
Speaker 1: don't know, I just as made you called the struggle
Speaker 1: in his name and the company us.
Speaker 2: Okay, your scenario is correct. Your scenario is correct. He
Speaker 2: can do that is correct.
Speaker 3: But that remember that mister carry is asking if the
Speaker 3: purchase of the Lamborghini can be in business deductions. But
Speaker 3: now you're saying that if he bought the Lamborghinna in
Speaker 3: his name, that means that the money he used in
Speaker 3: binding Lamborghinia, that money has removed from his company accounts,
Speaker 3: it has gone to his personal account.
Speaker 2: Is that that money from his company.
Speaker 3: Account to his personal account has already been changed? You know,
Speaker 3: he has already paid the tax on that money. And
Speaker 3: then he's not buying that car personally. If he now
Speaker 3: rents the cart to his company, of course he can
Speaker 3: now collect that one to If that one is that
Speaker 3: coming has an income, that's also going to be tax.
Speaker 4: That was.
Speaker 1: An income.
Speaker 3: So the only so, the only way that what the
Speaker 3: scenario works is he's buying the Lamborghini with company money,
Speaker 3: with the company names so on. The Lamborghini is the
Speaker 3: entertainment that owns the Lamborghini, lamb the Lamborghinea. So if
Speaker 3: the video is buying Lamborghinia with his own personal money,
Speaker 3: then that means that for the mint to the personal.
Speaker 2: He has already paid tax.
Speaker 1: This no longer okay, My last question I promised last question?
Speaker 1: What if I Calu, my example, Calu lives in the
Speaker 1: house paid by the company, and Calu drives a car
Speaker 1: paid by the company, how would I record that as
Speaker 1: a person and would they change into camp How would
Speaker 1: it be recorded in my own personal books? Is that
Speaker 1: house and that car is it income to me? As
Speaker 1: Carlu individual is paid by calorimeter, is.
Speaker 4: It income to me?
Speaker 2: Okay?
Speaker 3: So for example, mister Calu works in mister right, yes, okay,
Speaker 3: and then mister Carmitted has given mister Calu company car.
Speaker 2: Company, house and everything.
Speaker 3: So the position of the law is that the cars
Speaker 3: that is given to mister Calum is going to the
Speaker 3: law is going to look at the what is it
Speaker 3: called the equivalents of that car, the world of that car,
Speaker 3: the work of that house is going to follow under
Speaker 3: your chargeable income is not free. So the fact that
Speaker 3: the company is buying it for you doesn't mean that
Speaker 3: it's not going to.
Speaker 2: Form a salary base where it's deducted.
Speaker 4: In.
Speaker 3: So, yes, the company has both it for you, but
Speaker 3: your will not look as Okay, that house called ten million,
Speaker 3: the car cost twenty million.
Speaker 1: They're not going to bundle it up in your group
Speaker 1: salary so that those benefits and can be of income.
Speaker 3: Yes, yes, yes, in based of your gross your gross.
Speaker 1: Why why was it different with the video? The video's
Speaker 1: company also brought him a car, So how come he
Speaker 1: gets a deduction? I don't get a deduction?
Speaker 2: No, no, no, I think we're mistaken.
Speaker 1: As the question for I'm asking you a question from yes, yes,
Speaker 1: why why is it? Why can't I it's.
Speaker 3: Different for divido because DVD company purchases is not only
Speaker 3: the car, the name the owner of the car is
Speaker 3: the limited.
Speaker 1: Okay, what if by company gives the car with calor
Speaker 1: limited and the bears there has its own bike.
Speaker 3: So if all of the company's name for example, now, okay,
Speaker 3: how do I put this? If all of the companies,
Speaker 3: if the company gives you the house and the car,
Speaker 3: if you be salary right, but if they be limited
Speaker 3: by the Lamborghini and the uses inmborghinea is the difference
Speaker 3: in the row that can be deducted in tax. It
Speaker 3: doesn't make up your gross salary. But if the compliment
Speaker 3: says okay, okay, even in two scenarios, they're giving you
Speaker 3: a car, right, the completely painful Remember.
Speaker 2: You said the company bases, what are they complicted by?
Speaker 3: What if you do what the company is limited? There's
Speaker 3: a portaise, right, and it was made by the company.
Speaker 3: It's going to be done as an expense at the
Speaker 3: end of the day. But the beneficiary of this one,
Speaker 3: now enough prompts your.
Speaker 2: Base, your big group b and everything kind.
Speaker 3: So this usually happens when you are in an employment
Speaker 3: contract with somebody. So if you're working for yourself, it's
Speaker 3: also you're.
Speaker 2: Also being yourself.
Speaker 1: That's what.
Speaker 2: Yes, yeah, it still makes your group salary.
Speaker 1: It still makes well what I wanted to go. I
Speaker 1: was trying to make it differension between an inner and
Speaker 1: an employee, an owner and an employer, and I thank
Speaker 1: you that you you found that. And I'm saying because
Speaker 1: I look, people are understanding what we're saying. If you
Speaker 1: are an owner, you are there from my employee, even
Speaker 1: if it's your company, if your company employees an employee, right,
Speaker 1: but if you own the company owner, so do that
Speaker 1: information what you will. There's a little fantastic Sunday guys.
Speaker 1: I think I've blent a lot lot myself, and lots
Speaker 1: of folks have lent a lot as well, lots of
Speaker 1: d ms. Again, had to read dms. I just wanted
Speaker 1: them to be true. And of course have to go
Speaker 1: back to our baby. So do I appreciate you coming in,
Speaker 1: but no matter again you said you were launching your
Speaker 1: pay pers. Where was it on the twenty.
Speaker 3: Four of January as was blown? Okay, if you are interested,
Speaker 3: please go to our paypers accounts and fill the fam
Speaker 3: And also if you have any questions about tax you
Speaker 3: want to know how we can give to the taxation.
Speaker 2: Please hit the pay pers.
Speaker 3: Stealing all of your questions, I will answer, so the
Speaker 3: graphic designer can make it as what is it called
Speaker 3: as a flyer where we answer all of the questions.
Speaker 4: You might have.
Speaker 3: So even if able to treat your you particularly today
Speaker 3: right now, you can still continue the conversation after this
Speaker 3: faced flow to the DM and after these questions from
Speaker 3: two days after the other and will make it an
Speaker 3: implyers so every person can see, can.
Speaker 1: You also give gifts of my books to folks and
Speaker 1: actually nice?
Speaker 2: Okay, yes, yes, yes I can. I can't give gifts.
Speaker 3: So the issue now is where do we get the
Speaker 3: books in Nigeria. So if you're if you're someone that
Speaker 3: can get mister callous book in Nigeria, we want to
Speaker 3: give three of mister Callow's books because you'll have to
Speaker 3: be fine. If finance is something.
Speaker 2: Everybody needs to know. Everybody needs to know finance.
Speaker 3: And this before we end, I just want to touch
Speaker 3: this last thing right and and young government is trying
Speaker 3: to take the money.
Speaker 2: But there's something they did as I think it's a
Speaker 2: bit clever.
Speaker 3: Even if I say that's ever by half because they
Speaker 3: are charging seventy percent. Is if you if you're elders
Speaker 3: than seventy percent, then they're not taxing you. It's another story.
Speaker 3: A doon'e going to it, but a please. They are
Speaker 3: incentivising you to have a pension that comes. So if
Speaker 3: you're working in an employment so as an employer, if
Speaker 3: you don't have all the fifty stuff, you're not you're
Speaker 3: not required by the law to register with pain Come.
Speaker 3: But you as an individual, you can register.
Speaker 2: In pain Come.
Speaker 3: So imagine you're eighty four, right, and remember you can
Speaker 3: put eight of your money what a salary you're being
Speaker 3: paid if you're a freelancer, into your pain Come accounts.
Speaker 2: Imagine you start doing that every month, one hundred thousand
Speaker 2: every month until the day you're fifty.
Speaker 3: You'll be a millioneer and you retire without having your
Speaker 3: children to give you food.
Speaker 2: Right, so take advantage of this laws. Imagine you're paying
Speaker 2: for your relative. Right if you're you.
Speaker 3: Don't have to go and look for contributions by medicine
Speaker 3: because you're already paying for your insurance and also that
Speaker 3: life insurance pree your annuity. Please take advantage of this.
Speaker 3: If you do not do it, the young will take
Speaker 3: your money. So do not let them take your money.
Speaker 1: Do it?
Speaker 2: Do it is really really important. Register for your life insurance.
Speaker 3: But what now advise you do not tell the person
Speaker 3: the head in the nests of king, do not tell
Speaker 3: anybody that you registered a general advis advice people to
Speaker 3: do it, But don't tell anybody that because I'm kidding
Speaker 3: you to take insurance because there's a.
Speaker 2: Lot of money or the insurance if you die.
Speaker 3: But you know, just imagine that you enter into an accidents,
Speaker 3: you that your family. I'm not going to pry.
Speaker 1: Rather, I'll say this way right, buy life insurance and
Speaker 1: put your trust as the beneficiary. So this way right.
Speaker 1: If you pass away, the money goes to your trust.
Speaker 1: Have a trustee and be a copied trusty that then
Speaker 1: takes over your wishes. So if you have daughters, you
Speaker 1: have sons, you have grandparents in the village, you support,
Speaker 1: maybe your church in the village and all that, it's
Speaker 1: not righting. The will write and trust and say, should
Speaker 1: I pass away, all my money should be used to
Speaker 1: educate my daughters. When my daughters are for educated, give
Speaker 1: them a life salary of million a month or something
Speaker 1: like that. Whatever balance I have, send it to my truck.
Speaker 1: You put all these wuistions in your trust. You give
Speaker 1: your appoint a corporate trust is that many of them
Speaker 1: are first trustees and lead tructre all over the night.
Speaker 1: Negos get them corporate trustee. Then you when you buy
Speaker 1: life insurance, even your arrested, you put a corporate beneficiary,
Speaker 1: not yourself, and then you can tell you your relatives.
Speaker 1: My beneficiary is the trust. So nothing happens to you.
Speaker 1: Even if you pass away today, no one's going to
Speaker 1: get your money because your trust gets the proceeds and
Speaker 1: your trust will then carry out your wishes to educate
Speaker 1: your kids. They give money to your kids after they've graduated,
Speaker 1: and they can't support your charge or your hobby after
Speaker 1: your pass testamentary trust. So even if you have passed
Speaker 1: me that trust, godless are still going to be taken
Speaker 1: care of. So do those things use finance to your benefits.
Speaker 1: Don't do exactly and you don't as well. But thanks
Speaker 1: you so much. We'll talk about the books. Yeah, all right, folks,
Speaker 1: Thank you so much, Bob, and I appreciate you guys
Speaker 1: for tuning in here, and I hope you guys listening today.
Speaker 1: I'll see you guys next next week, we're bringing a
Speaker 1: stockbroker that's gonna come in and show us his twenty
Speaker 1: twenty six plan Nigerian stocks for the stocks. What portfolio
Speaker 1: is he building now for twenty twenty six. I'm gonna
Speaker 1: have that stockbroker here, very experienced guy. You guys make
Speaker 1: sure you join and I'll definitely see you guys next week.
Speaker 1: Thanks you so much for being.
Speaker 2: Here, Thank you so much for having me. Thank you
Speaker 2: everyone's for listening.
Speaker 1: All right, you guys have a good one.