Speaker 1: Yeah, so welcome to the space again. Right we're talking
Speaker 1: well personal finance, Q and Abati here. What you need
Speaker 1: to do is understand what's happening in Nigeria. We're taxing income.
Speaker 1: We've passed in lots of policies now in Nigeria. That
Speaker 1: for the first that we're going to expand that tax
Speaker 1: NAT when the presence we're going to expand the taxing
Speaker 1: is what it meant. So every income you make is
Speaker 1: now liable not taxed. It's liable to be taxed. So
Speaker 1: if you make an income, it's liable to be taxed,
Speaker 1: but you can get a deduction. You can see for instance,
Speaker 1: I did something and then that something removes or reduces
Speaker 1: my taxes. Very easy, so nothing complicated there. If you
Speaker 1: end a millionaire salary, the government can tax it, but
Speaker 1: the government says, before we tax it, we're going to
Speaker 1: allow you to take deduction. So like you are you
Speaker 1: working today?
Speaker 2: Yes?
Speaker 3: Actually, so like a like a job where you get
Speaker 3: like a pay check.
Speaker 1: From a company, basic housing, travel, retirement and all that.
Speaker 4: No, it's not that documented.
Speaker 3: Would I see did they pay you a salary?
Speaker 1: Do you do?
Speaker 3: Okay?
Speaker 1: So they pay you a salary? The first thing you
Speaker 1: want to do, is this right? You want to act
Speaker 1: them they can't pay you a salary in terms of
Speaker 1: basic housing and transport?
Speaker 3: Do they do that?
Speaker 5: No?
Speaker 4: I don't think so.
Speaker 5: Am I work three persons so.
Speaker 4: I would most likely get paid in cryptal.
Speaker 3: Okay, fantastic.
Speaker 1: So if you you that is you're working for yourself
Speaker 1: right in Nigeria, you have to file as an individual
Speaker 1: taxpayer because that income you are making income, right, so
Speaker 1: you want to file as an individual tax payer, so
Speaker 1: you have to go that's number one.
Speaker 3: Then your pension.
Speaker 1: You can also open a pension account as an individual contributor,
Speaker 1: which means you are contributing for yourself. You are your employer,
Speaker 1: you are your employee. So you're going to say, I
Speaker 1: want to make a micro pension contribution and there are
Speaker 1: companies that do that tonight. So that's one called Aurba
Speaker 1: that does it. Yeah, if you go online a waba
Speaker 1: you can get it. Not send me a name as
Speaker 1: turn to you. So the first thing you want to
Speaker 1: do to be digital income. When they pay you in crypto,
Speaker 1: the government can also tax your crypto because that's income
Speaker 1: to you. So when they pay you that crypto, you've
Speaker 1: received income. So what you're going to say, Okay, you
Speaker 1: got that crypto income.
Speaker 3: What can you do?
Speaker 1: Number one, you want to take a retirement service accounts contribution.
Speaker 1: The government says you can pay eight and eight and ten.
Speaker 1: That's eighteen percent. So you first of all, you have
Speaker 1: the company who's paying you paying to a big girl
Speaker 1: or to a big girl's company.
Speaker 3: Does a big receiving this income in her name and
Speaker 3: her company name.
Speaker 4: I don't know how to explain.
Speaker 5: It's just like address.
Speaker 1: Okay, it's good, you're fine. So a bigil you can
Speaker 1: you consider between now and December going to get a
Speaker 1: lawyer and rest in a company called a big Girl
Speaker 1: limited father small small registration the cheapest one you can do.
Speaker 1: Can you do that? And I'll tell you why because
Speaker 1: when you do that registration, right, you see your laptop
Speaker 1: you used to do your your business, your business, the
Speaker 1: neper you are paying, that's a card you are buying,
Speaker 1: the phone calls you are making, these are all going
Speaker 1: to be expensive that you can use to write off
Speaker 1: that create to income you've gotten. So some one sent
Speaker 1: you a job right online, and that job was to
Speaker 1: do I know crypto was to do XYZ. When you
Speaker 1: did that xyz. You used Nigerian data, Nigerian Power, Nigerian
Speaker 1: Telecom to do that data, so it cultur certain amount
Speaker 1: of money to do that data which you then did.
Speaker 1: You can take away those costs from your income.
Speaker 3: You won't pay tax to the data pack.
Speaker 1: You're buying, the phone you bought, the rentever you went
Speaker 1: to a resort to do to have peace and quiet,
Speaker 1: do that job in that resort, The hotel building you
Speaker 1: paid for that resort. You're uber to the hotel, the
Speaker 1: meals you're hit in the hotel whilst you're working for
Speaker 1: this company are all going to be disallowable. It's allowable
Speaker 1: from your income. So if you have a company and
Speaker 1: that company does not make fifteen million error in front of.
Speaker 3: A bigil, you'll not pay any tax.
Speaker 1: So if your company does not make fifteen million error
Speaker 1: in Tourneva, you're not paying tax. For a company makes
Speaker 1: fifty one million error and then you have phone bills
Speaker 1: data pack, you can also take that data pack to
Speaker 1: further release your taxes. I'm not paying any income, so
Speaker 1: that's why I ask if it's in your name in
Speaker 1: a company name. So now I'm giving you one idea.
Speaker 1: Right go out to a company, make yourself the founder, CEO.
Speaker 1: You canna add anybody on an AD. But you want
Speaker 1: to do the business with that company, then yourself that's
Speaker 1: the company. So you see your the income is going
Speaker 1: to the company. The company is not paying abigail. The
Speaker 1: company can pay a bigail is salary, It can pay
Speaker 1: a bigail drawings. When you take money from that company,
Speaker 1: you've taken your own income the company.
Speaker 3: I I rs the everyday.
Speaker 1: If you take income less than eight hundred thousand, don't
Speaker 1: worry about being in tax. They're not gonna pay any
Speaker 1: tax whatsoever. But if you take more than eight hundred thousand,
Speaker 1: you're then liable to pay tax. But how much tax
Speaker 1: do you pay? You only pay tax base on what
Speaker 1: you earn or above the reductable. So for you want
Speaker 1: to buy a pension, you want to do life in orans,
Speaker 1: you don't do any HF.
Speaker 3: You want to do all that stuff to reduce for
Speaker 3: the TAXI build income. So that'st into the girl.
Speaker 1: If you go on my page, if you tweet calous
Speaker 1: catch as taxes, I have a lot of posts on
Speaker 1: this where you can get it more simplified. So try
Speaker 1: to read this, Try to go on and watch the videos.
Speaker 1: But it's only about your wa is writing today. If not,
Speaker 1: you've had some stuff actually make you go seek more
Speaker 1: information right on how you can do this better?
Speaker 3: Makes sense that the girl.
Speaker 1: There's there's nothing, there's nothing crazy about it's just numbers.
Speaker 6: Yeah, thank you, all right, fantastic to swing. I got
Speaker 6: to swing to swing, hiden bats God Junior, I don't.
Speaker 3: My uncle calumni, don't, sir.
Speaker 5: I'm doing good.
Speaker 3: Fantastic.
Speaker 5: I will talk critical as well.
Speaker 7: And currently I don't work for any crystal company, but
Speaker 7: I do tradeing and Edgrobs. Also the money comes from
Speaker 7: Edgrove and trading. If starting say, I helped to be
Speaker 7: paying taxes.
Speaker 5: So how how is government going to know that the
Speaker 5: money coming into my account? Because when I want to convert,
Speaker 5: if I convert this.
Speaker 7: Money like this cut to ed Rob, I traded the
Speaker 7: B two P on an exchange, so different any money.
Speaker 7: So the government like going to like, you know, that's
Speaker 7: this money coming into my account?
Speaker 5: Are incourse? Course, it's really not.
Speaker 3: I know really Yeah, that's a fantastic question. Fantastic question.
Speaker 1: So the first and first is the government will know
Speaker 1: why because you're getting the head of an exchange or
Speaker 1: it's coming to your bank, right, So that's how they
Speaker 1: will know.
Speaker 3: So the person and advice is that don't think they
Speaker 3: will not know. They will know. This is very very
Speaker 3: easy to know. Crypto is not it's not, it's just.
Speaker 1: There's no name money, but you can't hide the trail, right,
Speaker 1: so they will know that's wanting. The second thing is this, right,
Speaker 1: if you all this income you're making, if it's income
Speaker 1: below eight hundred thousand, you don't have to worry about
Speaker 1: paying taxes.
Speaker 3: So do you get air drops more than eight a year?
Speaker 7: I get a whole lot like above that, like above that.
Speaker 1: Okay, so do you get that in your like I
Speaker 1: told a big do you get it in your company
Speaker 1: name or your personal name if it's your compan If
Speaker 1: it's your personal name, you might want to consider that
Speaker 1: incorporating something that you can receive that because if your
Speaker 1: tona is less than fifteen million, you also don't know pay.
Speaker 3: Tax start being shot.
Speaker 5: So I get this money.
Speaker 1: So I'm saying you should consider perhaps incorporating something.
Speaker 3: That's what I'm saying.
Speaker 7: Okay, okay, so probably like I'll be in charge of.
Speaker 1: Right, it doesn't matter who is in charge the company.
Speaker 1: But the company is the one doing the doing the
Speaker 1: activity that generates the income. Then that that income, if
Speaker 1: it's a ton of that is less than fifty million.
Speaker 1: That income is exempt from pain corporating compaxes.
Speaker 7: So I can basically what I say, I can complain
Speaker 7: then pay my right.
Speaker 3: That's how it's supposed to do.
Speaker 1: That's how mister Danglet doesn't that I got to get
Speaker 1: a salary from Dangote Cement and from Dangote Refined Petroleum.
Speaker 1: That's what mister so you want to be like mister
Speaker 1: Dangotex of.
Speaker 7: Course is like I know a lot of fifty folks
Speaker 7: don't really know or have access to this kind of information.
Speaker 7: Of course, it looks what my friends do even know
Speaker 7: about this. I feel questions like how this is going
Speaker 7: to be working to them and.
Speaker 5: About our Let me let me do that.
Speaker 3: Let's let me stay cryptic guy.
Speaker 1: And it's very close to doing before you see, don't
Speaker 1: advice and you guys, you would like to pay for advice.
Speaker 1: I want to advise you folks, right, organize yourself, pay
Speaker 1: for to come and talk to you on online or whatever. Yeah,
Speaker 1: pay the text guys, come and talk to you guys online.
Speaker 1: Make yourself so that what you hear from the horse's
Speaker 1: mouth right makes sense. Perfect, babe, I do care. Thanks
Speaker 1: you are there on the other space and we went off.
Speaker 1: Just appreciate your thanks for coming in back here.
Speaker 5: What sorry, yeah, go ahead, yeah, good good.
Speaker 8: So and this is in Canada, but I have a
Speaker 8: lot of interesting that you so I thought space very close.
Speaker 3: Yeah, And when this tax new tax.
Speaker 8: System came up, a lot of us in Canada became
Speaker 8: very exciting, I mean fiances because what's happening. I haven't
Speaker 8: I haven't looked very closely as the proposed tax system.
Speaker 8: Canada has a very very complicated tax system. Right when
Speaker 8: you're an immigrants and you move in your twenties from
Speaker 8: like to Canada.
Speaker 4: Or US the twenties, yourties or.
Speaker 8: Your forties, it's a serious cultural truck for you the people.
Speaker 3: You have the.
Speaker 8: Complicated financial system and the tax system. So what we've
Speaker 8: done as immigrants here in Canada is that we've created
Speaker 8: structures and systems that allow us to understand us.
Speaker 4: So that it can settle down and get to know
Speaker 4: how the tax system works.
Speaker 8: Because if you don't understand, then there can be a
Speaker 8: lot of benefits that accrue to you at the end
Speaker 8: of the year here, you know, tax reforms and all
Speaker 8: of that stuff that you don't have that don't have
Speaker 8: access because your taxes all you can't getting to see
Speaker 8: your trouble and a lot of money and.
Speaker 3: You don't have the money to pay. Right.
Speaker 8: So what I want to algidentially a realisentially TM when the.
Speaker 5: You know, we we we lest the lust. So yep.
Speaker 5: So one of the.
Speaker 9: Things that I wanted to do was to have a
Speaker 9: conversation with you.
Speaker 5: About some of the structures you know, some of.
Speaker 8: Those financial professionals here in Canada, especially in Nigerans right
Speaker 8: as we settle for ourselves and how those systems work.
Speaker 4: Because I can't see, I see.
Speaker 8: That it's going to be very very very very advancing
Speaker 8: in during the coming years. Right there's the whole ecosystem
Speaker 8: of accountants, tax experts, investments, advisors, all sorts of you know,
Speaker 8: to have organized themselves space pistically for the immigrants community.
Speaker 8: So f giggle about how to get all these things
Speaker 8: nig and I'll shut you a t and you're I
Speaker 8: kind of have that conversation some of.
Speaker 1: The time, Okay, fantastic, I said, I'll come back to you,
Speaker 1: maybe give a call.
Speaker 3: And I we'll see how we can apply.
Speaker 1: I mean, the whole body is that if you notice
Speaker 1: what the questions are going, it's more of a cultural
Speaker 1: shock in terms of Nigers have do not have not
Speaker 1: paid taxes. If you don't work for the organized private
Speaker 1: sector or the government, you really haven't paid taxes.
Speaker 3: You pay VAT, you pay those all.
Speaker 1: But the pay income tax has been a big issue
Speaker 1: in Nigeria and that's going to be the first hurdle.
Speaker 1: People are going to say, why what is this? Why
Speaker 1: am I paying tax that I got? And that shock
Speaker 1: is going to be there for the first year in
Speaker 1: respect for whatever could we do. And we're trying to
Speaker 1: explain to people that listen, this is more of a
Speaker 1: behavioral change. How you spend money, how you receive money.
Speaker 1: You've got to adjust it. The same with America. No
Speaker 1: one you go to America, they don't collect cash from
Speaker 1: you and all that. It's because of taxes, right, They're
Speaker 1: also trying to avoid taxes that they are going They're
Speaker 1: going to how can we defer taxes?
Speaker 3: Didn't buy farmland.
Speaker 1: Bill Gates's largest farm owner in America is farm but
Speaker 1: he's buying farmland for a reason.
Speaker 3: So we've got to change the behavior. And the tax
Speaker 3: door allows you to do good things.
Speaker 1: It allows you to open and Cervis account, It allows
Speaker 1: you to invest money in life insurance, that allows you
Speaker 1: to buy your home. That it gives you relief if
Speaker 1: you don't have a home. These are role what the
Speaker 1: God is trying to push you to do, and they
Speaker 1: are very good.
Speaker 3: But they are using.
Speaker 1: Taxes to make you to do that. So fantastic. Let's
Speaker 1: talk after this, not a problem whatsoever. We have about
Speaker 1: an hour to go. Guys, Allah, you've got the floor.
Speaker 3: Allah.
Speaker 5: Yeah, everyone. My question. I'm going to tell one question
Speaker 5: which is actually as a follow one to.
Speaker 2: What you said a.
Speaker 5: Speaker before.
Speaker 4: This one was.
Speaker 10: About a complaint and then.
Speaker 5: That comes into your complaines less than fish in a.
Speaker 3: Year, not any's turnover, the turnover.
Speaker 4: Sorry, you don't get paid I you don't pay tax.
Speaker 5: But where have problem is when it's.
Speaker 10: Time to now we draw money from that account, will
Speaker 10: you be tax No?
Speaker 1: Your bank accounts just your bank account doesn't mean your
Speaker 1: bank not your income account. Right, so your company can
Speaker 1: have a turnover. The company can have turn of out
Speaker 1: maybe forty nine million, right, so that company will not
Speaker 1: pay company in contact. But what about you as individual.
Speaker 1: Let's assume, for instance, you are in a salary from
Speaker 1: your own company that becomes your own income, which would
Speaker 1: then be should we.
Speaker 3: Say, and you just get to pay taxes?
Speaker 10: Yeah, you know this company, we have a business, right
Speaker 10: and the business that can comes with a card, an
Speaker 10: eating card. If money goes in there's less than fifteen million,
Speaker 10: and I use my card, or I've made transfer from
Speaker 10: online to transfer money from the account.
Speaker 4: Maybe twenty or twenty five thirty media.
Speaker 5: I just transferred to do something that will Will I
Speaker 5: be taxed for that?
Speaker 1: Well, the law says turnover above fifteen million, So the
Speaker 1: question is is that transfer turnover? Well, that's the question,
Speaker 1: and that's what the tax i don't look at. You
Speaker 1: can be making transfers of thirty on the month and then.
Speaker 3: Say in a year. I hear you.
Speaker 1: I'm just quoting back to you exactly what they use it,
Speaker 1: because this is what we're going to have the great areas.
Speaker 1: The turnover of the company is what they use, not.
Speaker 3: P and L, not net tax.
Speaker 5: To make it specific, this is going to be rental income.
Speaker 3: You've already said income.
Speaker 5: You said income, it's going to be rent from the parties.
Speaker 1: So you you and you eard income of thirty million,
Speaker 1: you're gonna pay tax on that. It's simple if very
Speaker 1: said income, So you're gonna get tournay.
Speaker 5: A company m hm, Renita is going into this company?
Speaker 5: Right and les than fifty million?
Speaker 4: Right am?
Speaker 5: I still gonna pay attach on that? Definitely know for.
Speaker 1: The individual or for the company, sir or the company.
Speaker 1: The acts is turnover of fifty I didn't. I'm just
Speaker 1: telling you what the act said, So I'm not I'm
Speaker 1: not going actually clarify. They will clarify little on what
Speaker 1: tourn of that means. But they've said that the turnover
Speaker 1: of fifty million, there's fiften a houndred million. But let's
Speaker 1: take to fifty talk about fifty million. You don't pay
Speaker 1: company income. Fact, that's what they've said. So if that
Speaker 1: income coming into the company is income, clearly it's.
Speaker 3: Going to be taxed. What would you focus on?
Speaker 1: It's going to be your taxable income with means what
Speaker 1: added deductibles the company can apply to reduce the taxable income.
Speaker 1: Because you have expenses, you what diesel right for those companies,
Speaker 1: you paid insurance, you have a security man, you have
Speaker 1: sorry guys that are yoursest workers. All the doctorbles are
Speaker 1: going to go to back up that income if it's
Speaker 1: used to create the income for the company.
Speaker 3: And that's what is a net that's going to be taxed.
Speaker 1: So you got tofi the thirty million, what expectes created
Speaker 1: a thirty million? You back it out, then do you
Speaker 1: pay taxes?
Speaker 5: Okay, yes, sir, thank you so much.
Speaker 3: You're very welcome. Son omor or log logo omor, Yes,
Speaker 3: I'm here with you.
Speaker 11: Thank you, afternoon, everybody now, thank you.
Speaker 2: Now.
Speaker 12: I wanted to also just add to your conversation here
Speaker 12: the idea behind when you're making doing crypto, any other business.
Speaker 5: What the government is saying is.
Speaker 12: You if you have your companyde that you pick, you
Speaker 12: pay corporate in compacts like However, if you don't register
Speaker 12: the business, you know it to be seen as income
Speaker 12: to you, you'll be that on it that will be
Speaker 12: p it.
Speaker 5: That's number one.
Speaker 12: Number two the addition I came up with, I think
Speaker 12: right now the government is one offering for people to
Speaker 12: come and registart their company for free. So can you
Speaker 12: confirm down years, So they are giving you the opportunity
Speaker 12: to use comfort come and register.
Speaker 3: For free a bigger light hearing, a bigger light hearing
Speaker 3: excuse not.
Speaker 5: To come forward now you know so, thank you so much.
Speaker 3: That's really I want to look for that.
Speaker 1: If you can share that link with me home, I
Speaker 1: will also share it out. If you can share that
Speaker 1: free reliteration because you again, it is the behavioral change.
Speaker 1: If you've been doing one billion business with your test
Speaker 1: and you've got to change that in twenty twenty six,
Speaker 1: that's all we're saying.
Speaker 3: You've got to change that out.
Speaker 1: Separate your personal income from your business income, do not commingle, capture.
Speaker 3: All expenses and record them and claim them. That's the
Speaker 3: whole idea. The taglets are secondary.
Speaker 1: You've got to try now to have it be vieau
Speaker 1: change and keep paperwork because that's what you're going to use.
Speaker 1: Vni v e n n y Vinnie young. Are you
Speaker 1: doing a more? Thanks for the information being brought The
Speaker 1: floor is already, Oh.
Speaker 5: Be maybe I'm trying to pose this.
Speaker 1: You can do that, also share with me on d
Speaker 1: M or just also share that way people get that information.
Speaker 5: Yeah, just posted this two days ago.
Speaker 3: I'll look it up. Yeah, all right, VENI obid ob
Speaker 3: d o b d on the score. Okay Obi the
Speaker 3: OBD Gerson already I can, yeah, go ahead, yes I
Speaker 3: can right, So.
Speaker 5: For thank you very much.
Speaker 4: Kind of everything you said too far, you know, regarding
Speaker 4: the stacks.
Speaker 5: You know, it's really good.
Speaker 2: I'm just wondering how the government really wants to handle this,
Speaker 2: you know, because you know, we don't have a very
Speaker 2: good database where like in the US, ware your social
Speaker 2: Security number has you up to everywhere in your workplace
Speaker 2: and whether you're renting or you're buying a house, your
Speaker 2: bank account, you know, so you're tied up let all around.
Speaker 2: So any transaction or anything you do, if you use
Speaker 2: your credit card or use it, you know, except you're
Speaker 2: using cash.
Speaker 5: But even if you're using you're using cash to be
Speaker 5: weary as well.
Speaker 2: You know, we really don't have a very good data
Speaker 2: is that times people up, whether you're own a small business,
Speaker 2: whether you're renting, in your workplace, your banker in.
Speaker 3: A way that you know, they can.
Speaker 5: People the information and.
Speaker 3: They're building that. They're building that. That's what they're doing.
Speaker 1: That they're building that because because essentially there's a portion
Speaker 1: in the Tax Act that says that if you buy
Speaker 1: an asset, maybe you buy your generator, so use your
Speaker 1: generation to create to do business ad So in normal powers,
Speaker 1: the generator is the cost of it's the cost of
Speaker 1: doing business. Or like diesel, Let's say you buy diesel,
Speaker 1: use your diesel to run a generator, so you're in
Speaker 1: normal business cycles. You write off the business the cost
Speaker 1: of the generator and diesel from your income.
Speaker 3: Right, the tax man is saying that if that.
Speaker 1: Diesel or that generator has not paid import duty or
Speaker 1: the eighty, you the user cannot write that off.
Speaker 3: So what are they doing.
Speaker 1: They're forcing every vendor now to go rest for the
Speaker 1: eight because all happens the first time people try to
Speaker 1: do that and they get charged, they won't buy. Many
Speaker 1: vendled out V eighty. So they're gonna start to insist
Speaker 1: you have the eighty. Let me get your certificates. Because
Speaker 1: once they do that, what happens all the quotes and
Speaker 1: goes on registered people that supply you goods as serviets
Speaker 1: will be forced to do be eighty.
Speaker 3: So that's what this is. That they're not going to.
Speaker 1: Building one day. You know, I residents build this in
Speaker 1: one day as well. Our capone was jailled for tax vision.
Speaker 1: But what our capone did years ago, you can't do today,
Speaker 1: so they keep on practice, but go ahead.
Speaker 3: That's so they're doing it. Yeah, so well.
Speaker 2: And then the other side of it, you know, you
Speaker 2: keep talking about behavioral change from Nigerian's which is.
Speaker 5: Okay. So I worked with two of the big force
Speaker 5: in the Intel Command.
Speaker 2: Nigeria before I left, and the treaty is what used
Speaker 2: to happen. Then I had life insurance when I had
Speaker 2: my first charge in two thousand and I had.
Speaker 5: I bought life insurance right for myself and my wife.
Speaker 2: And what used to happen is at the end of
Speaker 2: every year, I reach out to used to be show,
Speaker 2: you know, to send me the summary of the payment
Speaker 2: for my life insurance and then I'll send it to
Speaker 2: my HR and say, here's my life insurance that I
Speaker 2: paid fantastic, which normally should yeah, which should have been
Speaker 2: applied in towards my tax and all of that.
Speaker 5: Right, But whether that was applied or not, I can't
Speaker 5: really I I.
Speaker 2: Really saw that, to be honest, I really saw much
Speaker 2: difference in terms of what I paid and stax and
Speaker 2: all of that.
Speaker 3: The other side of it is the fact.
Speaker 13: That in Nigeria, you know, what I was driging companies,
Speaker 13: you know, do your tax and then they send me
Speaker 13: tax certificates, Oh, we paid your tax for the year
Speaker 13: and that kind of thing.
Speaker 5: Unlike in the USA where you find your tax yourself.
Speaker 5: So you the tax advice.
Speaker 14: We'll sit down and you're telling tax advice, which reced whether.
Speaker 5: What you've done, whether you have a mortgage.
Speaker 3: Whether you you know, if you're running a business, you know,
Speaker 3: what are.
Speaker 5: Your your deductibles, what are your expenses? You know, you're
Speaker 5: you're assuming.
Speaker 2: That and they're right, you know, they're putting it down
Speaker 2: on your on your your tax phone, right and at
Speaker 2: the end of the day you see whether you're getting
Speaker 2: a refund or whether you're doing who's going you know,
Speaker 2: and if you're going and yeah, I don't know, but
Speaker 2: what was it?
Speaker 3: Yeah, that's what's what's the question.
Speaker 5: So I'm just trying to make a.
Speaker 2: Comment in the fact that at the end of the day,
Speaker 2: you know, in order to tie up all these all
Speaker 2: these things, right, you know, back to what I said,
Speaker 2: we still need to have a robust database, you understand,
Speaker 2: and then that massive education for people to understand and
Speaker 2: then move the next step where people have to not fire.
Speaker 3: Your tax Okay, let me scare you base, let me
Speaker 3: scan I just.
Speaker 5: Right.
Speaker 3: In the US, that's all we call basis. You know
Speaker 3: what businesses, right, basis be a basis.
Speaker 1: You know what businesses In Niger? We don't have basis,
Speaker 1: but you can. You cannot go to basis without doing
Speaker 1: what they're doing today.
Speaker 3: You can't.
Speaker 1: What am I trying to say for those that can
Speaker 1: don't follow. If my grandfather built a house in Legos
Speaker 1: in nineteen thirty two, ninetety two, and they build that
Speaker 1: house for ten thousand nine er and I sell that
Speaker 1: house today for one billion, what do I pay in taxes?
Speaker 3: In Niger?
Speaker 1: We don't have that decoration because we don't have basis.
Speaker 1: In America, they will do basis. But what they're doing
Speaker 1: today is to move it from where it was in
Speaker 1: the past. Why you didn't see your tax when you
Speaker 1: paid your life round your company the past was because
Speaker 1: you got an automatic deduction when you're big four paying
Speaker 1: your paycheck, the automatics seeing the doctor twenty percent of
Speaker 1: that pay check and that was your tax credit, automatically
Speaker 1: above the line. Right now, they removed that automatic deduction.
Speaker 1: There's no more ut deduction, which means today what you did.
Speaker 1: Then is what people have to do from twenty six
Speaker 1: They've got to go to their HR and say, hey HR,
Speaker 1: I paid rent HR, I.
Speaker 3: Bot life insurance. This is my proof.
Speaker 1: Then your HR will then use that and file their
Speaker 1: taxes if that's what they do, and claim that deduction.
Speaker 1: So when I'm moving to a personal filest that when
Speaker 1: I just do start doing like Tobo tax and I
Speaker 1: go to see the apps, that will come up very
Speaker 1: very soon. So I told pull the space all the
Speaker 1: suffre you're saving money with. You save money with one
Speaker 1: app and all that demand from them. Demand from your
Speaker 1: tax app or that their app they don't give it
Speaker 1: to you, don't save money with them, demand from them
Speaker 1: a million money off you right, and say if I
Speaker 1: enter some amount of money, car may my taxes and
Speaker 1: send me the tax paperwork. The Natural seven says that
Speaker 1: they prefer electronic filing. So what's gonna happen is that
Speaker 1: anywhere in America anyway I want account cryptal Bank insurance,
Speaker 1: they send it to to the IRIS. So when you're
Speaker 1: failing your tax you know, will they send you a
Speaker 1: ten ninety nine use your tennety ninety five taxes. It's
Speaker 1: going to happen in Nigeria as well. It's gonna happen
Speaker 1: Niger as well because that's where they are going to.
Speaker 1: What's happen Niger is that when when when you buy
Speaker 1: a house, you are going to when you buy it
Speaker 1: in house, I'm going to.
Speaker 3: Ask you for your tax I D who's going to
Speaker 3: be that? And again they're going there.
Speaker 1: They're going there, but they can't go with it and
Speaker 1: say okay, no, it's going there. And you can see
Speaker 1: they're actually going to go to.
Speaker 3: So if if you give this.
Speaker 1: Five years, it's going to be full individual, find out
Speaker 1: employer full individual.
Speaker 3: That's why it's going to go to five years.
Speaker 1: But not now.
Speaker 3: So if you're if you're an IT guy, there's a
Speaker 3: big opportunity for you.
Speaker 1: You can be the next two both tax guy have
Speaker 1: a twobo tax that will take all these tax laws.
Speaker 3: Put it to an app. Make it really simple, like
Speaker 3: I like says, I give you an example.
Speaker 1: The Tax Act says, if you are an individual and
Speaker 1: you pay you air less than eight undred ky, you
Speaker 1: not pay tax. Okay, how does a market woman in
Speaker 1: my twelve daughter know that she ends eight hundred per year?
Speaker 1: How does she know she doesn't know, because that's how
Speaker 1: we do single entry. Nin you're not double entry. So
Speaker 1: if you create a very simple app, that's all her phone,
Speaker 1: not the smart her phone. Every day she sells, she
Speaker 1: will say my toper for this day is hundred. Now
Speaker 1: she puts right now on the app.
Speaker 3: That's all she puts every day. She plugging her daily
Speaker 3: impute every day.
Speaker 1: Once the daily impute hits eighteen thousand, apple, my dad,
Speaker 1: you're not a liveable for taxes, so go and see
Speaker 1: a tax advice.
Speaker 3: And you can never just.
Speaker 1: Tax advisers within the areas. So if you're a banker
Speaker 1: or you are a gather, you know about this, you
Speaker 1: can realister with that app. If it is no daughter,
Speaker 1: you live in a k too, you're gonna meet her, say, madam,
Speaker 1: will now per sold one million?
Speaker 3: Okay, we'll have to release your taxable income. Madam. We
Speaker 3: buy life insurance, you explained to her. They pay you
Speaker 3: a small fee. That's how we need to create.
Speaker 1: Apps, not the complicated ones that are going to be
Speaker 1: created by the big boards that we're going to use,
Speaker 1: but the simple ones. And that woman selling tomato in
Speaker 1: my twelve, can you use very simple to track her
Speaker 1: turn over?
Speaker 3: That once it hit it's on a ky.
Speaker 1: It converts her from a tax exempt to a tax
Speaker 1: libel person, and then she starts to then reduce those taxes.
Speaker 3: If it goes above that, she.
Speaker 1: Then goes, amiss a proper accountant. Okay, madam, you're going
Speaker 1: to get tax, but this is how I'm going to
Speaker 1: do it.
Speaker 3: Wor to pay. That's one as real need. So they've
Speaker 3: teed it up for you.
Speaker 1: If an IT person is teed up for you, wrong
Speaker 1: with this, get a banker gets on to sit down
Speaker 1: the room, mark this out.
Speaker 3: Create your app. And this is how things started. All
Speaker 3: this plot how it started.
Speaker 1: It sat down, they saw the laws were changing, and
Speaker 1: then it created them app to capture the nuity. But
Speaker 1: it's gonna get a demand from twenty six four tax advisory,
Speaker 1: tax planning and all that.
Speaker 3: You want to capture guys, very very quick, but will
Speaker 3: you like an hour? Be apciate you ever? Ever? Genius
Speaker 3: hope someone questions evergenough where? Yeah, thank you call you.
Speaker 5: It's wonderful space.
Speaker 3: Enjoy thank you.
Speaker 4: I following a lot. I do let it look early output.
Speaker 5: As well a question and quite summer.
Speaker 15: The complacement and I give people that are yeah, I
Speaker 15: had about taking to people. And also I am actually
Speaker 15: an OUTC and PT trader and if you know about this,
Speaker 15: it's more like the eschanger.
Speaker 4: For crypto to feats.
Speaker 15: So in this case we'll trade crito for people to
Speaker 15: cover to their fear. Fat is the local courress in Iraq. Now,
Speaker 15: in the case of someone like me, I'm not in
Speaker 15: the country, I work outside the country and I make
Speaker 15: money outside the country. There's one I do salary, that's one.
Speaker 15: Then I do be as a side orso. But in
Speaker 15: this case, I do a lot of transactions to majerior traders.
Speaker 15: Like in I was in more than a hundred million,
Speaker 15: even on dailies. It's going to put it that way.
Speaker 15: For his start, how do I I have an organization,
Speaker 15: register organization, how do I get that?
Speaker 5: It's a bit complex.
Speaker 16: I was trying to understand that what you've been saying,
Speaker 16: but I still do not connect. If my money talking
Speaker 16: about I would do that and let me say one
Speaker 16: week you better.
Speaker 1: But you're gonna im making the income in Nigeria Canada,
Speaker 1: where's the income being made?
Speaker 15: Okay, courage, I am in donald and for my income,
Speaker 15: my past line incomes like go to I will just
Speaker 15: say like a thousand dollars for the salary.
Speaker 4: My stiles, I can.
Speaker 15: Do it tal over more than what I'm hearing.
Speaker 3: So I heard.
Speaker 1: I'm asking where is that turn about being made? Its
Speaker 1: even been in Ghana on nightbout being made?
Speaker 15: Okay, I treat make payment enjoying account.
Speaker 5: So I have my counts. No I know.
Speaker 1: Just so if you make pervent in Canada, that's a
Speaker 1: Ghandian income, right, what's the problem. We don't have any
Speaker 1: because with that income, right, why is it?
Speaker 3: Why is it? Why is the nineteen income?
Speaker 2: Yeah?
Speaker 1: If I live in in Malaysia and I turn about
Speaker 1: won't be done in Malaysia. How is the young goleman's business?
Speaker 3: I am looking from account, but where's the tournover?
Speaker 1: Where's the ton of that being made in Nigeria or Ghana?
Speaker 1: So that was the problem, there's not.
Speaker 4: That's my question.
Speaker 1: If you have income, there's not your The loss said
Speaker 1: taxation of the turnover just to exempt you. But the
Speaker 1: income is taxable. The fifty one that means when they
Speaker 1: will start to tax you, they don't tax turnover.
Speaker 3: The tax income.
Speaker 1: The fifty million is just when they will start to
Speaker 1: tax income. So let's say you make income of turnover
Speaker 1: of fifty million, but income of ten thousand, then they
Speaker 1: will tax ten thousand.
Speaker 3: You know what you're saying.
Speaker 1: So in ton about five hundred and one million, then
Speaker 1: income of ten then they'll tax the ten.
Speaker 3: The fifty million is where the threshold is to begin
Speaker 3: to tax you.
Speaker 1: So if you say you make income about fifteen million,
Speaker 1: that means you've crossed the threashold to be tax So
Speaker 1: the taxman is going to ask himself where is the
Speaker 1: tax based? Where are you generating that fifty million? Is
Speaker 1: it in for that ten thousand minutes? It in Ghana
Speaker 1: or Nigeria? If you have money in Nigeria that is
Speaker 1: in an interest bearing account, of what's going to be
Speaker 1: taxed on that they'll take with gold tax. If you
Speaker 1: do transactions to Nigeria, you might pay VIATD. But what
Speaker 1: about per personally come tax?
Speaker 5: Right?
Speaker 1: The law has a number for residency. You have to
Speaker 1: stay in nigerquate. This is a no map of days
Speaker 1: to be a resident of Nigeria. So if you stay
Speaker 1: below that number of days, you're not a residence hence
Speaker 1: you'll not be taxed. Right, so you have to focus
Speaker 1: on where is the turnover being made, where where is that?
Speaker 1: That's really a questions. And once you ask a question,
Speaker 1: then are you making fifty million?
Speaker 2: Yes?
Speaker 3: The not O care that you pay or you don't pay?
Speaker 1: Yep?
Speaker 5: What so quick?
Speaker 15: Then for the people that areny here, most of the
Speaker 15: people actively on TEX so I'll just I just want
Speaker 15: to access that first of all, who's doing the same
Speaker 15: thing in having a huge ton of but I don't
Speaker 15: even income as we speak, people that.
Speaker 1: He's going to pay a whole lot of tax or
Speaker 1: what we call best of judgments. So those people are
Speaker 1: the people that are going to get a shocked in January.
Speaker 1: Because that's why keep on saying behavioral change. If you
Speaker 1: have a lot of turnover, you just spend, you know,
Speaker 1: you just you dip your hands to your tournover, you spend,
Speaker 1: you do business. You're going to be here to a
Speaker 1: huge amount of taxes. You've got to go from now
Speaker 1: to twenty twenty six. Go hire an accountant to look
Speaker 1: at what you're doing and advise you how you can
Speaker 1: change your spending income behavior for twenty twenty six. Those
Speaker 1: people are the ones that I am afraid for because
Speaker 1: they will say, oh tonover belove, you know, I'm not
Speaker 1: going to pay tax. No, you're gonna pay tax because
Speaker 1: you are not running your business in a tax efficient manner.
Speaker 1: So tell your friends that are doing any one at
Speaker 1: fifty million, go and.
Speaker 3: Hire an accountant.
Speaker 1: If you go to a n D n D university,
Speaker 1: they will advise you. It's not a big transaction. I'm
Speaker 1: gonna tell you what you need to do. The boots
Speaker 1: of account need to keep. That's what you need to
Speaker 1: do going forward. Don't it takes you the same mentality
Speaker 1: of oh I can dodge.
Speaker 3: No no, no no.
Speaker 1: If you do that, they're gonna get hit very hard. Yeah,
Speaker 1: you're very welcome. If fine, Yeah, it finds gerald.
Speaker 3: Hey, what's man?
Speaker 4: Okay, thank you very much.
Speaker 3: I can hear yourself.
Speaker 4: Okay, thank you very much. That this has been very excited,
Speaker 4: so much, done so much.
Speaker 5: But I have a questions, sir.
Speaker 2: My question is.
Speaker 9: If somebody sends money to your accounts, somebody sends money
Speaker 9: to your personal account and.
Speaker 15: The persons that.
Speaker 4: I want to know if that person is.
Speaker 3: Gonna be tasked or sender.
Speaker 5: I want to know if both of.
Speaker 11: Us or and who will be tasked?
Speaker 3: What has the nation?
Speaker 1: Yeah, so look at this way, let me just I
Speaker 1: know what you're going to look at it this way, right,
Speaker 1: the taxman is taxing income, not gifts. But but if
Speaker 1: the taxman sees every month one million gifts, one million gifts,
Speaker 1: one million gifts, what I think that man will say. Okay,
Speaker 1: he will say it's not a gift. No, he will
Speaker 1: think that you're opinting yourself salary and you're trying to
Speaker 1: avoid paying by taking it as gifts. So the answer
Speaker 1: really is that when you are doing all this, keep
Speaker 1: in mind that what you are trying to do is
Speaker 1: to you can if you get a gift every every
Speaker 1: every month, it's not long gift. Now, it's not income.
Speaker 3: You see what I'm saying. You have the attachment.
Speaker 1: You're gonn to look at it and say, a reasonable
Speaker 1: person will assume that if I got it gifts every month,
Speaker 1: say my mouth, it's not longer it gives. It's an
Speaker 1: incomes annibty or whatever, and they're gonna tax you. So
Speaker 1: you kindly hide from that. If you go doing Christmas,
Speaker 1: someone gives you a gift of twelve twelve million, that's
Speaker 1: a gift.
Speaker 3: But yeah, so that's the point I'm making.
Speaker 7: Okay, Okay, thank you very much, I wanted to about that.
Speaker 9: If you.
Speaker 15: Having company account, talk about insurance, so remember that.
Speaker 3: Let me let me I'll say that again.
Speaker 5: Right.
Speaker 1: If you have an individual person, take the doctions. I
Speaker 1: want to list the five for you for the individual company.
Speaker 1: For the individual. Number one retirement savings account. Number one
Speaker 1: retirement servings account go to start at three and additional
Speaker 1: tax exempt from your taxes from your income.
Speaker 3: That's number one.
Speaker 1: Number two is going to be your life insurance premium
Speaker 1: that you pay for yourself and for your spouse. Life
Speaker 1: insurance for yourself and for your spouse. Number three National
Speaker 1: Housing Form Mandatory contribution, number number four, National Health Insurance
Speaker 1: Team Manatory contribution.
Speaker 3: Number five.
Speaker 1: The mortgage you if you are paid for a mortgage,
Speaker 1: the interest on the mortgage you can also back out
Speaker 1: from you from your total income.
Speaker 3: There's a six to.
Speaker 1: One which is your rent. If you're paying rent, twenty
Speaker 1: percent of the rent. Number capped at five hundred thousand.
Speaker 1: That's for personal personal. For a company, it's any expense
Speaker 1: that you can show was used towards the generation.
Speaker 3: Of the income being taxed. So any expense.
Speaker 1: I give you a good example, if that WIDEO is
Speaker 1: filing his taxes that wido would list that Ferrari he
Speaker 1: bought for two per three millions as an expense. A Ferrari,
Speaker 1: he bought a Ferralica, he's buying goal change, he's eating
Speaker 1: flying primates. That widow would list those things Ferrari, goal
Speaker 1: change as an expense because that widow is in the
Speaker 1: business of shoebis. So those things are what he's using
Speaker 1: for showbiz. If you list them. If you list them,
Speaker 1: the past way will say, no, you don't need a
Speaker 1: Ferrari to do your business, So why are you putting
Speaker 1: the ferrari as Why are you putting that's your personal asset,
Speaker 1: so you pay tax on that. So it is any
Speaker 1: expense used holy reasonably towards the creation of that income.
Speaker 1: You can back it out under their business. So that's
Speaker 1: the thing for you planning. Yes, perfect, all right.
Speaker 4: Last question a medical doctor and I'm currently doing my
Speaker 4: house job.
Speaker 5: Mm hmmm, Now when how.
Speaker 1: If I can If I can't hear you your audience,
Speaker 1: very bad, send me a d M, send me a
Speaker 1: DUM next, okay.
Speaker 5: And very.
Speaker 17: Yes past, thank you so much for this person as
Speaker 17: a calm and text what you do. My question is
Speaker 17: about the impact the negative imparts retail investors in the
Speaker 17: top packets with tears, what will be the impact and
Speaker 17: what can we do? I heard about work fifteen midle
Speaker 17: and all of that recently. And when I look at metrics,
Speaker 17: the part insights into the.
Speaker 5: Tax issue and on all that.
Speaker 3: So please, I.
Speaker 17: Don't know if there's a difference to stal.
Speaker 3: This this talks we have.
Speaker 4: That's I think invest I think.
Speaker 3: To worry about.
Speaker 4: But I mentioned earlier that Pepoles.
Speaker 5: Was hundred.
Speaker 4: Now they're greatest fifteen million. If you look at sea
Speaker 4: more than nine twelve percent.
Speaker 9: Of the nine years multiven trade up of the after
Speaker 9: amount of money. So I think it would actually be
Speaker 9: pretty much worried that they would use that the banksy
Speaker 9: US or those that will start as buying most of
Speaker 9: the time, because this is sometimes most.
Speaker 4: Of them putting back at two one hundred. So definitely,
Speaker 4: I think he has you to.
Speaker 9: Need to implications for retain versels that you mentioned because
Speaker 9: you wanted to be captured first. You want me to
Speaker 9: require as you must trade that there's one partimuiar I year,
Speaker 9: you know that's one forty million there I am the
Speaker 9: income of more.
Speaker 4: Than ten million. So when you look at that it
Speaker 4: is pretty much the results should not worry.
Speaker 9: However, I think for the market generally you listen to
Speaker 9: different expercause I know, really thanks tax is normally mine
Speaker 9: for it was. I'm looking from the point of the
Speaker 9: fact that since that it's been scaled, the actual trunklety.
Speaker 4: Pretty much like that could given he had to appretize
Speaker 4: what concerns as we do. But do you see that
Speaker 4: when incompeted still go to that market.
Speaker 9: It's still competitive, you know, for example, the taxes I
Speaker 9: be in France and the UK it's much more and
Speaker 9: the word I'm getting in the dry as much more better.
Speaker 4: So when I compare their trustments, you know.
Speaker 9: But just like you said, now, so pretty much now
Speaker 9: when I was putting so much his assets in the
Speaker 9: personal and now I'm concentering putting them in business just
Speaker 9: for me to reduce my tax liabilities. So yeah, with
Speaker 9: the investors, the agent that you have, you have.
Speaker 5: Litle to worry about.
Speaker 9: Particulars you have to worry about, except you have really
Speaker 9: know the same thing with to Space. The problem with
Speaker 9: the group to Space is that you know people work,
Speaker 9: they really are.
Speaker 4: Not because we have details many little to theirs.
Speaker 9: In Nigeria, are the minute the Americans that really go
Speaker 9: through Look at.
Speaker 4: What post a big county got five thousand, and it's
Speaker 4: just because we have to shut down. If you look
Speaker 4: at the part of America.
Speaker 9: Or market, it's huge to the Americans that you really
Speaker 9: worry about the quantity and quantity. But then yeah, we
Speaker 9: can't say we have quantity in terms of the word
Speaker 9: before interested, but the quality is already there. How many
Speaker 9: nineteenars we have one thousand us in the balance worlds,
Speaker 9: So h those that are really high that towards we'll
Speaker 9: get exposed. And those I think they're decried, well, I
Speaker 9: think that the according to Desire Information, they're trying to
Speaker 9: use intelligence to mantagers.
Speaker 4: And also but this exchange is to expose the ideas
Speaker 4: suspect that I need to.
Speaker 3: Yeah, definitely definitely don't. You can't have another crypto.
Speaker 1: They're gonna get you guys. I mean there's a crypto
Speaker 1: guy that I was on the space too, is the
Speaker 1: guy that said the government had limiting with them, and
Speaker 1: they're gonna basically it doesn't in America. If you open
Speaker 1: any cryptic accout in America, they send your name to
Speaker 1: the IRX.
Speaker 3: It's gonna be the same in najery.
Speaker 1: It's nothing you So I would say, try to look
Speaker 1: for legal ways to avoid taxes. Tax avoidance is legal,
Speaker 1: tax invasion is illegal.
Speaker 3: I just shared on my page now your.
Speaker 1: Individual deductions, what you can do to reduce your individual
Speaker 1: tax Liby, just show it now, going to let the
Speaker 1: space on my tears so you can look at it.
Speaker 7: You can share.
Speaker 1: This is what the company has said, the government has
Speaker 1: said that you can do to reduce your taxical income.
Speaker 3: Mister j what what are you doing? What's up?
Speaker 5: Man? Yeah? Very well, I think I just have a
Speaker 5: few questions.
Speaker 14: I live here in the UK and the send money
Speaker 14: to my family sometimes, especially my grandma, and I'm worried
Speaker 14: that if she received a monthly presenting her account, is
Speaker 14: she going to be tasked and not just that. How
Speaker 14: long do they have to keep those information for?
Speaker 3: Did that a side of it?
Speaker 7: Yeah?
Speaker 5: I don't know how to come the data here.
Speaker 14: We keep the ask for certain PAYIM maybe four yes,
Speaker 14: and you try the information away.
Speaker 3: I don't know that answer.
Speaker 1: There's an answer there. I don't know the exact number
Speaker 1: of you. I get your question, but I know the
Speaker 1: exact number of years where you have to read that
Speaker 1: as a policy, and that I don't know the exact answer. Yeah,
Speaker 1: I mean something that grow can get for us, But
Speaker 1: I don't live the answer. As to your mom if
Speaker 1: she gets so how I mean, how.
Speaker 4: Old is your mom?
Speaker 3: Is she getting the money from you? As up keep
Speaker 3: remittant that.
Speaker 5: What it is? Yeah, it's just OK.
Speaker 1: Yeah, So I would just advise you as an went
Speaker 1: to her narrated properly rematerns to mom or upkey for mom,
Speaker 1: so that the taxman sees it. And when they want
Speaker 1: to look at your mom's account, they see her age.
Speaker 1: It's coming from her son in London, he says her
Speaker 1: native and upkey. That's that's all the need to see.
Speaker 1: Because your mom is not inning below it's not any
Speaker 1: more than eight hundred. That's as if she's doing any
Speaker 1: more than eight hundred. The tax bands are very very wide.
Speaker 1: They've increased tax bans. I think the first tax ban
Speaker 1: is almost eight two point two million after eight hundred
Speaker 1: if i'm if I'm correct, So it's very wide tax band.
Speaker 1: Like I said, if she doesn't end one point four
Speaker 1: five in the month, her tax are gonna go down.
Speaker 3: She doesn't end up.
Speaker 1: To one point four five that's seventeen million a year
Speaker 1: her taxes without deductions. Just if you just give her
Speaker 1: the money, she does not do any deduction, her tax
Speaker 1: are gonna go down.
Speaker 3: She would not pays you pay zero for eight hundred thousand.
Speaker 3: The other one. She will pay tax, but it.
Speaker 1: Will go It's low that what she paid under the
Speaker 1: old scheme. If that makes any sense. Yeah, so you
Speaker 1: can sort of managing debate and say, okay, even if
Speaker 1: by even if she does get taxed, she's been a
Speaker 1: lower attacks today than what you have paid under the
Speaker 1: old scheme. All right, perfect? Or yeah, gets in the
Speaker 1: messages if so, let me say it again, right, getting
Speaker 1: most messives on. If you and less than eight hundred
Speaker 1: thousand nira, you will not pay any tax whatsoever personally
Speaker 1: in contact you will pay VI eighty. You will not
Speaker 1: pay any personal in contact. If you learn and less
Speaker 1: than eight hundred thousand narra a year a year, If
Speaker 1: you and one point four one point four five million
Speaker 1: naira a month a month, whatever your TI axis where
Speaker 1: in the old scheme, they will go lower in the
Speaker 1: new scheme. This is even if you don't do any deductions.
Speaker 1: You do you don't, you don't do pension. You don't
Speaker 1: do anything, just just say I'm going to take my
Speaker 1: whole money and go home. The tax you will pay
Speaker 1: at one point four five a month will be less
Speaker 1: than the taxes you would pay under the old scheme.
Speaker 1: Once you end above one point four five, your taxes
Speaker 1: are going to go up. That's a month, one point
Speaker 1: four five a month. But makes from if you go
Speaker 1: to the physical the physical committee that have a tax
Speaker 1: table there, plug the numbers in there with a deductions.
Speaker 1: You see the same amount I think I have. Won't
Speaker 1: shared it on Twitter on Space Twitter while back, I
Speaker 1: did a table on excelf where I should the amount
Speaker 1: that you would make and at one point four to
Speaker 1: five it equalizes if the old skill a new scheme
Speaker 1: they qualize. That's your magic number. One point four five
Speaker 1: million a month. Whatever you do is gonna go up.
Speaker 5: That that's another question.
Speaker 3: A month people in it.
Speaker 1: That's that's a month one point month, very small, very small,
Speaker 1: but that's who they're good after.
Speaker 3: That's who they're good after.
Speaker 1: That that weight after me, After I do my ward,
Speaker 1: my quote, it would just keep the boys that are talking,
Speaker 1: don't worry after I don't want they're going after the
Speaker 1: big boys.
Speaker 3: It's a very very progressive tax system. Very progressive that is.
Speaker 4: That is why honestly when I look at is it,
Speaker 4: I was like, this is good for you. But the
Speaker 4: probably did comment is that you know they have bad markets.
Speaker 9: But the pr so people anything that comes from government
Speaker 9: as the fact that people.
Speaker 4: Won't trust them, the use of phones is bad.
Speaker 9: So I think the goverment that's greatly President, I'm expecting
Speaker 9: people to.
Speaker 4: It makes sense, like for example the president who put
Speaker 4: declare is tax.
Speaker 9: You know, even doing the dumpart that you should because
Speaker 9: the average read most show credibility is that you just
Speaker 9: understand that see or you should get in contract, you
Speaker 9: knowst paying taxes.
Speaker 4: And that's whoy I've been fighting for.
Speaker 9: You have come to the least the stock market should
Speaker 9: be giving parait when they are looking for a contract
Speaker 9: because they.
Speaker 4: Basically most of these things energy is used the open
Speaker 4: their books.
Speaker 9: They have to use the credible accounting them probably before
Speaker 9: they have to, and they're exposed to different penalties. But
Speaker 9: where you see those because somebody has a connection with
Speaker 9: the minister does open account is more.
Speaker 4: Than our distance to me. So that's why you feel
Speaker 4: that for these packs and to reading work.
Speaker 9: We need to see from there the moo in front
Speaker 9: of credibility, where people who really openly show that there's
Speaker 9: nothing to hip because and all this you said, man
Speaker 9: thinking that if you look at this name, it's really
Speaker 9: going to make things much more, much more efficient, empower.
Speaker 4: People, creates more opportunities. But the use of difference is
Speaker 4: that question that this tast.
Speaker 9: Because the goverment is going to make a lot of
Speaker 9: money from this, But the question is that it's going.
Speaker 4: To be the present of good news?
Speaker 1: Yeah, Willson, I mean I wish the presidents and the
Speaker 1: ministers will come in January and release their tax not assets,
Speaker 1: that tax filings the same way that Americans do because
Speaker 1: they say we're copying americanized release their own taxis that
Speaker 1: will give you a big, big boost to self assessments.
Speaker 1: The ministers, the president, and when the president does it,
Speaker 1: all the governors do it, all the government saremen do it.
Speaker 1: The let's say, who know of our taxes? But if
Speaker 1: you just keep on saying pay pay pay and the
Speaker 1: president does not lease its own tax filing, that's a
Speaker 1: bit free. Is that it's a hush hush hash shame.
Speaker 3: It's a shame. How you don't say that is how
Speaker 3: you real quick?
Speaker 1: Is that talking weld enterprise assets, libyries, tax and horizon.
Speaker 3: That's our weld session that we do personal finance. What's
Speaker 3: your question, sir?
Speaker 5: My person is about the coming Originally I'm a like prom.
Speaker 18: I look one one to number of one thoush about
Speaker 18: coming directly to my young PA's immediately accounts like all clever.
Speaker 3: Yeah, it's that you get taxed. So it's that's income.
Speaker 3: So you said you make about the thousand dollars, right,
Speaker 3: so that's definitely for even if you use fifteen, that's
Speaker 3: how or that's how.
Speaker 2: Much is that?
Speaker 3: Is that one point five million? How much is that?
Speaker 3: So if I did cross the threasholder, so you're gonna pay.
Speaker 1: Income taxt on that amount of money. So the question
Speaker 1: you want to ask yourself is how can you reduce it?
Speaker 5: Right?
Speaker 3: Can you?
Speaker 1: Are you? Is it for a company maybe to go
Speaker 1: onsite a company so you can have a higher threashold
Speaker 1: of turnover or what are your expenses? You can also
Speaker 1: PLoP back to clay back or club backs. All those
Speaker 1: taxes are going to pay because the things you have
Speaker 1: to do and talk to your tax advice about yes,
Speaker 1: you will pay tax. Doesn't matter whether they're going to
Speaker 1: cleverly or turn that app is coming to you. You
Speaker 1: are the beneficial owner of that transaction. So yes, you
Speaker 1: will pay tax in Nigeria.
Speaker 4: This is like like after.
Speaker 5: All the company that comes.
Speaker 18: In a year, if the amount of this company for
Speaker 18: that company doesn't amount to.
Speaker 1: Is that like that's me If the tourn over it
Speaker 1: is not up to fifteen million, then you will not
Speaker 1: pay company in contact.
Speaker 3: That is what the laws is correct. All right, perfect,
Speaker 3: you're very well.
Speaker 1: Look at the optimists guts about fifteen minutes to go Optimists.
Speaker 3: What your mind?
Speaker 11: Thank you sir, pick up leads. Now, I'm a Nngelia.
Speaker 11: I resided in Nigelia and I have a.
Speaker 5: Lot of friends as.
Speaker 12: Well who are in to crypt to keep the pictures,
Speaker 12: which means even in a week, some of what Westation.
Speaker 5: Would look like five million, even in a week, just like.
Speaker 3: Five million doing what now.
Speaker 5: Need to be transactional.
Speaker 3: You're saying five hundred million when I gonna pay tax?
Speaker 5: And another thing is there are some more points we have.
Speaker 4: Like in some makges, like some would water lily like
Speaker 4: thousand allow.
Speaker 5: In their mouths. Once you the the defect of tax.
Speaker 3: So first of all, you pay tax on income, not assets.
Speaker 1: So if you hold one billion dollar bitcoin assets, you
Speaker 1: will not pay tax on that one billion. But if
Speaker 1: you sell one thousand dollars and that one billion, you
Speaker 1: pay tax on that one thousand dollars. That's the number
Speaker 1: one thing. You don't pay tax on assets to pay.
Speaker 3: Tax on income.
Speaker 1: Those transfers you're taking back and forth, they are not
Speaker 1: taxable transactions percive. But the taxman will ask himself if
Speaker 1: you optimists can do transfer of five hundred billion a
Speaker 1: week if not be paying tax of ten thousand there. Now,
Speaker 1: that's what I'm going to say. They will now come
Speaker 1: and look at you critically because if you're doing five
Speaker 1: for nine million, I know it does not correspond automatically.
Speaker 1: Doesn't mean you should pay that, But then five milliones
Speaker 1: a lot of money to do and not pay tax.
Speaker 1: You see see what I'm saying. All right, So I
Speaker 1: mean it's not automatic. They won't say it because you
Speaker 1: do five millions, you pay tax, but you have to show.
Speaker 1: You have to keep records. So for people like you,
Speaker 1: you know, we're going to have a crypto space. I
Speaker 1: think it's the space I'm going to be speaking on
Speaker 1: Thursday this Thursday, if you guys can join, Yeah, try
Speaker 1: and join and listen.
Speaker 5: Yeah.
Speaker 17: And another thing is you know why changing by and
Speaker 17: we are saying, well, no, it's just nearly.
Speaker 12: Venue understand yes, because you have to say yes, we
Speaker 12: said you understand.
Speaker 5: So why saying you know there's something something that you
Speaker 5: just like just like we do the tax?
Speaker 1: Yes, So that where you're Binard telling you you are
Speaker 1: generating capital gains. If you make a profit, you your
Speaker 1: automatical general capital gains. That's why you're a tax. We
Speaker 1: don't taxes.
Speaker 3: That's capital the vote that you're generating.
Speaker 1: So the law is saying if you're doing what I say,
Speaker 1: one fifty million or limited one fifty million, then you
Speaker 1: pay the tax on that. So if you don't, if
Speaker 1: you do less than that, you don't pay the capital
Speaker 1: against tax. You've got to do above certain interation to
Speaker 1: trigger capital against tax. So that there's the income tax
Speaker 1: per se on the income you are making from your transactions,
Speaker 1: but the actual trading itself when you do that trade
Speaker 1: to be trade to grow by one o'clock, two o'clock,
Speaker 1: those trades all have you all have the capital gains element.
Speaker 5: To them.
Speaker 3: Those individual trades. In America, they track them. I'm not
Speaker 3: sure track it.
Speaker 1: But America they exchange will track it and sent to
Speaker 1: the irs. When you sell below you pay higher tack
Speaker 1: when you sell after you now, so I don't know
Speaker 1: how good job to be, but yeah, they do track.
Speaker 3: Often. It's list keep what I'll tell you. Keep records,
Speaker 3: incorporate your enterprise, keep records. What behavior will change you?
Speaker 3: Now know that if you sell, sell, sell, sell, sell,
Speaker 3: you just in capital against tax. So do you sell
Speaker 3: us often normally? So while.
Speaker 5: On the changes personal name.
Speaker 1: I can't work like that now it has all match.
Speaker 1: Now you can't have names like the company. Then go
Speaker 1: to your personal name. You are not the same people.
Speaker 4: Also, you can most for most.
Speaker 3: Then go to the one that does. That's why we
Speaker 3: say behavioral change. Go to the one that does. That's
Speaker 3: a change. You will be your children.
Speaker 1: Often all I can I cannot say what I know,
Speaker 1: all right, and I'm telling you that's about you're talking about.
Speaker 3: So I hear what you say.
Speaker 1: But that's a be a real change. So last work,
Speaker 1: We've got about five minutes to go. Oh been there, Proben,
Speaker 1: I think you've spoken, Obiner, go ahead, go.
Speaker 5: Ahead, everybody.
Speaker 3: How are you doing?
Speaker 5: I'm very fine, Thank you very much, learning from the space.
Speaker 5: I thank you so much for all you do.
Speaker 3: Thank you, sir.
Speaker 19: I want to ask, you know, if someone is working
Speaker 19: in the place where the past has spelled the segment
Speaker 19: of the salary life, maybe transportation, how is in the
Speaker 19: rest of them?
Speaker 5: Do you still advise that the person.
Speaker 19: Can file any rent payment to their child?
Speaker 3: Yes, that's what we're asking.
Speaker 1: That's what I said.
Speaker 3: That's to be a real change. We're talking about that.
Speaker 3: In the past, your child files for you. Now you
Speaker 3: have to file. So want to ask to a child
Speaker 3: what will happen from twenty two six?
Speaker 1: Do you need to file with them? Or do you
Speaker 1: to do self filing? Ask your h whatever they tell you,
Speaker 1: that's what you're going to do. So if you don't
Speaker 1: pay for red or your BAAFE insurance, you can't give
Speaker 1: you a char That's.
Speaker 3: What I'm saying.
Speaker 5: Okay, okay, thank you.
Speaker 3: Yeah, let's get.
Speaker 1: Saint Tops, Saint Tops, Saint Tops O, the who days,
Speaker 1: the who days?
Speaker 3: The is it available? Who? Dauci? Are you available?
Speaker 5: Follow mister?
Speaker 3: How are you? Go ahead?
Speaker 5: Sir?
Speaker 1: I most appreciate I've learned a lot from this space,
Speaker 1: thank you sir.
Speaker 5: But sometimes I need to clarification real quick, real quick. Yeah,
Speaker 5: consigning the you mean mentioned of eight hundred I think.
Speaker 1: That is annually or monthly annually?
Speaker 3: Okay?
Speaker 5: Then I have you still about.
Speaker 1: Capital game, so like if you buy and sell shares,
Speaker 1: not income tax, capital gains tax different when you bought
Speaker 1: and when you sw that's capital gain.
Speaker 3: That's the one PTA.
Speaker 5: Okay.
Speaker 1: And the filing aspect this with the expenses one queer
Speaker 1: in all.
Speaker 5: The process that would be looking the right.
Speaker 1: The file aspect is if you are a company, then
Speaker 1: you have to file a company of contax your personal
Speaker 1: personal in comtax. You file your expenses for the company
Speaker 1: for the individual is really pre done what you can file.
Speaker 3: You can only file those five items in menations before.
Speaker 1: Yeah, and more importantly you mentioned HR now and.
Speaker 5: Attaining some of the filing the HLD THO, they don't.
Speaker 6: Put somebody concentration when they are tually listening.
Speaker 5: To the employee.
Speaker 1: That's why we have you have to go and ask
Speaker 1: your HR and say HR, will you guys file for
Speaker 1: us going forward? That's what you have to find out
Speaker 1: because if you say no, then you have to find
Speaker 1: by yourself.
Speaker 3: That's what we're saying, right, Yeah, you can't.
Speaker 1: You got to basically go and find out if you said, yeah,
Speaker 1: all right, perfect o a t she.
Speaker 3: Oh eight cosmic mufphins.
Speaker 5: Believe, believe mister oh and find my question. Yeah, it's
Speaker 5: only for my grandmother. She owns, it's for my kids.
Speaker 4: She sells provisions, good more pepsy you know, so adds and.
Speaker 19: According to the tax I'm always attacked business people with
Speaker 19: less than fifteen or they go to tax a fix similiar.
Speaker 5: This is my grandmother doesn't know if she is up
Speaker 5: to fifty million, fifty million. She knows that she goes
Speaker 5: somewhere there buy that miscuits and as.
Speaker 4: For years now, don't issue she makes more than fifty million,
Speaker 4: next lass you know.
Speaker 1: Yeah, I mean that's a fantastic question. I think your
Speaker 1: question is what would shock many people in January twenty
Speaker 1: twenty six. Is the point I'm making over and over
Speaker 1: and over again. It's a behavioral change issue, not just
Speaker 1: the tax issue. Your grandmom un fortunately would have to
Speaker 1: keep paper record, proper records going forward. She's got to
Speaker 1: try to automate what she's doing after that turnover, if possible,
Speaker 1: separate the store.
Speaker 3: Account from her personal account.
Speaker 1: Trust me, bro, We all have mothers or answers that
Speaker 1: have shops and we know how they run the shops.
Speaker 1: When we want to go to school, they will sell
Speaker 1: barbida and give us money barbita to go to school with.
Speaker 3: When we get that, that has to change.
Speaker 1: Otherwise she's going to be a higher taxes tax of
Speaker 1: people will say, how well, show you're going to be
Speaker 1: gain two hundred million, and they will tax her based
Speaker 1: on that their judgment.
Speaker 3: So your mama's got to get go and call go
Speaker 3: to issuit is.
Speaker 1: There, Go to issuits, call accounting students, bring them to
Speaker 1: her store, give them mineral and gala, ask them questions.
Speaker 1: They will automate the store, tell her the books of
Speaker 1: account to keep and.
Speaker 3: Show how what she has to do. That's what is
Speaker 3: to happen. You see, I've talked about an app.
Speaker 1: The players that's going to bang in like you're going
Speaker 1: to be the person that's going to create an app
Speaker 1: for SMS like your grandmother. The grandmother can go to
Speaker 1: that app putting that toll over day by day.
Speaker 3: I had to do her taxes for her.
Speaker 1: That company that celeb that will become a unicorn because
Speaker 1: there are so many SMEs all across nasure that will
Speaker 1: not know how to file taxes. And what they want
Speaker 1: is something very very simple. It's the simplest thing.
Speaker 3: You can try to.
Speaker 1: You can never come and add purchases. And since later
Speaker 1: board just capturing toll over so that she is a
Speaker 1: letter that listen, madam, you have crossed eight.
Speaker 3: Hundred thousand or you have crossed fifty million. Hence you're
Speaker 3: gonna have that.
Speaker 1: That alone, that alone, that flagging is gonna save millions
Speaker 1: for people.
Speaker 3: So that's what I see. My brother, guys, we gotta go.
Speaker 3: It's been fantastic. You've gotta love me. They here this week,
Speaker 3: we're talking.
Speaker 1: We're having our wealth Space, which is our wealth building, enterprise, assets, liabilities,
Speaker 1: tax and horizon.
Speaker 3: We're gonna do more of this because it is just
Speaker 3: personal finance.
Speaker 1: We will take questions you guys ask us, we try
Speaker 1: to answer and we just learned from together.
Speaker 3: We're will do more of this just so we can
Speaker 3: get ly just she across the board. I thank you,
Speaker 3: Alma for sharing that.
Speaker 1: On the jubut Trump he says, cec smden launch free
Speaker 1: Registation Drive. So again, if you are not registered Smeden
Speaker 1: and this guy sees he has tagged into this tax
Speaker 1: idea seeing go and the restart your business. If you
Speaker 1: are doing individual crypto, go arrested the business. Let me
Speaker 1: tell you whether I do it just or not. Go
Speaker 1: and rest your business, call it whatever, but happy ready.
Speaker 1: Don't wait till you retire to have your own personal business.
Speaker 1: I don't care, and I'll tell you, oh, you can't
Speaker 1: walk with people. Go arrest your business. Have it ready
Speaker 1: so you can do many things, especially getting your deductions
Speaker 1: from this tax. I suppose that's what I will say. Guys,
Speaker 1: thank you so much for listening. I'm going to have
Speaker 1: a space on Thursday with some guys.
Speaker 3: On the crypto side.
Speaker 1: Try to follow on til I'm trying to share that
Speaker 1: and if possible, we'll have another well space again on
Speaker 1: Thursday where we just talk around the same questions. So no, guys,
Speaker 1: we will thank you so much again for being here.
Speaker 1: I really to appreciate you guys. I will see you
Speaker 1: guys on Thursday and then again on Sunday. We're going
Speaker 1: to bring it on Sunday and economics talk about GDP
Speaker 1: so far and where we are special taxes to our
Speaker 1: sponsor of this space.
Speaker 3: This is Volcania.
Speaker 1: Bulcare is offering luxury flat and Nigerias to invest in Kenya.
Speaker 1: So you get past the real ested income in dollars.
Speaker 1: You're going to get dollars income if you're invest in Volcano.
Speaker 1: I remember and are working on a double tax agreement windmens.
Speaker 1: If you buy property in Kenya and an income in Kenya,
Speaker 1: you can rid off because of double taxation that we're
Speaker 1: going to sign with you. All right, guys, thank you
Speaker 1: so much for being there. Sorry about the breach that
Speaker 1: we had when we started, but it's all good. I
Speaker 1: see you guys next week. My name remains calu Aja.
Speaker 3: Thank you so much and