WEBVTT 1 00:00:00.240 --> 00:00:03.080 Yeah, so welcome to the space again. Right we're talking 2 00:00:03.200 --> 00:00:07.360 well personal finance, Q and Abati here. What you need 3 00:00:07.400 --> 00:00:12.119 to do is understand what's happening in Nigeria. We're taxing income. 4 00:00:12.439 --> 00:00:15.679 We've passed in lots of policies now in Nigeria. That 5 00:00:15.880 --> 00:00:18.640 for the first that we're going to expand that tax 6 00:00:18.719 --> 00:00:20.879 NAT when the presence we're going to expand the taxing 7 00:00:21.079 --> 00:00:25.120 is what it meant. So every income you make is 8 00:00:25.239 --> 00:00:30.960 now liable not taxed. It's liable to be taxed. So 9 00:00:31.079 --> 00:00:34.600 if you make an income, it's liable to be taxed, 10 00:00:35.200 --> 00:00:40.119 but you can get a deduction. You can see for instance, 11 00:00:40.359 --> 00:00:44.960 I did something and then that something removes or reduces 12 00:00:45.079 --> 00:00:49.719 my taxes. Very easy, so nothing complicated there. If you 13 00:00:49.960 --> 00:00:54.880 end a millionaire salary, the government can tax it, but 14 00:00:54.960 --> 00:00:57.640 the government says, before we tax it, we're going to 15 00:00:57.679 --> 00:01:00.679 allow you to take deduction. So like you are you 16 00:01:00.799 --> 00:01:01.799 working today? 17 00:01:04.480 --> 00:01:04.680 Yes? 18 00:01:04.920 --> 00:01:08.640 Actually, so like a like a job where you get 19 00:01:08.680 --> 00:01:10.640 like a pay check. 20 00:01:10.560 --> 00:01:13.879 From a company, basic housing, travel, retirement and all that. 21 00:01:16.159 --> 00:01:18.719 No, it's not that documented. 22 00:01:19.200 --> 00:01:22.000 Would I see did they pay you a salary? 23 00:01:23.120 --> 00:01:23.480 Do you do? 24 00:01:23.959 --> 00:01:24.239 Okay? 25 00:01:24.239 --> 00:01:26.200 So they pay you a salary? The first thing you 26 00:01:26.239 --> 00:01:29.040 want to do, is this right? You want to act 27 00:01:29.079 --> 00:01:30.879 them they can't pay you a salary in terms of 28 00:01:30.879 --> 00:01:32.280 basic housing and transport? 29 00:01:32.319 --> 00:01:32.879 Do they do that? 30 00:01:36.319 --> 00:01:36.439 No? 31 00:01:36.760 --> 00:01:37.760 I don't think so. 32 00:01:38.040 --> 00:01:39.760 Am I work three persons so. 33 00:01:41.239 --> 00:01:43.560 I would most likely get paid in cryptal. 34 00:01:43.640 --> 00:01:45.359 Okay, fantastic. 35 00:01:45.640 --> 00:01:48.439 So if you you that is you're working for yourself 36 00:01:49.159 --> 00:01:55.640 right in Nigeria, you have to file as an individual 37 00:01:55.959 --> 00:02:03.280 taxpayer because that income you are making income, right, so 38 00:02:03.359 --> 00:02:07.760 you want to file as an individual tax payer, so 39 00:02:07.799 --> 00:02:10.280 you have to go that's number one. 40 00:02:10.520 --> 00:02:11.520 Then your pension. 41 00:02:11.719 --> 00:02:16.840 You can also open a pension account as an individual contributor, 42 00:02:17.400 --> 00:02:20.400 which means you are contributing for yourself. You are your employer, 43 00:02:20.520 --> 00:02:23.000 you are your employee. So you're going to say, I 44 00:02:23.039 --> 00:02:26.120 want to make a micro pension contribution and there are 45 00:02:26.120 --> 00:02:29.039 companies that do that tonight. So that's one called Aurba 46 00:02:29.159 --> 00:02:31.400 that does it. Yeah, if you go online a waba 47 00:02:31.800 --> 00:02:33.360 you can get it. Not send me a name as 48 00:02:33.360 --> 00:02:35.199 turn to you. So the first thing you want to 49 00:02:35.199 --> 00:02:37.520 do to be digital income. When they pay you in crypto, 50 00:02:37.960 --> 00:02:41.400 the government can also tax your crypto because that's income 51 00:02:41.439 --> 00:02:44.240 to you. So when they pay you that crypto, you've 52 00:02:44.560 --> 00:02:47.759 received income. So what you're going to say, Okay, you 53 00:02:47.840 --> 00:02:49.000 got that crypto income. 54 00:02:49.039 --> 00:02:49.800 What can you do? 55 00:02:49.960 --> 00:02:52.879 Number one, you want to take a retirement service accounts contribution. 56 00:02:53.319 --> 00:02:56.319 The government says you can pay eight and eight and ten. 57 00:02:56.400 --> 00:02:59.719 That's eighteen percent. So you first of all, you have 58 00:02:59.800 --> 00:03:02.439 the company who's paying you paying to a big girl 59 00:03:02.560 --> 00:03:03.840 or to a big girl's company. 60 00:03:04.280 --> 00:03:07.680 Does a big receiving this income in her name and 61 00:03:07.840 --> 00:03:08.599 her company name. 62 00:03:12.319 --> 00:03:13.400 I don't know how to explain. 63 00:03:13.439 --> 00:03:15.199 It's just like address. 64 00:03:17.360 --> 00:03:23.000 Okay, it's good, you're fine. So a bigil you can 65 00:03:23.039 --> 00:03:27.159 you consider between now and December going to get a 66 00:03:27.240 --> 00:03:29.840 lawyer and rest in a company called a big Girl 67 00:03:29.879 --> 00:03:34.840 limited father small small registration the cheapest one you can do. 68 00:03:35.280 --> 00:03:39.120 Can you do that? And I'll tell you why because 69 00:03:40.879 --> 00:03:43.800 when you do that registration, right, you see your laptop 70 00:03:43.800 --> 00:03:48.400 you used to do your your business, your business, the 71 00:03:48.479 --> 00:03:51.960 neper you are paying, that's a card you are buying, 72 00:03:52.400 --> 00:03:54.599 the phone calls you are making, these are all going 73 00:03:54.639 --> 00:03:58.120 to be expensive that you can use to write off 74 00:03:58.240 --> 00:04:00.879 that create to income you've gotten. So some one sent 75 00:04:01.000 --> 00:04:04.759 you a job right online, and that job was to 76 00:04:04.800 --> 00:04:08.240 do I know crypto was to do XYZ. When you 77 00:04:08.280 --> 00:04:12.840 did that xyz. You used Nigerian data, Nigerian Power, Nigerian 78 00:04:12.879 --> 00:04:16.240 Telecom to do that data, so it cultur certain amount 79 00:04:16.279 --> 00:04:18.279 of money to do that data which you then did. 80 00:04:18.959 --> 00:04:22.519 You can take away those costs from your income. 81 00:04:22.720 --> 00:04:25.399 You won't pay tax to the data pack. 82 00:04:25.199 --> 00:04:29.079 You're buying, the phone you bought, the rentever you went 83 00:04:29.120 --> 00:04:31.360 to a resort to do to have peace and quiet, 84 00:04:31.519 --> 00:04:33.839 do that job in that resort, The hotel building you 85 00:04:33.879 --> 00:04:37.000 paid for that resort. You're uber to the hotel, the 86 00:04:37.040 --> 00:04:39.399 meals you're hit in the hotel whilst you're working for 87 00:04:39.480 --> 00:04:44.240 this company are all going to be disallowable. It's allowable 88 00:04:44.279 --> 00:04:47.439 from your income. So if you have a company and 89 00:04:47.560 --> 00:04:50.759 that company does not make fifteen million error in front of. 90 00:04:50.720 --> 00:04:52.480 A bigil, you'll not pay any tax. 91 00:04:53.800 --> 00:04:56.839 So if your company does not make fifteen million error 92 00:04:56.920 --> 00:04:59.680 in Tourneva, you're not paying tax. For a company makes 93 00:05:00.040 --> 00:05:03.480 fifty one million error and then you have phone bills 94 00:05:03.639 --> 00:05:06.920 data pack, you can also take that data pack to 95 00:05:07.160 --> 00:05:09.920 further release your taxes. I'm not paying any income, so 96 00:05:09.920 --> 00:05:12.680 that's why I ask if it's in your name in 97 00:05:12.680 --> 00:05:14.920 a company name. So now I'm giving you one idea. 98 00:05:15.040 --> 00:05:18.879 Right go out to a company, make yourself the founder, CEO. 99 00:05:19.000 --> 00:05:20.720 You canna add anybody on an AD. But you want 100 00:05:20.759 --> 00:05:24.519 to do the business with that company, then yourself that's 101 00:05:24.560 --> 00:05:27.000 the company. So you see your the income is going 102 00:05:27.040 --> 00:05:31.399 to the company. The company is not paying abigail. The 103 00:05:31.399 --> 00:05:34.040 company can pay a bigail is salary, It can pay 104 00:05:34.040 --> 00:05:36.279 a bigail drawings. When you take money from that company, 105 00:05:36.319 --> 00:05:38.720 you've taken your own income the company. 106 00:05:38.839 --> 00:05:40.800 I I rs the everyday. 107 00:05:40.920 --> 00:05:44.199 If you take income less than eight hundred thousand, don't 108 00:05:44.199 --> 00:05:46.000 worry about being in tax. They're not gonna pay any 109 00:05:46.000 --> 00:05:48.920 tax whatsoever. But if you take more than eight hundred thousand, 110 00:05:48.959 --> 00:05:51.959 you're then liable to pay tax. But how much tax 111 00:05:52.000 --> 00:05:54.000 do you pay? You only pay tax base on what 112 00:05:54.160 --> 00:05:57.759 you earn or above the reductable. So for you want 113 00:05:57.759 --> 00:06:00.399 to buy a pension, you want to do life in orans, 114 00:06:00.480 --> 00:06:01.600 you don't do any HF. 115 00:06:01.639 --> 00:06:04.399 You want to do all that stuff to reduce for 116 00:06:04.600 --> 00:06:07.839 the TAXI build income. So that'st into the girl. 117 00:06:07.879 --> 00:06:10.639 If you go on my page, if you tweet calous 118 00:06:09.879 --> 00:06:12.600 catch as taxes, I have a lot of posts on 119 00:06:12.639 --> 00:06:15.560 this where you can get it more simplified. So try 120 00:06:15.600 --> 00:06:18.240 to read this, Try to go on and watch the videos. 121 00:06:18.240 --> 00:06:21.480 But it's only about your wa is writing today. If not, 122 00:06:21.600 --> 00:06:24.360 you've had some stuff actually make you go seek more 123 00:06:24.360 --> 00:06:26.680 information right on how you can do this better? 124 00:06:26.959 --> 00:06:27.959 Makes sense that the girl. 125 00:06:31.399 --> 00:06:35.600 There's there's nothing, there's nothing crazy about it's just numbers. 126 00:06:36.079 --> 00:06:43.480 Yeah, thank you, all right, fantastic to swing. I got 127 00:06:43.560 --> 00:06:52.079 to swing to swing, hiden bats God Junior, I don't. 128 00:06:49.759 --> 00:06:53.279 My uncle calumni, don't, sir. 129 00:06:54.560 --> 00:06:55.279 I'm doing good. 130 00:06:55.439 --> 00:06:56.040 Fantastic. 131 00:07:00.439 --> 00:07:01.759 I will talk critical as well. 132 00:07:02.040 --> 00:07:06.680 And currently I don't work for any crystal company, but 133 00:07:06.920 --> 00:07:11.439 I do tradeing and Edgrobs. Also the money comes from 134 00:07:11.600 --> 00:07:20.560 Edgrove and trading. If starting say, I helped to be 135 00:07:20.600 --> 00:07:21.560 paying taxes. 136 00:07:21.680 --> 00:07:27.519 So how how is government going to know that the 137 00:07:27.680 --> 00:07:30.399 money coming into my account? Because when I want to convert, 138 00:07:30.439 --> 00:07:31.279 if I convert this. 139 00:07:31.360 --> 00:07:36.360 Money like this cut to ed Rob, I traded the 140 00:07:36.839 --> 00:07:42.839 B two P on an exchange, so different any money. 141 00:07:43.000 --> 00:07:46.199 So the government like going to like, you know, that's 142 00:07:46.439 --> 00:07:48.439 this money coming into my account? 143 00:07:48.639 --> 00:07:52.800 Are incourse? Course, it's really not. 144 00:07:53.000 --> 00:07:59.560 I know really Yeah, that's a fantastic question. Fantastic question. 145 00:08:00.079 --> 00:08:03.160 So the first and first is the government will know 146 00:08:03.439 --> 00:08:06.360 why because you're getting the head of an exchange or 147 00:08:06.600 --> 00:08:08.560 it's coming to your bank, right, So that's how they 148 00:08:08.560 --> 00:08:08.839 will know. 149 00:08:09.439 --> 00:08:11.519 So the person and advice is that don't think they 150 00:08:11.560 --> 00:08:13.279 will not know. They will know. This is very very 151 00:08:13.279 --> 00:08:15.839 easy to know. Crypto is not it's not, it's just. 152 00:08:16.199 --> 00:08:18.439 There's no name money, but you can't hide the trail, right, 153 00:08:18.480 --> 00:08:22.120 so they will know that's wanting. The second thing is this, right, 154 00:08:22.560 --> 00:08:25.839 if you all this income you're making, if it's income 155 00:08:25.920 --> 00:08:28.160 below eight hundred thousand, you don't have to worry about 156 00:08:28.160 --> 00:08:28.800 paying taxes. 157 00:08:28.839 --> 00:08:31.399 So do you get air drops more than eight a year? 158 00:08:33.360 --> 00:08:36.960 I get a whole lot like above that, like above that. 159 00:08:37.480 --> 00:08:39.279 Okay, so do you get that in your like I 160 00:08:39.320 --> 00:08:41.039 told a big do you get it in your company 161 00:08:41.120 --> 00:08:43.279 name or your personal name if it's your compan If 162 00:08:43.320 --> 00:08:45.559 it's your personal name, you might want to consider that 163 00:08:45.639 --> 00:08:48.720 incorporating something that you can receive that because if your 164 00:08:48.759 --> 00:08:51.759 tona is less than fifteen million, you also don't know pay. 165 00:08:51.679 --> 00:08:53.519 Tax start being shot. 166 00:08:55.080 --> 00:08:57.919 So I get this money. 167 00:08:59.000 --> 00:09:03.440 So I'm saying you should consider perhaps incorporating something. 168 00:09:03.440 --> 00:09:04.240 That's what I'm saying. 169 00:09:05.480 --> 00:09:11.559 Okay, okay, so probably like I'll be in charge of. 170 00:09:11.639 --> 00:09:14.639 Right, it doesn't matter who is in charge the company. 171 00:09:14.679 --> 00:09:17.679 But the company is the one doing the doing the 172 00:09:17.879 --> 00:09:22.759 activity that generates the income. Then that that income, if 173 00:09:22.759 --> 00:09:25.080 it's a ton of that is less than fifty million. 174 00:09:25.600 --> 00:09:28.960 That income is exempt from pain corporating compaxes. 175 00:09:29.799 --> 00:09:33.600 So I can basically what I say, I can complain 176 00:09:33.679 --> 00:09:35.000 then pay my right. 177 00:09:35.279 --> 00:09:36.200 That's how it's supposed to do. 178 00:09:36.279 --> 00:09:38.200 That's how mister Danglet doesn't that I got to get 179 00:09:38.240 --> 00:09:42.799 a salary from Dangote Cement and from Dangote Refined Petroleum. 180 00:09:42.840 --> 00:09:44.799 That's what mister so you want to be like mister 181 00:09:44.840 --> 00:09:48.080 Dangotex of. 182 00:09:48.159 --> 00:09:51.919 Course is like I know a lot of fifty folks 183 00:09:52.000 --> 00:09:54.960 don't really know or have access to this kind of information. 184 00:09:55.080 --> 00:09:58.759 Of course, it looks what my friends do even know 185 00:09:58.879 --> 00:10:02.759 about this. I feel questions like how this is going 186 00:10:02.840 --> 00:10:05.639 to be working to them and. 187 00:10:07.879 --> 00:10:13.080 About our Let me let me do that. 188 00:10:13.200 --> 00:10:14.879 Let's let me stay cryptic guy. 189 00:10:15.000 --> 00:10:18.200 And it's very close to doing before you see, don't 190 00:10:18.440 --> 00:10:21.279 advice and you guys, you would like to pay for advice. 191 00:10:21.320 --> 00:10:24.759 I want to advise you folks, right, organize yourself, pay 192 00:10:24.879 --> 00:10:28.480 for to come and talk to you on online or whatever. Yeah, 193 00:10:28.759 --> 00:10:30.960 pay the text guys, come and talk to you guys online. 194 00:10:31.000 --> 00:10:33.080 Make yourself so that what you hear from the horse's 195 00:10:33.159 --> 00:10:38.360 mouth right makes sense. Perfect, babe, I do care. Thanks 196 00:10:38.799 --> 00:10:40.679 you are there on the other space and we went off. 197 00:10:40.840 --> 00:10:42.559 Just appreciate your thanks for coming in back here. 198 00:10:42.919 --> 00:10:50.600 What sorry, yeah, go ahead, yeah, good good. 199 00:10:50.639 --> 00:10:54.879 So and this is in Canada, but I have a 200 00:10:54.879 --> 00:10:58.679 lot of interesting that you so I thought space very close. 201 00:10:59.200 --> 00:11:02.519 Yeah, And when this tax new tax. 202 00:11:02.279 --> 00:11:05.960 System came up, a lot of us in Canada became 203 00:11:06.799 --> 00:11:12.480 very exciting, I mean fiances because what's happening. I haven't 204 00:11:13.600 --> 00:11:19.559 I haven't looked very closely as the proposed tax system. 205 00:11:19.720 --> 00:11:24.159 Canada has a very very complicated tax system. Right when 206 00:11:24.200 --> 00:11:27.240 you're an immigrants and you move in your twenties from 207 00:11:27.279 --> 00:11:28.799 like to Canada. 208 00:11:28.480 --> 00:11:30.559 Or US the twenties, yourties or. 209 00:11:30.519 --> 00:11:33.879 Your forties, it's a serious cultural truck for you the people. 210 00:11:34.399 --> 00:11:36.120 You have the. 211 00:11:36.200 --> 00:11:39.720 Complicated financial system and the tax system. So what we've 212 00:11:39.840 --> 00:11:43.480 done as immigrants here in Canada is that we've created 213 00:11:43.600 --> 00:11:49.759 structures and systems that allow us to understand us. 214 00:11:50.360 --> 00:11:52.960 So that it can settle down and get to know 215 00:11:53.000 --> 00:11:54.159 how the tax system works. 216 00:11:54.159 --> 00:11:57.600 Because if you don't understand, then there can be a 217 00:11:57.639 --> 00:11:59.600 lot of benefits that accrue to you at the end 218 00:11:59.639 --> 00:12:01.799 of the year here, you know, tax reforms and all 219 00:12:01.840 --> 00:12:04.440 of that stuff that you don't have that don't have 220 00:12:04.559 --> 00:12:08.399 access because your taxes all you can't getting to see 221 00:12:08.399 --> 00:12:09.960 your trouble and a lot of money and. 222 00:12:09.960 --> 00:12:11.440 You don't have the money to pay. Right. 223 00:12:12.919 --> 00:12:16.559 So what I want to algidentially a realisentially TM when the. 224 00:12:18.679 --> 00:12:23.360 You know, we we we lest the lust. So yep. 225 00:12:23.759 --> 00:12:24.600 So one of the. 226 00:12:24.600 --> 00:12:27.399 Things that I wanted to do was to have a 227 00:12:27.399 --> 00:12:28.559 conversation with you. 228 00:12:29.120 --> 00:12:31.759 About some of the structures you know, some of. 229 00:12:31.720 --> 00:12:35.440 Those financial professionals here in Canada, especially in Nigerans right 230 00:12:35.440 --> 00:12:39.480 as we settle for ourselves and how those systems work. 231 00:12:39.960 --> 00:12:44.039 Because I can't see, I see. 232 00:12:43.840 --> 00:12:46.000 That it's going to be very very very very advancing 233 00:12:46.480 --> 00:12:50.840 in during the coming years. Right there's the whole ecosystem 234 00:12:50.960 --> 00:12:57.799 of accountants, tax experts, investments, advisors, all sorts of you know, 235 00:12:57.840 --> 00:13:02.159 to have organized themselves space pistically for the immigrants community. 236 00:13:02.759 --> 00:13:09.960 So f giggle about how to get all these things 237 00:13:10.440 --> 00:13:12.879 nig and I'll shut you a t and you're I 238 00:13:12.960 --> 00:13:14.320 kind of have that conversation some of. 239 00:13:14.360 --> 00:13:17.240 The time, Okay, fantastic, I said, I'll come back to you, 240 00:13:17.279 --> 00:13:18.120 maybe give a call. 241 00:13:18.080 --> 00:13:19.200 And I we'll see how we can apply. 242 00:13:19.360 --> 00:13:22.000 I mean, the whole body is that if you notice 243 00:13:22.039 --> 00:13:25.159 what the questions are going, it's more of a cultural 244 00:13:25.320 --> 00:13:27.720 shock in terms of Nigers have do not have not 245 00:13:27.840 --> 00:13:30.679 paid taxes. If you don't work for the organized private 246 00:13:30.720 --> 00:13:33.799 sector or the government, you really haven't paid taxes. 247 00:13:34.039 --> 00:13:35.960 You pay VAT, you pay those all. 248 00:13:36.320 --> 00:13:39.039 But the pay income tax has been a big issue 249 00:13:39.039 --> 00:13:41.480 in Nigeria and that's going to be the first hurdle. 250 00:13:41.519 --> 00:13:44.240 People are going to say, why what is this? Why 251 00:13:44.279 --> 00:13:48.159 am I paying tax that I got? And that shock 252 00:13:48.279 --> 00:13:49.840 is going to be there for the first year in 253 00:13:49.960 --> 00:13:52.960 respect for whatever could we do. And we're trying to 254 00:13:53.000 --> 00:13:56.159 explain to people that listen, this is more of a 255 00:13:56.279 --> 00:13:59.960 behavioral change. How you spend money, how you receive money. 256 00:14:00.039 --> 00:14:02.759 You've got to adjust it. The same with America. No 257 00:14:02.840 --> 00:14:04.600 one you go to America, they don't collect cash from 258 00:14:04.639 --> 00:14:07.480 you and all that. It's because of taxes, right, They're 259 00:14:07.519 --> 00:14:11.159 also trying to avoid taxes that they are going They're 260 00:14:11.159 --> 00:14:13.440 going to how can we defer taxes? 261 00:14:13.639 --> 00:14:15.320 Didn't buy farmland. 262 00:14:15.360 --> 00:14:18.720 Bill Gates's largest farm owner in America is farm but 263 00:14:18.879 --> 00:14:20.600 he's buying farmland for a reason. 264 00:14:20.840 --> 00:14:23.519 So we've got to change the behavior. And the tax 265 00:14:23.559 --> 00:14:25.120 door allows you to do good things. 266 00:14:25.399 --> 00:14:28.200 It allows you to open and Cervis account, It allows 267 00:14:28.240 --> 00:14:30.639 you to invest money in life insurance, that allows you 268 00:14:30.679 --> 00:14:33.039 to buy your home. That it gives you relief if 269 00:14:33.039 --> 00:14:34.879 you don't have a home. These are role what the 270 00:14:34.879 --> 00:14:36.679 God is trying to push you to do, and they 271 00:14:36.679 --> 00:14:37.440 are very good. 272 00:14:37.679 --> 00:14:38.639 But they are using. 273 00:14:38.480 --> 00:14:41.559 Taxes to make you to do that. So fantastic. Let's 274 00:14:41.559 --> 00:14:44.559 talk after this, not a problem whatsoever. We have about 275 00:14:44.840 --> 00:14:48.080 an hour to go. Guys, Allah, you've got the floor. 276 00:14:48.120 --> 00:14:48.440 Allah. 277 00:14:52.600 --> 00:14:58.960 Yeah, everyone. My question. I'm going to tell one question 278 00:14:59.080 --> 00:15:01.919 which is actually as a follow one to. 279 00:15:01.919 --> 00:15:02.559 What you said a. 280 00:15:04.360 --> 00:15:05.200 Speaker before. 281 00:15:05.360 --> 00:15:06.240 This one was. 282 00:15:07.080 --> 00:15:12.320 About a complaint and then. 283 00:15:10.840 --> 00:15:13.600 That comes into your complaines less than fish in a. 284 00:15:13.679 --> 00:15:15.759 Year, not any's turnover, the turnover. 285 00:15:16.559 --> 00:15:19.159 Sorry, you don't get paid I you don't pay tax. 286 00:15:19.720 --> 00:15:22.519 But where have problem is when it's. 287 00:15:22.399 --> 00:15:26.559 Time to now we draw money from that account, will 288 00:15:26.600 --> 00:15:28.000 you be tax No? 289 00:15:28.840 --> 00:15:31.519 Your bank accounts just your bank account doesn't mean your 290 00:15:31.519 --> 00:15:34.679 bank not your income account. Right, so your company can 291 00:15:34.759 --> 00:15:38.159 have a turnover. The company can have turn of out 292 00:15:38.320 --> 00:15:42.679 maybe forty nine million, right, so that company will not 293 00:15:42.840 --> 00:15:46.240 pay company in contact. But what about you as individual. 294 00:15:46.679 --> 00:15:49.960 Let's assume, for instance, you are in a salary from 295 00:15:50.080 --> 00:15:53.240 your own company that becomes your own income, which would 296 00:15:53.240 --> 00:15:54.240 then be should we. 297 00:15:54.159 --> 00:15:56.320 Say, and you just get to pay taxes? 298 00:15:56.480 --> 00:16:00.480 Yeah, you know this company, we have a business, right 299 00:16:01.519 --> 00:16:03.759 and the business that can comes with a card, an 300 00:16:03.759 --> 00:16:07.120 eating card. If money goes in there's less than fifteen million, 301 00:16:07.159 --> 00:16:10.279 and I use my card, or I've made transfer from 302 00:16:10.399 --> 00:16:13.480 online to transfer money from the account. 303 00:16:13.000 --> 00:16:15.080 Maybe twenty or twenty five thirty media. 304 00:16:15.559 --> 00:16:17.919 I just transferred to do something that will Will I 305 00:16:18.000 --> 00:16:18.559 be taxed for that? 306 00:16:19.279 --> 00:16:23.159 Well, the law says turnover above fifteen million, So the 307 00:16:23.240 --> 00:16:26.600 question is is that transfer turnover? Well, that's the question, 308 00:16:26.720 --> 00:16:28.720 and that's what the tax i don't look at. You 309 00:16:28.799 --> 00:16:32.559 can be making transfers of thirty on the month and then. 310 00:16:32.559 --> 00:16:34.840 Say in a year. I hear you. 311 00:16:34.919 --> 00:16:37.679 I'm just quoting back to you exactly what they use it, 312 00:16:37.759 --> 00:16:39.840 because this is what we're going to have the great areas. 313 00:16:40.240 --> 00:16:42.759 The turnover of the company is what they use, not. 314 00:16:42.799 --> 00:16:44.399 P and L, not net tax. 315 00:16:44.759 --> 00:16:49.159 To make it specific, this is going to be rental income. 316 00:16:50.000 --> 00:16:51.039 You've already said income. 317 00:16:51.360 --> 00:16:55.679 You said income, it's going to be rent from the parties. 318 00:16:56.240 --> 00:16:59.919 So you you and you eard income of thirty million, 319 00:17:00.919 --> 00:17:03.480 you're gonna pay tax on that. It's simple if very 320 00:17:03.639 --> 00:17:06.480 said income, So you're gonna get tournay. 321 00:17:06.160 --> 00:17:09.960 A company m hm, Renita is going into this company? 322 00:17:11.640 --> 00:17:13.960 Right and les than fifty million? 323 00:17:15.480 --> 00:17:17.000 Right am? 324 00:17:17.039 --> 00:17:19.720 I still gonna pay attach on that? Definitely know for. 325 00:17:19.720 --> 00:17:22.839 The individual or for the company, sir or the company. 326 00:17:23.279 --> 00:17:27.759 The acts is turnover of fifty I didn't. I'm just 327 00:17:27.759 --> 00:17:30.720 telling you what the act said, So I'm not I'm 328 00:17:30.720 --> 00:17:32.960 not going actually clarify. They will clarify little on what 329 00:17:33.039 --> 00:17:36.039 tourn of that means. But they've said that the turnover 330 00:17:36.079 --> 00:17:38.119 of fifty million, there's fiften a houndred million. But let's 331 00:17:38.160 --> 00:17:41.000 take to fifty talk about fifty million. You don't pay 332 00:17:41.119 --> 00:17:43.759 company income. Fact, that's what they've said. So if that 333 00:17:44.000 --> 00:17:48.000 income coming into the company is income, clearly it's. 334 00:17:47.880 --> 00:17:49.680 Going to be taxed. What would you focus on? 335 00:17:49.720 --> 00:17:52.000 It's going to be your taxable income with means what 336 00:17:52.319 --> 00:17:57.799 added deductibles the company can apply to reduce the taxable income. 337 00:17:58.000 --> 00:18:01.599 Because you have expenses, you what diesel right for those companies, 338 00:18:01.599 --> 00:18:04.839 you paid insurance, you have a security man, you have 339 00:18:05.000 --> 00:18:08.599 sorry guys that are yoursest workers. All the doctorbles are 340 00:18:08.599 --> 00:18:11.279 going to go to back up that income if it's 341 00:18:11.359 --> 00:18:14.440 used to create the income for the company. 342 00:18:14.720 --> 00:18:17.119 And that's what is a net that's going to be taxed. 343 00:18:17.359 --> 00:18:20.960 So you got tofi the thirty million, what expectes created 344 00:18:21.000 --> 00:18:23.640 a thirty million? You back it out, then do you 345 00:18:23.720 --> 00:18:24.480 pay taxes? 346 00:18:25.680 --> 00:18:28.759 Okay, yes, sir, thank you so much. 347 00:18:28.920 --> 00:18:36.279 You're very welcome. Son omor or log logo omor, Yes, 348 00:18:36.319 --> 00:18:36.880 I'm here with you. 349 00:18:37.000 --> 00:18:42.279 Thank you, afternoon, everybody now, thank you. 350 00:18:42.920 --> 00:18:43.119 Now. 351 00:18:43.680 --> 00:18:48.839 I wanted to also just add to your conversation here 352 00:18:50.359 --> 00:18:54.319 the idea behind when you're making doing crypto, any other business. 353 00:18:54.519 --> 00:18:55.799 What the government is saying is. 354 00:18:58.400 --> 00:19:00.960 You if you have your companyde that you pick, you 355 00:19:01.200 --> 00:19:07.920 pay corporate in compacts like However, if you don't register 356 00:19:08.000 --> 00:19:11.960 the business, you know it to be seen as income 357 00:19:12.079 --> 00:19:14.480 to you, you'll be that on it that will be 358 00:19:14.480 --> 00:19:14.720 p it. 359 00:19:15.839 --> 00:19:16.559 That's number one. 360 00:19:16.799 --> 00:19:19.440 Number two the addition I came up with, I think 361 00:19:19.559 --> 00:19:22.599 right now the government is one offering for people to 362 00:19:22.599 --> 00:19:25.720 come and registart their company for free. So can you 363 00:19:25.839 --> 00:19:30.880 confirm down years, So they are giving you the opportunity 364 00:19:30.920 --> 00:19:32.920 to use comfort come and register. 365 00:19:32.720 --> 00:19:35.400 For free a bigger light hearing, a bigger light hearing 366 00:19:36.519 --> 00:19:37.160 excuse not. 367 00:19:37.200 --> 00:19:40.400 To come forward now you know so, thank you so much. 368 00:19:40.519 --> 00:19:42.440 That's really I want to look for that. 369 00:19:42.480 --> 00:19:44.279 If you can share that link with me home, I 370 00:19:44.279 --> 00:19:46.079 will also share it out. If you can share that 371 00:19:46.359 --> 00:19:50.599 free reliteration because you again, it is the behavioral change. 372 00:19:51.200 --> 00:19:54.920 If you've been doing one billion business with your test 373 00:19:55.039 --> 00:19:57.440 and you've got to change that in twenty twenty six, 374 00:19:57.559 --> 00:19:58.400 that's all we're saying. 375 00:19:58.440 --> 00:20:00.000 You've got to change that out. 376 00:20:00.039 --> 00:20:05.960 Separate your personal income from your business income, do not commingle, capture. 377 00:20:05.559 --> 00:20:08.880 All expenses and record them and claim them. That's the 378 00:20:08.960 --> 00:20:11.440 whole idea. The taglets are secondary. 379 00:20:11.480 --> 00:20:13.839 You've got to try now to have it be vieau 380 00:20:14.000 --> 00:20:17.240 change and keep paperwork because that's what you're going to use. 381 00:20:17.319 --> 00:20:20.559 Vni v e n n y Vinnie young. Are you 382 00:20:20.559 --> 00:20:23.920 doing a more? Thanks for the information being brought The 383 00:20:23.920 --> 00:20:26.039 floor is already, Oh. 384 00:20:26.000 --> 00:20:28.519 Be maybe I'm trying to pose this. 385 00:20:29.559 --> 00:20:31.119 You can do that, also share with me on d 386 00:20:31.279 --> 00:20:34.640 M or just also share that way people get that information. 387 00:20:34.720 --> 00:20:39.640 Yeah, just posted this two days ago. 388 00:20:40.240 --> 00:20:43.640 I'll look it up. Yeah, all right, VENI obid ob 389 00:20:43.759 --> 00:20:46.720 d o b d on the score. Okay Obi the 390 00:20:49.079 --> 00:20:57.799 OBD Gerson already I can, yeah, go ahead, yes I 391 00:20:57.880 --> 00:20:58.839 can right, So. 392 00:21:01.240 --> 00:21:03.200 For thank you very much. 393 00:21:03.480 --> 00:21:07.920 Kind of everything you said too far, you know, regarding 394 00:21:08.400 --> 00:21:09.039 the stacks. 395 00:21:09.680 --> 00:21:10.920 You know, it's really good. 396 00:21:13.519 --> 00:21:18.200 I'm just wondering how the government really wants to handle this, 397 00:21:18.759 --> 00:21:21.640 you know, because you know, we don't have a very 398 00:21:21.680 --> 00:21:26.279 good database where like in the US, ware your social 399 00:21:26.359 --> 00:21:29.920 Security number has you up to everywhere in your workplace 400 00:21:30.039 --> 00:21:32.480 and whether you're renting or you're buying a house, your 401 00:21:32.559 --> 00:21:37.680