How To Legally Avoid Nigerian Taxes

right most space, they're gonna make maybe going forward. So you've got to understand what the tax laws are and of course how you can then sort of navigate that tax law and be a better citizen. Now. To be clear, paying taxes, paying taxes is a patriotic thing to do. Avoiding taxes is also a patriotic thing to do. Why taxes are not just about revenues. Taxes are not just about revenues. Taxes are also how the government redirects you

to spend your money. So when the government says, for instance, that we want to tax cigarettes, the government is trying to make revenues off you. If you smoke cigarettes. There are mainly image of discourage you from smoking cigarettes, so that way their cost of health does in legal to when they're treating you down the line. Same with this tax with you know, going to spat and the government says, for instance, that we are going to tax you, but we will give you a tax rebate or tax exemption

if you pay into your sing this account. What the command is essentially saying is that listen, if you contribute money for your retirement today, if you contribute into your activity's account today, then of course we're going to support that because you are saving it for yourself into the future. So the government supports you saving money for yourself into the future. That's that's essentially what it is, and that's what we're trying to do today. So I've got YouTube

up and running. I'm gonna share the slides on YouTube, Twitter, and I'm going to try to do a presentation more to that where we can sort of follow some great visuals I have done. Let me find that. That's gonna do YouTube so you guys can actually follow. So there it is, and then we can start talking about power point slides here. I'm gonna share so YouTube folks, just give me a terms up or so, if you're on a space on you on YouTube's let me know if you can see the slides, and I'll also share so

here on Twitter, so we can essentially start, guys. Yeah, so what I'm gonna do is on Twitter, I'm just gonna go and share the same sort of like do a trend if you may, so we can start. So give me a second to get that all sorted out, and then I will take you guys on this journey about taxation. Right, So, the very very firsting to say that tax avoidance, guys, is legal. If you are avoiding tax that us a perfect legal decise to do. If you are evading taxes, that's a different matter entirely right,

because you don't want to evade taxes. Mister al Capone was arrested for evading taxes, so we don't want anyone to evade taxes. We basically want you guys to learn how to legally avoid taxes. Let's go on my next slide. This is not investment advice. I dont know if you guys YouTube considers well, essentially it's not investment advice. I'm not your investment advisor. I'm not trying to show you or sell you a new product. Speak to you an advisor before you do anything, and don't rely on this

presentation as financial advice. So talk to your tax professional. And this is not investment advice. So let's go straight into it. Right, Tax upporinances legal, tax vision is illegal. The tax reform offers medilegal pathways to avoid taxes. So everything I'm going to show you today, everything I'm going to talk about today, is all in that Tax Reform Act. It's nothing new. We're doing. Everything we are ashamed with you today is all going to be in the tax

reform past. So there's no calories inventing in from the air. No, no, no, no, we are shared with you what is already in the Act, and of course that's what we're going to talk around. So yeah, I don't know if YouTube, folks consider is the Twitter. Guys. I just showed you in my first lide. YouTube folks, let me come back to you. You guys see my slides? No you're not right? Yeah, I don't know. Help you folks. Right? So are you seeing those slides? Yeah, let me see chat let me know on the chat

if you can see them. But the first thing we want to talk around is who is going to pay what? Yeah, you can see my slides now, so tax is yeah, YouTube, we can see it. So let's start off, guys, let's start off. So first of all, the first thing you help to understand is this who is going to pay taxes in Nigeria. It is going to be Nigerian residents and they're going to be paying taxes on their income. So first of all, have five two things here. Number one,

who is a Nigerian residence. That's a very very first thing, right, because you've got to say, excus You've got to say, first of all, who is a Nigerian Nigerian doesn't mean who has the passport Nigerian means as a tax mall as they find it, who is in Nigeria and residents. The first thing is that if you spend one hundred is three days in Nigeria, you are in Nigeria on

that tax purposes. That means if you're an American citizen but you spend one un three days in Nigeria, or you maintain a permanent home in Nigeria, or you have significant economic or family ties in Nigeria, right, or you have employment elsewhere, you don't do any of that. You don't live in Nigeria. I'm a permanent home in Nigeria. But the economic activity that you are being your any income in Nigeria, you are not being taxed in your home country. If that applies to you, boys and girls,

Essentially you are a taxpayer in Nigeria. So that's the first thing. So let's say you live in Canada and you have homes in Nigeria, right, and you are earning rental income in Nigeria. As long as you do not spend all nitted three days in Nigeria, or you do not have any substantial quote unquote business in Nigeria, or you don't mean it any permanent from in Nigeria, then you're not a tax person for all a Nigerian purposes. They're not going to be a tax person. That's essentially

what they're saying. So your taxes will not follow should we say the other ways that we will tax Nigerian's. We will tax Nigerians based on their income in Nigeria. But you are not a resident in Nigeria. So if you have a double tax arrangement, that's what would apply to you. If you don't have a double tax arrangement, then you're not residents in Nigeria. The income you're making Nigeria, if it goes to your back account, show file taxes, but you are not a Nigerian, so that income stream

is not applicable to personal income tactic. They're saying, we won't tax a foreigner if a foreigner had homes in Nigeria below over Amionia the same way, you're not a residence. So the key thing here is this. If you spend one five days that's half of the time in Nigeria, but you are also living in the US on the UK, then you're in Nigerian. So if you are in Nigerian, then you have to file taxes in Nigeria. You cannot claim the foreign status and then say you will not

pay taxes. You can say I have an American passport, thus I will not pay taxes for income I have earned in Nigeria. It will work that way if you spend more than one hundred three days in Nigeria. So what's the way to avoid this. You've got to count the days you spend in Nigeria. If you're gonna spend a lot of time in Nigeria, be a weather The

magic number is one eighty three days in Nigeria. If you spend one do in Nigeria, you were permanent from in Nigeria, you have a signer in the community in Nigeria. And if you are not, you don't live in Nigeria and you do a contract in Nigeria, but you don't pay tax when you get back to your home country. And of course you will also be taxed in Nigeria

because that economic activity happens in Nigeria. So the first way to look at it is to say, listen, if you're going to be if you have a foreign passport, be aware of the number of days that make you a resident of Nigeria. But once your resident of Nigeria, then this law applies to you resident of Nigeria. Then this laws will not apply to you, right because you're Nigerian by birds or you're an American citizen or kind

of citizen by passport. But if you're a Kandon citizen and you spend two hundred days in Nigeria, then for the purposes of taxation, you'll be taking us in Nigeria, and of course you will then pay those tax i hope that that's particular how we want to differentiate that? Right, excellent, So let's now go to the second thing the world's going to talk around, right, which is going to be how then to let's now go into the business say how can we then avoid the first thing. That's what

we'll call the income strategy. Income strategy, the law says, I'm going to share this lading with you guys on on Twitter. The law says that if you end less than eight hundred thousand, then you will not pay any tactically end less than eight or in thousands. But that's the only good strategy for us. I mean, who wants to have a strategy that says I want to end less than eight hundred thousand. That's nothing, right, we want

to end more. We're basically going to end a lot more and then find out the legal ways not to pay tax on that. Now, I did look at all the all the provisions. The one that I do like that I think makes more sense for us to talk around is the one where you go around the pension from Act. That's the one I think that makes more sense to us to really focus on how to speak around. So again on Twitter, guys, I'm sharing the slides. I've just said the second one. Now now we're on the income.

So if you are earning more than eight hundred thousand, I wanted to really look at your retirement sivis account as your key account to avoid taxes legally. And this is what we call above the line deductions, because what's happening is this, if you end a million MIRA and you are able to contribute, able to contribute three hundred thousand MIRA into your retirement sivings account, then your income is no longer one million is seven hundred thousand IRA.

So anything you contribute to your retirement servings account, you deduct that from your income, not as an expense, not below the line, but really above the line. You are saying your income is going to get one million, your income is seven hundred thousand because you've taken away three hundred thousand to your retireing sivens account. So now remember that your arrests, your time sients account is based on

eighteen percent. That's the statutory limit ten percent. It's based on your housing, your basic housing, your transport, and of course your basics.

into basic housing and transportation. That's what you want to essentially get because once you get that, you've qualified then to then pay eighteen percent of that basic housing and transportation right as your start to treat allowance, but want to go more than that's a tree allowance. This is where we now talk about the real avoiding taxes. We

want to avoid taxes. You know what we call the additional voluntary contribution that you can make all a pension is the way use the additional contribution right in excess of that eighteen percent, you take that off your income. If you don't end edit income, then you're not paying the taxes. So as much as one your salary is

available for it to contribute as additional volunteer contribution. Look at the cool part of this here, right, any amount of money you contribute to your additional vunture contribution, you can take away in five years and it's completely tax free. So let's say I'm working today and I keep on contributing ten percent in excess of my eighteen percent ten percent in excess my eighteen percent into my additional voutry contribution. First of all, I'm reducing my tax income by accessible profit.

What they will tax me, I'm reducing that. But in six years, if I want to buy land, I want to jack bar, I want to get married, whatever I want to do, I can take away the contributions I have made fifty percent to my additional ventucumption, I can take it away tax free. The order fifty percent is going to be added to my pension benefits. So this opens your mind to planning. Any income you save in your RS as additional vunture contribution, you can remove in

five years without paying taxes. So if you're high income ENNA, this is very very good for you in quote because you are able to plan this out. If you say you are going to retire in fifteen years, right, you can start to deduct those fonts today and put it aside, because after five years, all those contributions are tax exem Remember your total income, you are paying the tax on it, but the deductions from additional vuntry contributions, you are not

going to pay a tax. So what are we saying if you transfer your income Remember we talked about passive income. If you transfer your income streams from your salary to your additional vuntry contribution, you have shielded that from taxation after five years. I like this one because it gives you the power to plan how much you want to deduct or withdraw after five years. Now the question is going to be if you are self employed, can you

do this? Of course you can. Of course you should write because if you are then working for yourself, Let's say you are a lawyer, or you are you're a hostile or you are a content creator, you have to go and open a retimin stements account. Then you have to put that relents account the money that you're making pay yourself a salary, the excess put it there or ones you can invest, put it there. Because in five years time, it comes like that all the money you're

going to make, you can take out that. If fifty persent on that ANBC, you can take out after five years. So if you put ten million there, you can take out five million after five years. If you ladder it properly. You can receive tax free income after five years. If you ladder properly. Ask your advisor what ladder means. Right, you can do it properly and you can get that tax free incentive. So we've talked to Abroun one about number one. Where you live determines if you pay taxation.

So you have an American passport, but you do business in Nigeria for more and one in the three days, or you do substantial business here, or you maintain a permanent home in Nigeria, be careful. You're going to be exposed to paying taxes in Nigeria, so watch out that one of the three day limit. That's the first we

talked about. Now we're talking about your retirement in stements accounts, how you can use attenative's account to take your active income, push it through there and bring it out additional country compsion. Don't say five years is too long. It's five years to ensure the money gets to you tax free. Right, very important distinction there for you. So there are other tax benefits that you get, but like I said, I looked through them and the pension one was and it

gives you more bang for your book. The other ones, guys are going to be around your life premium for you and your spouse. Now, this one why didn't like it too much in terms of bank for the book was because it's just the premiums that are going to be deducted from your your paycheck. So it's you buy life insurance, what you pay as premium and what you pay for your spouse as premium, you dedoctor also above

the line from your income. So if you buy a life insurance policy of maybe five million and annaira, whatever premium you pay for yourself and your wife, you dedot that from your income. Right, that's essentially what's going to happen. So this doesn't give you that bank. You don't you don't put the money in insurance and then when insurance pays you it is No, it doesn't give you that bank. But still it allows you reduce your taxes. Look at

it this way. If you're in a high tax bracket and one miller will make you qualify from say paying eighteen percent tax to pain twenty five percent tax, it's work well for to buy life insurance and reduce where you fall on the tax table. This high want uses like surance policy, the annuities. The NHR is the NHF. This is how you want to use it. If you look at the tax table, guys, you see your first eight thousand is you don't pay anything. Then you see

your next amount, your next amount, your next amount. You see the taxes you pay on the right inside. If you are a million dollars million mirror between one tax bracket and the tax bracket, it makes no sense to take that wollion error in US income and then qualify for the higher tax bracket. So it makes us look at your income, look away from the tax back. Then say can I buy my way into a lower tax

bracket by buying digity deductibles. So the point is, don't look at the insurance premium and say if I buy insurance premium whatever I'm buying, and you see my taxes, this is a above the line reduction. If you eard a million and you pay one hundred thousand for insurance premiums,

your income is now nine hundred thousand. Very key. So if your income if one million, guys pay ten percent income tax, but nwe hundred percent guys not to na guys pay five per cent income you want to see if you can use these deductions and buy yourself into a lower tax bracket. So live insurance premiums, deferred annuities, which are like you you go to an insurance company and you say, I'm going to give you money today, and I want you to give me back this money

in five years time. All that money you buy, all those fundings you buy with them, is going to be deferred. The income is going to be deferred or the purchase deferred. Once you pay for that premium for defered annuity or life insurance premium, you pay no taxes. I either reduce your income based on what you pay. You're able to write off your income to the amount that you pay as a premium for life insurance and for defered annuities.

NHI is National Insurance Scheme. Anything you pay as premium, you also deduct Niger Housing the fund You can pay this studtory two point five per cent off your income to NHF. If you pay interest on a mortgage on a home that you live in primary residents, you can also dropped that prime residence as income that you will so you dedoct that from your income to reduces your income.

The rants is kind of different. Rents is just going to be a twenty percent of whatever rent you pay is not top one or bottom line, it's just going to be twenty percent of whatever rent you pay is capped at five hundred thousand. So whatever number you get, if it's one on five hundred thousand, you cap it back to five hundred thousand. So if you pay a rent of ten million, twent ten done is two million,

you only claim five hundred times. So nolready that is to reduce your taxable what you pay as tax, But

you're not going to reduce your above the line. We are interested in above the line deduction, which is your pensions, your life pillions, your annuities, your NHS, and your natural housing front while we interested in those months because they reduce your taxes above the line with mean that your income, the income you end in reduced with them, means that the taxes you pay, your tax fit is going to be a better tax because you are reducing your income.

So I'm indy ten million, but I'm paying tax as if I end five million. That's what I'm saying. You are going to use these deductions to reduce your taxable income to give you a more preferential tax bracket. That's what hardly want to use. This was sorry, we're gonna take I'm going to take your questions once I'm done with this. So just if you have a question, just park it. Not if you want to speak, I will

allow everyone to speak out of your question. I'm going to run through this presentation, and then we'll just take all those questions. Not to worry, guys, not to worry now that the next one I want to talk about now is going.

or seeing the power point slides that I'm sharing. I've shared about three now if you can see it on Twitter, just give me a what's it called?

taxes work. You earn income, you pay tax on your income. But the taxman is saying, now we are going to give you setting incomes are exempt from taxes. That's what we're talking around. What incomes are going to be exempt from taxes? If you are a Nigerian taxpayer in Nigeria, taxpayer doesn't mean you have a Nigerian passport. It means you are making money in Nigeria for more and more than into three days, there are permanent from in Nigeria.

You have substantial that's Nigeria. That's a taxpayer in Nigeria. Number one. If you earn dividends, interest, ran royalties outside Nigeria and you bring it into Nigeria to invest. Then you will not pay tax on the income that you generate from those especially if you bring it approved channels. What are they saying. Let's say you work in Nigeria

and you make one hundred million Mira a year. If you take if you take fifteen million or that round million fifty million, Let's say you take thirty million and you take it outside Nigeria. How you buy You go to your app in Nigeria and you buy a money market fund in the US and the UK. That money market's fund pays you a dividend. You take that dividend, you bring it back to my gad the next year. You know this first year you end naira. You took

your naira converted to dollars, pounds, Canadian or whatever. You invest in the foreign asset class. That point asset class paid you dividends. You took that dividends, brought you to approved channels. The money came up to you in legos. You don't pay tax on that income. So if you start to do a process, you are taking money from your Nigerian account, buying a foining assets, bringing the money back to Nigeria. The money go about to Nigeria becomes

income to you, but it's not taxable. So the first year thirty you do it. You do a table, next year thirty, next year thirty. What would happen is that these streams of income that are going to be an it from your dividends, your passive income are no longer taxable to you. If you buy property in the UK, they pay you a dividend, or they paid you rental, you bring that rental back to Nigeria, it's not going

to be taxable to you. Dividends, interest, rents, royalties derived from outside Nigeria brought into Nigeria through APPROOP channels tax exempt for you. That's the first one there. So your mind is now thinking, oh wow, I can take naira buy something foreign that's gonna pay me dividends that point evident paid me back in come to Nigeria. Even having Nigeria, I don't pay tax on it. Your mind is thing

like I can see your mind working. What else if you have a Nigerian company that is doing export, remember holy exports. If all they are doing is exporting any profit, that company makes zero taxes on it. Right, Or if you export cock and you bring the cocoa proceeds back to Nigeria. That money from coco back to Nigeria, you don't pay tax on that money. So what if I had one hundred million Ira today and I went to acquim if I could get go it's better hard to

get cocoa today. I got to acquire on my bi cocoa and I take that whole a million Eira and I export cocoa out. They bad cocoa in Holland. They pay me uros. Maybe I don't know how much. It's going to be ten thousand euros. The turns on euros come back to my dorm account. Nigeria is saying that you will not pay tax on that ten million. Remember, you don't want to pay tax on the first on your own error because you aren't that money to do a business to export the cocoa to go comes back,

you don't pay tax on that. Also, if somebody is selling vegetable to Everanon in Canada and you say, okay, I want to invest in your business. This business is going to be only set up to export vegetables to Canada. Whatever profit you guys make on that business, you don't pay tax on it. So the way to do is that it again, you have income, you have to invest that income in this activity. Export activity. It has to be only exports. They can be doing export and import,

but no import Expert's got to be only exports. So this just tells you that the government is telling you that for you to be a patriotic Nigeria and they won't you to go on export. The more you export, the revenues you get from export as now that you bring it back to Nigeria true approved channels of course, this tax exempt are for you. So again your mind is now working. That means that all those you can get up a few boys, set a company up and say what I think guaranteetings and I just want I

can export. I can export Mollywood movies. I can export Nigeria uncles. I can export palmholder, I can expok Okay, whatever it is, I go to export. Take your naira, do that export, bring way back to Nigeria. It's tax free. It's tax free, guys. Is the law. Everything we're quoting here, everything here is in the tax law. That's why I said it's a patriotic thing to do. Because the government wants to do exports, and the more you export, the more you're gonna make money for Nigeria. That's what they

make it to your tax free. So your brain is working. Yep. You you are married, your husband is in. Your husband is not elay. You are a breadwinner. You take money, You set up a company owned by yourself and your husband. That company does exports. That's it. All the money you make goes to that company. The problem you guys, make is tax free. The costs of the company are tax free. The digner the company pays you, it's tax free. Your

brain is working. Dividends distributed by an authorized collective investment scheme. What are collective investment skins? Mutual funds? You need trust? You see you go to your stomp guys you see invest in mutual funds or invest in ETF that venture capital, pees, private equity. Any funds you invest and then you get dividends back from this company is tax free. Again, your brain is working. You get your line. You're gonna salary. You say, okay, how much you wrying to spend spend

money on food? Okay, the excess we do, the excess I buy. You need trust schemes from nineteria I buy money markets, I buy equitive trust schemes. As long as it is authorized by the Nigerian Security and Exchange Commission. They pay you back your dividends. It's tax free, at least say with told in tax. It's tax exp it's gone. You're gonna get that money back from them without paying taxes.

Why the government wants to encourage you to participate in the capitol market, so you're giving you a tax free way to do it. If you put one in the PE firm, they pay you back returns is tax free. Let your capital out, they pay you back is tax free. ETFs exchange funds you put money, they pay you back is tax free. The easiest one for me is you take your money, you buy a money market phone. Money

market phone pays your back interest. Sure, you have to put in a one hundred millions to get a ten million a BI, but that ten millie is tax free. So every year test trains go up, your tax return is also increasing. You don't pay tax on that income. It's income. By not paying tax on that income, it's a law. Fantastic guy. It's thanks for so everyone knows. We don't worry world's big our profits on a company

engaged in sporting activities. If you have a company, let's say again the wife is working, Harman is not working, husband is follows Chelsea, do something around Chelsea or something around a BA, and the profits that company is making it's not going to be taxicle. Now, I controfess, I don't know what they mean by sporting activities. It's a beer power where you watch Chelsea beats as not it's sporting activity. It's making shoes in a bar, sporting shoes

in a BA, sporting activity. I don't know, but this is what they are saying that if you have a company engaged in sporting activities, then that company is going to be end income that's going to be tax free from you. And of course the one that we all know, if you buy federal government and state government bonds, you get a tax exempts because the income that's don't come to you now lend them went to the governments or log a tax they want to encourage you lend to them.

My disappointment here is that they did not include local government bonds. Why state, federal and local governments at the federation local government should be able to borrow doesn't mean if you're going to give them money, but they not including them as well. But any income that you make from a state, a federal, or local government is going to be exempt from taxes. So guys, what are we saying here, right? We are saying that if you are able to invest in any of these activities, if you need,

the income you are making is going to be tax exempt. Remember, guys, the whole idea is convert your active income into passive income that is tax exempt. That's the game. Convert your passive in your active income into passive income that is tax exempt. That's what you want to do. Convert your passive income into active income that is tax exempt. Right, let's go to our next slide. Next slide next life is going to be all the things that you can do with real estate, especially I like this for my

real estate. We'll gon't talk about this on my relative. Well, how you can also transfer money and avoid taxes, and how you can also invest also to avoid taxes. Now, overall capital gains means if you buy a car for one for one hundred ERA and you sell that car for two hundred error, you have made a profit of one hundred as capital gains. You bought something, you sold, you make a profit. Government wants to tax that profit.

But the government is saying that if you don't, if they puss at less than one fifty million, they won't tax you. If the game is less than ten million in twelve months, they will also not tax you. So again, if I buy shares and I sell my shares and my profit is not up to ten million, I make two million. Next time I make four million. As long as I've not crossed ten million, I don't pay tax on that capital game, the capital gain itself, I don't

pay tax. Why I buy land and I sell land in less than one year, it's not normal will ten million there? I don't pay taxes. They process to me should be less than one So the whole transaction should less than one fifty and I don't gain let's more than ten million in twelve months, so you don't pay tax on that. So if you don't like something, if you've bought something, you want to sell it very very quickly.

If you allow you to accumate interest, of course you can then go into paying taxes on that, which is not bad. It made your profit, so you will see the tax on the private If you don't pay tax at all. Dispose early because it's gonna be once it gets on one million, then it's exposed to captial games. But again, it's not a bad day. You made money.

That's fine. But what about private residencies. The law says that even if I sell a private residence for more than that is one fifty million, right, it's my private residence. I don't pay tax on the sale of my private residence. I don't pay tax on instead of my private residence. So let's say I have a house in a Quali, it's worth a million era, I can give that house to my daughter because it's a gift. My daughter will not pay tax on that gift. My daughter is now

instantly word one and fifty million an era. What if you sell that house? What if you sell that house where it's not gonna pay against tax because it's a personal residence, you have to think leave that house. I would certainly five years, right, So because it's a personal house, how did she get a house capital true a gift? I would say hold it for five and sell because it's your personal home. Your castle is tax fish not gonna pay tax on that. So again, if you have

this asset you can just only once. You can't give gifts every year. This is a one time exception. So if you have this big house di you're not going to use and you have kids, I only give them money today. Think about this. Give them the house. They have to live in the house as a primary residence. If they sell that house and go to Canada or go to the bility, it's their money because if they're presonal residence they're selling, they are not going to pay

tax on that transaction. Captaal against tax on that transaction. So that's not the way for you to structure gifting assets. Not just to do we not give that free where you know that, but because the person you are getting too can dispose and get that income tax free because the CAP is the prime cident, it's just the house and it's of course going to be tax free. Then the last one here is going to be your pension company.

So if you want to work for another Niger today, you want to make sure you work for a company that's going to pay you a pension because again, like we talked around the first one, if you don't get a pension account with additional voultual contribution you are losing. A way to get money is washed through the pension system for tax prey returns. So if you have two trustes, one pays you pension, one doesn't pay your pension. Acts a guy, why not paying pensions? Even if they don't

pay your pensions, You've got to get that pace. So that's this basics transport. Everyone has got to insist on this from the guy in planet. But if you don't do it this way, you can't get that tax break. You've got to file your basic, your house and your transportation to be able to get that relief. All right, let's go to the next one, which is going to

be copy it in con TAXI. So I'm now assuming that we've sort of gone through the personal incoside, right, and you guys have seen a lot of innovative Who again, there's nothing innovative here. These things are all in the tax law. They are all in the tax But I just waited on Twitter. I was sending anyone do how to avoid taxes? So I said to do it. But I'm not giving you any revelation. It's all in a

tax law. But tax avoidance is legal. The government is telling you if you do this you will not pay taxes.

medium enterprises. If you're a POC big boy, gonna hire your own tax lawyer, you have lots of ways to have to do those things there. But this for the small guy, the guy employing ten people, small firm that wants to know also, how can they apply if you the things that title to reduce their taxable income. This is who this space is, right, not for the guys that can have for the lawyer and all that. Right.

So I think this first point really tells you all you need to do to avoid tax as a personal person. All you need to do any profits or gains of any company, any company or enterprise dedocted all expense for the period why and exclusively incured in the production of income. In other words, any income that any company can show was used wholly and excusingly to make income is tax deductible.

That's that's what it means. If you work for a fan in a farm and you buy disy to run your immigation machine, whatever I used to run that machine, it's tax deductible. If you as if you're a content cream and you buy a camera, you pay a borrow for the buy to film, you pay for boxes, you pay for launch. All those things are tax deductible because you are using them to create income. In the production

of income. If you are the video give example many times and you buy a Lamborghini, that Lamborghini is tax deductible because there's Lamborgames do videos for your home, for your music videos, which generate income for you. So any company at all that is using any expense holy and the screen to generate income, you can write that income off. This is of course in line with our agricultural export we said before. If you export anything in Nigeria, you

don't pay tax. If your billion money back. If you export a culture you get a tax ext for five years. This is a separate for that. If you start up farming Nigeria. You get tax break for five years. The first five years no taxes, but this is in after that five years, any expense that you use to make income in that farm is also going to be adoptable.

Now in the tax law, we define this small compaign as turnover or a hundred million or below and fixed assets not exiting two hundred and fifty million, there's fifty million. There's the tax Act. Mister t I will have clarified that hundred billion is the right numbers. We go with one hundred million. So for me, I would say, hire your accountants, look at to watch you're your operations and say okay, hey, how can I legally avoid taxes again?

But they afore give you the answer. Any expense you used to make income you had a doctor, including the eating. If you're going to talk around now write any income you make you used to make your income. Any experence used to make your income you can deduct from your taxes. So we're gonna going to talk around some settin exemptions as well that you can also add to deduct as well some incomes. We're going to the second to the

last slight guys. So yeah, we're nearly there copy. I'm not gonna share with my folks on Twitter who have always been with me all year. Merry Christmas to all my Twitter folks, love you all like mad. So now we are talking around a few exemptions, right that just I want to just highlight this exemptions for the business with love death. If you pay any intro or on debt employed to generate income for the trade business profession,

you can write that tax off. So if you borrow money and you are any interest on debt is right, you can write that off. Right, so the will continue to grow by taking in credits and to expand your operations, and of course the interest you in cure with that expansion you can write off. This says business profession of vocation.

So if you're a if you're making skits, if you're a YouTube guy, you're making skits on the roots of love of a bar and you borrow money from a bank to do that business, the lawyer is saying, you can write off the interest you use to buy that camera, to buy the drone, to pay all those people, you can write it off your taxes. That's what the lawy is saying. Any expense in the repair of plans equipments, fictions. Yet all this is all good. So when you do

your repairs, keep you your bills. You got to vocanize and keep your receipt. You call it legion and keep your receipt. That's the point. It's a small enterprises. Now, Yeah, any contribution you make to your staff pension prevedent retireing benefits are food. But the pension from art is also taxing exempt. So again, if you know this, guys, why would you have employee employees and not pay them pension.

If you pay employees pension, you write it off your taxes, and your employees are happier, they stay more because they can also then do additional lunt your contribution. You are gaining, your employees are happy. Why would you not pay pensions to your employees? Doesn't make any sense to avoid or to ignore this exemption for you rent. If you pay rent, you can also write that off. And it says in residents of land and building occupy for the purpose of

getting in. So even a farmer and I rent land, I can paid by that rent out of my tax income. So you've got to have an account on talking to you. You can't do it by yourself. Because then I was going to tell you more of This is just what I brought out on power point. Your counter is going to tell you more about things like this. Any salary you pay, you can't write off any cost to the company. You can't write you own your employee salaries. Because your

pain a salary, you write it off. But very good thing is here, guys. You can see, like I said, to pay your taxes is patriotic. Only patriotic nature has paid salaries right. So nothing we have said here is illegal. Everything we have said here is part of the pension reform at everything we have said here now as second to the last slide, we're going to talk around some awesome special exemptions there. I just want you guys to be aware of that this is going to be an

export zone. You'll pay taxes, that's fine, but you're V eighty. Please make sure going forward to track all V eightyes, bety going out, viaty coming in. Why because there is this impute tax you can clan back. So if you have a company and you buy un instance diesel, right and the company charleges U V eighty, just assuming and assume they charges V eighty on the diesel now you can claim that in putebat you can claim it back and say that was a cost, So big big beigchen

for you there. Captain allowance says, of course I'm still there. If you invest in an in an equipment, you can clean that allowance over the years and say, oh I want the narrator, I want to clean that gator as capital allowance in run of my business, there's not this economic development taxing incentive it is. It's not replaced in

the pioneer taxes. So before the pioneer taxes, if you invest in the rural area where there's no w or power, you can actually play one hundred percent of alt of investments out of your taxes. So let's say you are to make you want to manufacture socks. If you manufact your socks, an example in Legos labors has water, power and roads no exemption. But if you go to your village where there's no power, water roads are a socks factor in your pleage, you are able to clean a lot of

those kinds out of your proca. There's no road there. So going to say, because they give you power, we're gonna allow you claim a lot of that as tax insancty. That's what they're saying. Your guys, Yes, guys, you guys speak if you have all those questions. Finally, guys, I'm just closed by saying most of what I've said here, even before the tax laws past, already had the stage in our in my book. Right this was reading my book.

Somethings have been rehashed to increase the amount, or they will say it when it was to have been there. And if you've gotten the book, which i'm now shameless is plugging, you have seen most of these things in the book already. I would have also prepared yourself for this, because you want to get ready minting about this tax better that manyting that you have to do implementation. If you do not file any tax return, whether you make one mira or one billion, you're going to pay taxes

because you have not filed. You've got to file taxes to be able to get the exemption. So don't assume I'm not in the file. I end fifty K a year. No, don't tax your ass because you've got the file. So knowledge is very important, more knowledge, implementation of that knowledge is very very important. So like I said today, I have shared with you guys a lot of things right.

It's going to be recorded. These lines are there. I want to show your tax account and ask a tax account and hey, this guy said this, is it true? How can I take sto make sure you also do your own vertication. I'm not unhuman. I could be wrong at the very big I put the disclaimer there. I could be wrong, So make sure you also ask the tax guy before you. That isn't the generics that most people know. The idea is this, if you don't pay taxes, you have more money to consume. The more you consume,

the more the economy is growing. So don't think it's a bad thing that you're not paying taxes. You are helping the government to improve the GDP and the consumption by avoiding tax That's why you're a patriot. With that, let me go back to the to the flower. Let's get just Josey. How are you? Thanks for hiring there? What's your question? Thanks for your.

lose it. They don't lose it. You're gonna get at this ten percent. Let's now go back to the contributions to your question. Just just remember those those phones are invested. We don't take the cash and bury it. We take those phons and we invest it. In the last ten years, the Niger stock market has lived up the largest return in the world for two years after the last ten years. I think those twenty twenty two folks can check for me now just talk like was the best performance stock

back at the entire world. Folks can do a quick fact check. So the market is not a bad market to invest in niger stock market. If instalk buying don go to, you are buying Nigerian banks, you are buying a few solid companies their setbacks. It's very that five. So it's better. Like I said in the example, you're eighteen percent, you start to treat do to get your ten percent? Do it? If you do ABC's, I just not want yours and you take the money out after

five years. If if the market crashes, pull money out after five years, it's your tax free. That's the point I'm taking again with that. The ABC's fifty percent of your ages can be as it means, additional can be pulled away when you retire. So essentially, if you don't like the market again, or you want to travel, I want to start up a new business, there is no or that better I give you tax free compounded savings

than the retirement news account. That's wy you want to take advantage of that of that ABC, Sir, does that make sense? And does the returns? But that you can get fifty percent tax free? Where else can you get like an offer? Right, Jose? Does that make sense? Yeah? Sense the fantastic. Let's get you the money.

So you need to still consider regionality to an accountant or a tax professional and some of the things you've measured, like you know, deduction of life insurance premium.

salaries to the people. No more. From twenty six, don't do that anymore. The companiesh open up a business account and make you a signer, so they will pay money to the business account. Then you, as a signer, can go to that business account and pay people's salary. Whatever money you are saying on your own line on your bank. Do a memo. If you are giving your mother in the village and gives it, give for mama's birthday memo,

write it and said it because you forget. If you are giving your run Scale money, put money for run Scale. Put it there. You will forget what it's for. You're laughing, but you forget. Write everything the detailed to have a budget. So Gibla very very good. Good points to reminder that we have to document. We have to feel. Like I said, talk to a tax professional. I'm only human. I want to make sure that whatever I've said is you agreeble

to the tax question before you whatever. Yeah, bad I've got bed ben could be so.

is taxable, any and all. If you do bitcoin, you get air drops is taxable. If your boyfriend gives you money is taxable. If it doesn't say it's a gift is taxable. Any income that your accounts is looked as as income. However, from that income you only then go buy deductions and you file. So, for instance, if you get your salary, your company might say, okay, hey, we paid your money. We're going to file for you for

the income we're paid. It's left to you to then go and file your own personal assessment to show I bond life insurance, I did NHF, I did investments. You have to go do that yourself with your state. Your state tax author is to claim due deductions, so you don't have a tax payment at the bottom.

which your company is paying on your behalf. So that was what was happening in the past. Now there's no more automatic twenty percent. Nothing is automatic. Even the eight hundred thousand nine is not automatic. You have to file to say you end seven hundred thousand, then you don't pay tax. If you end seven hundred thousand and you don't file, you will pay tax. Because tax man will say, hmm, I've not got the attacking turn from you. I'm going to assume you end a million, and now tax you

isn't the law. They can assume income and they can tax you I think Section ninety one. So you're going to make sure you file every year those taxes. Yeah, you have to file time says yearly. You have to find more. That's gotta be too much for you. So what you can just to have an account, open an account, call that account tax account. Every month, countult your tax pit, your tax account. End of the year, cut a check to your your tax authorities, and you have your schedules.

You know, you have scanners all your receipts for that month, scan them, attach you on to your your report, skanter, keep it five match you keep it. End of the year. You cut one check to your tax authorities. You have your record, you get come back to you. You have everything scan save on the cloud. It can never get lost. That's how you want to do it. So you can you can accrue monthly and pay once to Listen, all right, it's not messy. It's not messy.

But if you're not in Nigerian i e. You are in Nigerian born, but you're an American passport holder and you don't stay in Nigeria for one three days, then for tax proposality Nigerian tax payers to give you the full answer, fantastic, You're welcome. That's okaypho o Hiphoe YouTube guys, you can that's the chatter answer. Yes, go ahead.

say this. If your father gives you ten narrative gift, you're fine. But let's say your father is giving you ten on or one on her every month as a gift. You're frown on that because that can be a gift. You can't have perpetual gifts in eternity and quality gift? What is a gift one time? Huge can be two times, but not every time. So use your intuition. I say, is this a gift? If I'm paying my girlfriend salah and my quality gifts, They'll say it's not a gift.

It's income to her. So I'm giving her every month. I can't give her a guitar every month? What is this? Lottery is also income? I think sports winnings there's something are not taxable. Lottery is taxable? Yes, just to be clear that. All right, thank you, So let's get the Big George. The Big George. I read the UK.

of cover all those two poles. Really, yeah, makes sense, makes sense, big joys. Very good. Sorry, Oh my lord, okay, all right, fantastic, let me get those again. We know you're welcome, sir, We know w n ossage at Guy Baden, we know. So you're ready to speak now a fantastic Let's get why m D, why m D esquire y m D. How are you doing? Man, I'm going yes, I am. Thank you so much for asking.

K for the whole year. And you take your one million and you take and you go buy a mutual fund and approved sex mutual fund. Then your tax income is zero because you've both taken that income put the mutual fund. Right, So the income you make from that mutual fund, it's not taxable. The eight hundred k is tax free. The one million that extra you paid income tax on that right for the first year. But when you invest that money into your mutual fund, the money

you get on the mutual fund is tax free. So the first year you get the money right and not above eight hundred k, you pay tax. But if you take that one million you buy a mutual fund, the next year when they pay you, the income is tax exam. Does that make sense what I'm saying, Yeah, So eight hundred KA is automatic. Anything you add tax on it. But when we say a above the line, you can reduce your taxable income for above the line items. When you buy a mutual phone, it's not above the line.

It just means the revenue you're getting back it's not taxable, but you pay tax on that income you're using you to buy the mutual phone. Hope that makes sense? Yes?

in the first five years, you won't pay tax. So that's going to be covered generally under that. Yeah, makes sense, fantastic. Thanks appreciate tanks for colling. Yeah, okay, young, let's y young yang p particlarly you are good even thank you. So I have a question.

use that passive income to write off active income. I believe you can have to you also use that loss to only write off profits in your bitcoin wallet. I think I can have to be to show this, but I think that's what law is say. You can't use it in your total tax to reduce your total taxes. You can only use passive income to reduce passive income. And my head coming in US and answer, but I think that's the that's the the law. Yeah, you.

in Nigeria. Or if you don't live in Nigeria at all, but you're not going to be taxed in Canada, then you'll also be taxed as in Nigerian. Does that make sense that you're saying you can come to Nigeria with US passport, make one billion and say I'm an American and run back to America. That's what I'm trying to avoid.

Those those that what he was going you that income to your fresh income to you which you not have to pay tax on. All right, So ask your seld question. All right.

what Nagera is saying. So that means that because they didn't say salary, I won't imply salary, but I think I'm sure if you bring your salary, then my not tie. I don't want to say what's not the act, but they're basically saying dividend, interest, rent and royalty derived outside Nigeria and brought into Nigeria is not taxable. That's what they're saying. Maybe maybe you can ask for authentification and

say does that include salary or doesn't. Many person has to take his salary and then buy a bond and then take the bond in comeback Nigeria. But that's what the lawyer is saying. I don't want to imply outside with the lays saying mm hmm.

the positives. That's your profit isn't.

don't know if anything. You're just sing your taxes allow you to spend more, which is what the economy needs. So there's no dilations. She has an economic topic on its own, which you have to go into. But at least I've answered the other question, right, all right, all right, let's get chair Michael. Thanks when if.

So even if you are correct that yes, you're supposed to get a tax break on taking the loan, it doesn't show up on your tax. For the personal what shows up is your interest you pay for a house prime residents, but there's no interest payable on the loan. You see what I'm saying. So advice is, if you're doing that as a as a thing, set up a company and then do it on the company because then

when you take that income, it's income to the company. Correct, But then you can write off the interest on the loan you've taken on the expensive side, so you just paid the net taxes on the net of that displacement from the loan.

can't give you money. I wouldn't take it. I would. I would rather pay me that through pay power or to my account in America because it has to come in throue an official channel. So they can't pay you from abroad into your nighte. You know how I'll pay you niger You can't accept that because you can't use that asset. Yeah, that's what you have to be clear about here.

in respect of you are in the right path. It's just measure the money s paid to you from the abroad. Correct. Yeah, thank you, very welcome, Thank you having I was I was speaking what's man, what's my what's man? Wow? Thanks for opening here.

that business. It makes no sense business right under your company name on that your personal name, because you cannot deduct expenses under your personal name that are not those pension, life insurance, and you can't dedoct generating money or for your personal name, but you can dedoct generator money for your business. So once you are doing business, it's advisable you have a business registration and then a buildest account so you can track it. And yeah, I know it's

more expensive. You can't do an enterprises name. You will still pay taxes on your personal name, then pay the company. You can also clue those expenses even enterprises you can see use that, but it's also going to be on the personal side. So look at it this way. If you want the expenses, you've got the rest of the company. If you say you are fine, I don't need the expense guard back then operators, your personal they are both legal.

It's not illegal to do it. It's just that you won't get those expenses.

are twistings into a press. Al right, try to follow what they've acted to do. If you have a business account, then you are going to pay tax on income that come to an account. We don't tax transferst to your account. If you receive income come to your bank account, it doesn't mean it's going to be taxed. It simply means it is income. That income. So it doesn't miss it, just miss the transfer. The problem is that the taxman sees that transfer. I will not ask itself. How can

you get transfer of a million naira? But you say you're only making any tax of one, so it makes them to ask questions. It doesn't mean every transfer is business. So I would have sent money to your mother in courte right and it came through your account, it's not a business transaction. Or there was a legal settlement and it came through your account. Maybe you had an injury

legal segment. That's just not taxable. But you've got to keep records and try to avoid I have to account I'm going to pay to here if it's a business account only business transactions, personal account only personal transactions. Yeah, try to keep it that way, sir.

just business income. Well, my company pays be the owner is salary. My company will deduct my salary from the business as sign to myself, I am not my company. I simply own it. So there are two separate people. Because you own it to hundred percent, doesn't make it your.

reduce their taxes by paying you a salary. When you get that income, you would then go and pay to the government's income tax for revenue you see it from reverse company. There's no double tax session what revers paid the deduct what you end you also pay tax on. Eventually somebody want paid tax you can't avoid it. The only way you can avoid that tax is to do what I does too. Just do okay.

Your company will write off that payent you as a cost of doing business, So your company will not pay a tax anymore. Who will pay attack you because you have collected the money. So it's not a double taxation. You are simply shaping who the ultimate tax payer would be. That's all you're doing. All right, that's the one that's that's got I've got.

So keep that in mind. When you do a transaction, it must be it must not be personal or it must not be tainted by your own personal When you borrow my from your company, it's not ambslent. So in America they are very very clear the IRESs would impute interest and charge on that transaction. If you if you give if you sell the house to your son and you give that house to your sons below market price, i als will charge you at the market price and ask your son to pay that has taxes to them.

To be very careful about trying to do these transactions. You can't they're not You can't deceive them by saying, well, I'm going to borrow money. Just be careful because you're asking me yes or no, I'm swing, but I'm telling you be careful. They look at this transaction if it's not if it's a if it's a same party transaction, some rules coming to play there. You can't borrow money or say a house is what one nira, then buy it for one mira and then pay taxes on one

one house? What's a billion? It doesn't. Yes, sir, I'm opening a had been what we'll been the who the all right? Okay, Mike, Gangs of London, Gangs of I can hear you go ahead, Yeah, thank you very much for me.

not it's not I don't recommend it. That's what I'm saying. Have your own transactional account. But you will pay taxing because you can explain what it is for. When you send them one of my America you put to buy house in Nigeria. That's what you put on the wire. What you got to Nigerian bank that to buy money Nager would be stored in the bags wire instruction. Your father will also say this money is to buy a house in Niger. That's why you have to memorize your transfers.

So in your father fight. If your father does those file taxes, the tax man can see, okay, you got testy million, come and pay tax on testy million. But when you file taxes you say I got a tax of ten era. Okay, But there's when they print you because in America again the print was called the ten ninety nine. That would show the interest you have on your bank account. If they do that, they can tell that, okay, this money war. Was you end that interest on that

or you did not. But the point I'm making is as long as your father file's income with the correct narration, if the money is not going to got the title of the property is not his right, the title is not his, then then why would he pay tax on that? But I don't encourage you to do that. You can open up your own account buy directly. Why are you doing to their account? Do does the company have money

to have an account? Pair to the company that is that has the property, because they the owner of the property, has to pay tax. The owner that you are buying the property from is a person that don't pay the tax. The president is receiving income. If you don't have an owner, of course they wouldn't. They would impay it to you. Yeah, So that's Lember answer YouTube. Real quick clarify if this tax is on income or turnover the losses? Turn over the losses? What is said for business jeezh over it

says toll over the intimation income. They said turnover. I don't know what tournament means, but they said turn over not income turn over. What about remote workers? Can they to export their services and since they are paying in effect, do they need to pay tax on this income? You know, we just talked about it is that age and we said the lord of Laci income. The law says if you get dividends, rental royalties, that that's where you are

going to pay at tax. So we're assuming that you have to take that income end abroad and then converted to passive income and when that passive becom comes back to Nigeria, then you don't pay tax on it. That's what we're assumed because a lord of Nazi salary, he says rent royalties, dibidends. So just just the answer going to what is written in the law. Then along Nigeria says income on exports are tax exempt, but it's exporting

talent inclusive. Yes, if you export talent because there's royalties there. It's also tax exclusive. How do individual consultants how culate their expenses before carpeting the income the same way? Take an Excel sheet, Put your income, put your expenses. The net is what you're going to be taxed on. If you're about to do it, hire a consult and go to university. All those nd students that do accounting. Ask for the best students. Bring him and say, do my

account to me. It's a small business. He can do it for you before launch pay him money. The students you will love me. So don't try to do your taxes by yourself if you don't know how to do it. All right, you've got the floor.

don't go anyway. Many people have questions for you. Michael Hi, Michael Casley, Hi.

if length FI is official, you are fine. What did they do is to go and clarify that the length file is an official channel, because Yeah, the point again is that if they pay you locally, that's where I think you're going to run a file. If they say, oh, we have an iraq a count and I we're going to pay you an ira account to your ira account, that's where I think you might run a file. The government wants remittances. That's what I give you this tax back.

So if they're just paying you from Nigeria, it's not a remittance broad they don't there's no dollar moving. So that's why I think they will not give you that tax bace I was saying. But one clarifying that the left file, whether I'm using this a approved channel, and then number two, make sure it's not coming locally. They can't pay you. They can't pay you naira from the assort. They will said you do their to their bank and a bank will pay you, but they can't pay you

from givet That's what I will say. So that's fantastic.

organized here. If we say, wow, you have an account that living a millionaier every month, Okay, you can't come tomorrow and say that the total path from that account will be like one k. They want to know more. It doesn't mean, because you get a million, you pay that to a million, But they want to do more because one million to one k is very wide margin. So they don't care why I call it a Greek or not a Greek, It's just it's an inflo right. It isn't an insight into what you're doing. Let's not

go to do a Greek settle. If it's a brand new firm, five years, no tax, end of story. It's a fund that is now in existence, even if you branded. Even if you branded, you can you can expense away the expenses on that farm. You can expense it away, even if it's brand. I think what they are talking about is V eighty. You can correct me V eighty because V eighty on raw a Greek is tax exempt. So if I have corn, I don't pay V eighty

on corn. But if I have corn and I play in that con meaning to cans corning hands in this market, so matter would charge deviating on that corn have packaged and labeled. I think that's what they're going to. But as a role as yeah, yes, that's so that's where they're going to. It's not really if if you brand, if you make profit, expect the profit off. If you

buy a generator, expect it all. If you brand your corn as a man of Michael Corn, that's fine, expensive, but if you take the raw corn, the it is exempt. But that raw corn you're not going to package you putting you can't put one nice picture there? Then yeah, exactly that's what I think, don't.

legal ways to avoid tax. So many all that just nonsense that I want to open no you know, to find you out, and they're going to basically, so this is better for you. Want to stand with the law works and try to work with it. So YouTube, guys, I'm so sorry. We have a storm. I think it's affecting the quality of the of the internet. What I'm going to try to do, I'm going to try to re record this, this whole presentation and put it again

on YouTube. But I think it's breaking off if you of the storm and two tight staying strong, but the getting the heroes on it. So try to yeah, yeah, correct, sorry that by thanks, that's.

and that company you build them. Then when you they said it went to your dorma account, it's profit to you, then you're covered. That's what I would say, sir, okay, because.

to prop the company. Yeah, they're welcome, Montero. Hiye, thanks so much. What farewell, sir?

your V eighty. What can you do about it? But for you keep your deity records. That's what the law is saying. Okay, yeah, yeah, matter, real quest.

What will happen? Your company will write off that nine hundred thousand as an expense to the company, So your company will only pay tax on one hundred thousand nira. You that received income of nine hundred thousand, You will now pay personal income tax on that nine hundred thousand. Does that make you understand what I just expensive? Authors?

in this case, you are we are remitting. Okay.

don't think you have it. In Nigeria, they just stopped at the income of eight under a key. I'm sure there will a minute as we go along, but at a certain age they shouldn't be paying taxes. I know, if they received a pension, they don't pay tax. But if someone received money from his son abroad ten million era a month from his son a broad he paid tax. The tax law is not very very clear on that. That's what I'm saying. I'm trying to just stay on

the ministry of the tax laws. It's not very very clear. You don't pay tax on not pay.

is exempt. That's what you file. You still fire, boy, you won't pay tax on that income. So make sure you file and then capture it with your proof and say, yeah, this one was I sent pay money to I exported this service to this, they paid me this. I'm not paying tax on this this. You have to file, yes, every you have to file. Correct. Yeah, if you don't file, then they're going to tax you on that income because you haven't told that income is not exempt. You started

the arresma was here right, yeah all right, perfect? Yeah, sorry about this real quick? God go ahead?

So what I wur advice to do is to keep proper records to say when I bought this trane of investment, this money came from this income. I aim from exporting goods as services. Show them the paper trill, Show the paper trill. I exported a million era water services to America. I got paid error. I use this woman on to write a contract note to a stop working firm. So like everything is now tax free because that income has

already been taxed. Where do you feelish If you don't have paperwork to justify this this transaction, then they will say no, no, no, no no, I read this money came from your income in yeah bah blah blah blah blah. But if you have the paper, trill fantastic. So I would create just like you said, any transactional name it. Just name it so you can see they can see where the true is coming from. If you do investments outside this American type, then do it on a separate

css you see see what I'm saying. So if I do I sell exported goods, I use it when I buy stocks, but I also buy stocks from my Nigerian income, I will separate both CSCs. I will just separate them, not to avoid waha, so I'll turn the f arrest. This cs CS is for me when I do the Igerian things or my number of stuff I buy here. Remember that CI schemes are also tax exams. So if you buy met your fund, if you buy an Etsy,

also tax exams. So the way you want to lock this thing that if you want to lock it down companies to say export bring the money back, then use that money and buy e coactive scheme. Then you've flocked off any taxes whatsoever. You only pay a tax now, or you only expose this to potential taxes if you buy an individual or if you buy that and go ta cevents singularly, then they might ask you a question.

But if you have people to say I bought this from the money I used to I used to export to America, then of course you're homebrid Thank for showing your high. Let's get a quay. Were about to run down quay designer, que designer. We'll have to run down mostly. Hey, hi doing.

to you. So only so the only thing there is going to be mortgaged. If you, if you, if you, if you are paying interest on a mortgage, you can claim that every other loan is not plavable.

So let's move on. Are you are you good? Sorry about that? The profess are incredible? How incredible?

to Nigeria, you don't pay tax on it. But for a business, if a business exports and gets income, and it's true official challenges also not paid packs on it. So two differentiations. Individual dividends, rent, royalties and interest. For company, it can be anything as long as it comes through your approved channels.

You didn't mention salary, so specializes included. But it didn't mention. I don't say mentions. That's the.

is tax free, that's what they're saying. But if double touched on reason Philip paid tax abroad. All right, so.

three days in Nigeria? No, so the money he ended in Saudi Arabia will not be taxed in Nigeria. But let's say until Joshua spent two hundred days in Nigeria last into Internet six. If he goes to fights in Saudi Arabia, the income he makes in Saudi, the fourteen million dollars he paid in Saudi, he will pay tax on that income to Nigeria because he has spent twenty days in Nigeria or less. Say until Joshua does all spend a day in Nigeria but maintains his permanent home

in Nigeria, he will pay tax in Nigeria. Let's say he doesn't spend today in Nigeria, does not behome in Nigeria, but has huge investment in Nigeria, has a huge family in Nigeria. He also paid tax in Nigeria. Let's say until Joshua ends money in Saudi Arabia and that income will not be taxed in UK. Niger were taxing. So the residency is clarifying. If you are in a resident, they don't care about your citizenship. They care about your residency. If you live in Niger for more than one three days,

that makes you a resident. And if you're a resident, you don't pay personal income tax to the Nigerian tax authority. Makes sense, Yeah, clear, just I just need to be clear.

get while here. We got to go guys our while ben, how long do we have? Hardstop is going to be about twenty minutes? And had stop is not ready? Yes, let's get Kingsley Kingsley eBay h So please no one signing most of all that, imagine. So I want to know if you are supposed to pay on the profits? Yes, now, if it's profit, you pay tax on the profit now as a simple one. Now, Oh, I tried to ask that because you made the property the loan, you shouldn't

pay tax. No, you you you pay nets. You pay profit on net net income only if you're a company, if you're buying shares in your personal name. And it is not a collective investment skin they're gonna pay tax, right, that's a simple one. Yeah, all right, good investment for you. I will lay ub. Are you ready to speak our married Let's get to bury to bury to bury money business. That's question for the sake of its familiar.

S and NH larger housing fund mortgage interest. Of course it's also the doctor from your your paycheck, from your taxes, and of course rents. Rent is capped at five thousand, twenty percent or whatever you're rented. So this is all if you just google what a tax exempt.

this year getting your open up. Have a passion account. I haven't a passion account, brother, pasion account, life insurance all that I walk with.

you have bringing your income lower. So you're definitely about to do additional country contributionionalized think you should do that. So I was saying in terms of order, go rest of the company tomorrow, go to your PFE. They tell you the same thing. Go to a new PFA, do additional country contributions. Then think about how you can also in your business capture all the expenses to reduce your taxes. That's all you should do, sir.

tax will be fine. I can't I can of course guarantee that, but I will say start if you think it's bad instead of a new company, doesn't cost you more money. But I suspected just start off on your own, they would accept that from you. So that's why I suspect.

assessors in common and you pay tax on that. Does that make sense? Okay? I think it's gonna start for you. Are you okay with the answer? Do you hear me? All right? I think it's dropped off. All right, let's get Mary and and will you you guys guys have to help me.

exclusive to the business, not every expense. If you are if you're a farmer, yes, and you are going to a bucher, you rent private jet there they'll ask you why private jets or what's wrong with flying first class or whatever. But if you are a billionaire, you know, and you are writing a private jet, you can say for your security, you want to be flying. You know, it's all has to be holy and exclusive to the production of that income. You just can't good, you can't.

You can't be a farmer in a bell cutter. Then go for summer holiday in Greece and right off the holiday in Greece as an expense, no but a waiting concern Greece and a bell cutter. But but if they're holding a conference in Greece on new seeds for cocoa, and you go to agrees to attend that conference for new season cuckoo, then you go to the beach, you swim, you do all that stuff. You can write that conference off as the cost of doing business in makes sense,

then a lot towards American as well. That is correct. It's very similar to the American system of self assessment.

I can hear you talking about ten minutes. Can hear you? Yeah?

paid imput duty. Let's say he brought that boss through, but I agree he didn't pay taxes. If you buy that bus, you cannot claim that boss as an expense in your company. That's maybe where he's going to the air. Fire is also asking people to try and get digital that try to digitize your payment, your preferred digitization. So they're also saying that that's maybe that's what you're also saying that make sure that the company is either going to get the digital or is telling towards that side.

They don't want cash or paper, they prefer digital. Because going forward, you just come to your company plugging the competency your company and download your transactions. That's what you're going to go to. That's what he's trying to say.