Personal Finances and SME Tax Space

Come from that space with me calu Aga. Of course, on this space we're talking money, the economy, and of course finance. This week we're doing taxes. We're doing which we say, a masterclass on taxes this week, right, we want to essentially talk around those tax tax law that's being past right, how it affect you on a personal level,

Okay, good here everyone.

My name is Mary Mark. I'm here to host. It's a very interest in topic and we're going to dissect it. So everybody is clear. Then, just to be clear on my profession, I have my master's in finance. I have worked as an account as an accounting assistant, but I cannot call myself an accountant because I do not have.

A degree in accounting.

So to put it out there, so one mischools or calu in the future.

I am so yeah, fantastic And again I just put a slide up there. We're also on YouTube, guys, so if I'm just follow visuals w also on YouTube. We did share the links to YouTube page. Just do Thinkland Calgary. You see YouTube. You can also flow those spacials as well. So again, just overall, we're doing education right we're not doing a facial advice or tax advice. It's more of education. So at the end take what you've learned to go speak to your tax person and of course you should

Okay, so let me start here. You're CEO, you have the company. So first of all, whatever that your income is already tax deducted, it has already gone through taxation.

And whatever thing you hold as income, if.

One million is your income, it's no longer subjected.

To taxation anymore.

Now if you as a company, you may let's say ten million and turnover.

Now we can talk.

About what is subjected to taxation now. But before you now go to the taxation. If you have an accountant, let's say your CARNU, you're a business person, you have one exhibited as a company, and you run the booth of them together.

Right, One thing the.

Taxo wants you to do is the taxo wants you to separate your businesses from your personal income. So you should never ever there should be a world in China world between your personal income and your.

Business income as from the first of January. Dose two things. If you used to do.

Them before, do not do them anymore, because if there's no clear destinction, the taxman can come for your income. So because there's a lord that talks about the presumptive, I will just talk on there. These are for people that do not know accounting, the losses. If you don't know accounting and you bring your statement to say this is what I make, I make one million and from

Tax I pay on this?

Yeah, I want to talk about just myself, not ignoring my company. So let's say correct, I'm the CEO. My company has paid me, pays me a salary, and my company also I also own shares in the company. I also a company also paid me a dividend? Is the salary taxable to me? I have a file? Is that income to me as an individual, not the company? For me? Now, Calu, I'm the CEE of Carlo Company. Car company pays me a salary. I also get a dividend check from Carlo Company.

Okay?

So first, before you you get your salary as call, your company already collected pay from it, so your income is already your your next position, so you no longer pay anything from that. Then from your dividends, it's already deducted at source. So the person the portfolio manager, before they give you your dividends, the taxes as if are already dedorted at souce. Therefore, your personal income that's paid

Comply, So.

When I'm going to right, do I have to file taxes on individual? You have?

So you don't have to because your tax has already been deducted at all.

So when the companies pay your tax?

Okay, will you company s pay you your salary right before your salary is paid like you know before you probably do now pre twenty twenty six, is you go the company accounts and you send salaries, you can no longer do that again is wrong and it's legal.

You have to have a payroll. Oh man, you have businesses need to have a payroll.

So, mister Carlus, if you have a company, your company has to pay you salary and that salary has to be tax deductible. It has to go through all the deductions, the statitute deductions and the contributions if the company is doing that for you, right, So, once it hits your account, your money that's comming to you account is the next position not a taxable position anymore, because before he leaves the company it.

Must be taxes.

Question for you is what if I what if the company does not do that?

Okay, there are penalties.

There are penalties, So no, you don't have to fast.

So now we have to.

I think we're meeting two things this year. You're still putting yourself as Carlo the company. You have to separate yourself mister calum, mister company.

Right.

So if your company, let's say ABC Limited, is paying carlous salary, right, by the law as of today, there must be a payroll. There must be a payroll that you will that your accountants. If you're the world that's doing it yourself, you must meet the deductions right, and then you must pay your tax.

If it's a company.

If your companies pay your salary, you must fall under the pay role they pay your band. So you must go through that pay band before you pay yourself salary, which is the payroll. I think Drances have not been talking a lot or we're not using payroll as a love before younger, but from friend they when I'm this already in law, you have to go through payroll, and payroll constitutes off the statutute deductions and the statutory and contributions.

So yes, mister calum, even if your company is pay your money, once he.

Hits your account, it's the next position.

You no longer pay tax anymore.

Lets I get that, unless you do have an accompany. Yeah. The point I'm trying to make is this right, the company has paid the taxes and it's a company as the next position.

But no, you don't don't pay anymore.

I get you. What do I have to file? Is the question? Do I have to file?

You don't have to file because no, you personally do not have to file because the company is paying you. But your company will fire tax. Your company will not fight c C. So under the c I T in the accounting, everything like a company paid to employers is adopted.

Do you understand?

So you know, as a company will file the company tax, but your company has already adopted paid from you.

Okay, understand yes? So so so now what about my income? Let's say I'm asking this question on purpose. Let's say I own a Coco exported company. I own that coques in company one right, the coortance company gives me a million ira return. I do export cocoa. I get a million ira, that's my dividends or in company? Is that tax? Is it taxable? Okay?

So let me get in the street. Let me get you correctly.

You have a cocoa company right and made perfect.

You're asking if it's.

Tax Isn't it correct? I pay tax on that profit from export because.

Because feeder government is trying to make exports, it's trying to make exports what is called attractive to Nigerians. We want to bring foreign influence.

Into the country.

So further, government is saying that there are things that are tax exempts in the exporting exporting category. So if you're doing those activities that follow that the tax is the category for exporting, then all of the process that come from there is one hundred percent tax agent.

But there's the cave there's a caveage there which.

It says that if you're engaging in this exempts category, you must make sure that the financial activities you're doing, whatever thing you're doing there, if you're farming or you're exporting cocoa, let it be that if it's coco or any other cash product, it's one hundred percent under the exam category. If it is no, undred hundred percent under the exempt category.

So let's maybe you're a farming cocoa.

Are you're farming what is it called carrots for example, exporting carrots, or you're exporting passue, and it doesn't have the exempt it's an example, you don't have the exams and position right. The government says that in this case, you're the other thing that you're also.

Doing as an activity.

Financial activity should be twenty five percent or less than twenty five percent for you to have that exempts status. So if you're doing another activity in that export and partgorary that is not for the exents list, and then you now miss them up and maybe the other one is forty percent of your activity that you're doing and that one is sixty percent, you do not miss that category anymore to get.

So let me understand what you're saying. So if if, if if the export is on that list, for instance, coco is on that list, I can clean AE hundred percent exemption on they don't come from. But carrots are not on that list. So even if I so even if I export carrots, I can clean carrots because car open list.

Yes, yes, you cannot clean carrots.

And then Let it be that the carrot activity is not more than spenty five percent.

So can I claim five percent?

If it's less or twenty five percent, then you can see four D one hundred percent.

So the activity altogether is on hundred percents.

Let's say one part is seventy.

Five percent and particistants five percent. You see for long that that's as category.

But let's say maybe your current business is so big that is certificience. Then you no longer fall into the category the government is going to charge you outrightly as they charge everybody.

You're no longer pense.

Okay.

So even though you're.

Doing it what is it called as.

Category, you have to stick to that product. You don't mix it.

Okay. So again, Lenny, point for me here that I have to get that list of exports activities that qualify exactly. I think that list has to deal with with sports, education, agriculture, sports education, agriculture. What about if I just go ahead?

Okay, so no, that list for exports is no, sports is agriculture mainly, but this sport only is. I think this is you're touching on the point of what is it called people that are exempt from v e C.

I'm what I'm trying to say, is this okay? Like for me, right, So I am the CEO. The lawyer is saying that if I do certain activities dividends received, I'm putting it on a dividens from investments in holy export points of dominent oil company in respect to good exempt and if you export goods and you're practiced through officials and Nigeria, the lawyer saying, you'll know the tax this is holy export related businesses. So in that list

That's for your reason, Okay.

So once I gets from that is let me take my slides that I prepared.

Is that you you you.

Have the exensienist for experts category, but you cannot mix it like even if you're doing cocoo. Now it has that and that sense of one hundred percent exports, right, but if you're not missing coco, your activity has to be fully fully on that category list that the government is exented from it. If you miss it up with something on other products, even in agriculture.

That is not the exensiveness. Then that means that.

You're missing your activity together even though it's exports.

Okay, understood, Just to let us ask again, I get that point now. So like I know in the in the Lord, it's not talking about the person. This is top that about Calum, not Calo company Calu. If Calu gets an interest, interest dividends from outside Nigeria, it's exempt. So if for instance, I own a property in America and that property in America pays me dollars and I bring that dollar back to Nigeria through approved channels, the law is saying that I don't pay tax on that.

Yes, yes, yes, okay, let's.

Jump into the company. Now the biggest question before you go. Let's I mean to ask you this question. If I receive money into my bank account, do I pay tax on it? If I get tenline into my bank account?

No, no, no, no, you do not pay because government does not tax your bank accounts don't. The only thing government tax is if you're using your bank accounts as your business accounts. This is where where you find your tax. You tax what your personal accounts of. Men do not look into it. It doesn't concern them. Or men do not have gifts. Your gifts are tax So let's say somebody send your money and send me twenty million his gifts not that, okay, how will.

Ask me?

I know it's your personal account. It's your personal account. Don't take business accounts, right. So if the person that is paying that money is in you their money for services, it's.

A different thing.

But if the person is paying you that money, I think gift. Now I transfer tell me them to my to my brother, or tell me to my sister.

Twenty millions to my sister. If I targeted gifts, right.

Then it's a gift and it's in my personal accounts.

Money is in my.

Personal account, and I'll listen to But if let's say the money is like fifty million, money gets to that point where they say you need to pay, you need to pay what is it called?

You need to pay a CID? Now the tax man is not really care.

If you look at the administrative law, the tax man is not really clear on what they would do or how they will go into your account. I saying this is what is subject to People are saying that the tax is not clear, the tasty the administrative law is not goad of that. And I think when I have doing this, he said they are going after small people, They're going after the people. Right, So did you not specifically say if you sit, then.

The government is going to call it.

The tax man has the authority to call you, send you to courts as peoplet penalty on you and you will pay while you're going to court. So this is a discretion of the taxman. But let's say your money is.

Not hitting the presshore.

That is the red flag there.

Nobody comes for you. Let's know you get five million regularly.

Okay, that's fine, but think it starts to have condeminium.

In your personal accounts.

The tax man might come to you, and in fact the bank reports you because now they say in the administrative law that banks are not required by the law to report suspected cast activity.

Do you understand.

So at the end of the day, it depends on the volume of money that goes into your acco.

And it's also the discussion of the taxman.

To say, okay, we're going to call to explain to us, but tell us where this money is coming from and why do you receiving the money. The tax man is not clear on who does that, but who you will go for. They do not tax accounts. So the learning personal accounts, the learning.

Point is do not do not mix your personal accounts exactly.

Do not do that.

So if so, anything personal goes to my personal account, anything business, okay account.

And if somebody is giving you money, that's a gift. If it's undred million, they should put it there.

That is a gift and puts my personal account.

And you go see your personal accounts and it gives issues, it gifts.

Okay, let's go.

So.

So in terms of the exemptions for the individual, I think there are some not this five classical rent? What you know is it now five hundred thousand or two hundred thousand?

Again about yes.

I'm back now. So if I pay rent of five million, is the cap five hundred?

Is that five hundred thousand?

Five?

Un towns?

Okay, So there's rent. I can claim my rent. I can pay for life insurance myself and my wife reduction for the premium. I can buy national housing fund. I can use national health insurance scheme. What's the last one? I can do retirement in the count. So this is outside is five? Is there any other above the line deduction to produce my income outside this five?

Okay? So answer this is I'm thinking yourself employed.

Right, not just for CALU, just no limited.

Self employed self okay, So yourself employed okay, So yes, there are business inductions for you. The same rule applies, right, So any money that you use.

In making like anything that.

Falls into financial activity. So let's see mister can as in person you use send your error to make your business operations in a month. Let's say maybe you buy and you say that you buy, you buy.

Okay, let me use this pertical example. Mister can't walks.

In his house because he's a freelancer. Right, you cannot just say okay, because I'm a freelancer the utility bill, you're not like all the utility bill or all the lens bill and gift to tax man.

That's not a politic.

That's man cannot poltic because they say that it has.

To be the only business.

So when you're using back of your house, are you living for business? You cannot just put all of the deductions.

Yes, So you have to partition it and you have to be clear.

So they think this is why that's man looking for and they're looking for small fish or they're looking for briefish to fry.

Then it's gonna come for you.

But if you do all your business deduction, for example, your your intimity.

Your internet or for people that.

Won't pay for listen, you pay for training, you can deduce that.

You pay for what is it called you pay for you maybe all these people that do graphic design, and you have all your accounts that you pay for and you have received.

Okay, But anyway, you cannot make any deduction without receipts.

Okay.

Also you want to make mostly received if you don't have the receipt I'm sorry, that's not just take.

You seriously want to be a paper receipts or receives No, it is okay.

So the administrative law is talking about physicalization, right.

It says that everybody they.

Want to physicalization, meaning that every receipt has to be digital. They want to see digitally. Right, So as a freelancer you have to approach your digital receipts and show that. Okay, if you want to do maybe you prepay for Figma for example, because you designer, you have to put your.

Receipts twenty dollars every every month.

Right, So you there and then you can do it received. You're not.

You cannot.

Hope again, So you slow down, somebody, you slow down so they can follow, right, okay, so that question. So if I buy Diesel, I'm at home, I use diesel. Of course at home, I also do my for my computer. So are you that received the mind gives me it has to be digital or how does that work? Give it to me? How does that digital?

You has to be digital? Your receipts.

Digital.

So if you go to buy diesel, give you your received and gives it to you, you slap it and then you take your take it, you upload you're finding well as any individual file.

I think once a year.

I once a year. So when you want to fill that year, you take all of your sets, everything that you want to it needs to have a receipt. If you receipts, you cannot adopt because you cannot do that certain expense. And then you stay from your house. If you may be your house is you pay a lot of about rents because already you know it's already cant at five hundreds. So what you say, I use my house for business? The lords know less you take the

So any other thing you use that money, it's regarded as the expense.

So let me for me that I have to take photo of the receipts, take a picture of scanning to take photo and keep it. Okay, that's a many of the many two business we don't do this, so yeah, it's important.

Everybody needs to do it. Everybody needs to do all.

Right, So can we You can reduce your tax that you can use your text?

Look fantastic, you can Is your a changeable income?

Okay, moved to the company. Now, yes, let's go to the company. First thing, let's look at an income statement. The first on the incomes is going to be revenues. Right, what what can we say about revenues for a company in terms of this new tax year? First of what qualifies me as a small community pay tax or the exempt? What is it give me? That? Is it one hundred million? What qualifies me to pay.

Today?

We're not sure because they dispute what what the house fast?

So the president said that we don't know.

So another copy is saying fifty million million, Another copy is saying is one hundred million to fifty million? We cannot really say what?

Interesting again, I know the world that is to over. That was the old law, it's still saying tournover that means revenue is revenue or tono. Okay, So that does means that if the sales I am making is that qualitify? Is it sales that qualifies me as a company? Is this sales assets together or just sales they don't qualifies?

Or because I have now assets but your income but I don't have a set. I don't have the assets.

But even if if if that money is basically as an income, you qualify.

But my question of asking is this right? Because I hear you say that the turnover, the revenue and the assets they have to go together to qualify. Correct. Yes, So what I'm saying that if I used to million assets to generate one billion RA turnover, am I a big company.

That's what I'm going to But you're you're saying the same thing.

Your your revenue is your turnover, right, So that's revenue there, that's fifteen billion. So you use let's say you you invested a fifteen million error and you got million.

Of course you.

Fall into it doesn't matter, you fall into the taxicle category. So once they're looking at they're looking at the revenue you make, not the money you're using investing to make That revenue is the revenue you make at the end of the month or at the end of the year. This is what government is taxing you on.

Yeah, but what I'm saying is that so both of them have to take qualified. So what if one of them does not qualify and the other one qualified. If I have revenue of one has the meeting, okay, just one has the meetings. Okay, okay, Okay, that's what I was going. Okay, So let's so with let's income. I don't think if there's anything I can talk think about

Okay, so let me talk.

I'm looking at my slice because I think I was talking of and I wanted to Okay, okay, so very important is I was that from your operating the door tables?

Right, So we're.

Good, But we're going to expenses now, right, So okay, let's not. Let's so not with don revenues I made in one hundred million revenues right now? Expenses? Now, what is the more self expenses? What's the general language?

So letter you make what is it called hundred million revenue? Right, so do not say that your expense there will be and what is it called expert Your expense doctible will be adamable.

No, your expense doctable will be all of your groups.

Profits, costal sales divided by costal.

You're you're going to you're going to accounted for us just to say and exclusively, right.

Okay, yes, okay, let me make it.

Let me let me holy an exclusively. So essentially, if I do any if I have an expense that I used to make that one one hundred million, I can claim it. Is that the simple way to say it.

Yes, yes, you can no issues received.

You can claim it.

Yes, and your tax can also be zero as well.

You can claim it.

You can make come over four hundred million, and if you have a good accountants legally right, no you're not.

There's nothing illegal about this.

If you in cure the expenses, they are holy and they are exclusive.

You can prove it.

Right.

At the end of the day, you can end up paying zero on.

Taxation because you're not going to spend your money, like you have to take away.

Your expenses out of your revenue. You have to take away your.

Expenses, so the taxman is not looking at your revenue saying, oh, although it's like a snapshot to say, okay, you made one undred million if for example, now, okay, this is where the presumptiveness is coming. So I'll go back to that point again.

So the law says.

That the taxman has the right or the discretion to look at people that fall into the presumptive tax. So preson's they The law says that if a person right that does not keep an accounting books now doesn't know an account Let's say you're enough, you don't know nothing about accounting, and you have a business account and lets that business account you tend millionaire to study business and the business now makes twenty billion, right, do not says in this case, do not can look at your whole

Or you'll pay eighty percent.

Because I didn't file, they would present no.

No, no, no no no, you failed.

You failed, but not filing. You love physical lives because you do not know accounting, so they're not spending lives in you for not knowing accounting and not getting an accountant. Wow, So if you do not know accounting, you do not get an accountant, and you just say the let'sical addition. Anyway, it's easy to just give the no man, okay, so no money. What happens is I do it as well in my former businesses.

I just give my business.

Statements, my business and my segments of account from my business accounts, and then it goes through the taxation processes.

Right, and I pay my tax.

But now it cannot be done this way anymore.

Right, you need somebody to do your proper accounts.

If you say, oh, I don't have any statement. I don't have any records. I don't have any receipts. I just have transaction records in my accounts. So the taxman cannot look at that you are compassing these accounts six percent in basic percent on your total turnover.

For your total turnover.

Let's be very clear what you're saying, and I hope folks know what you're saying. If you do not, if you make all this profits, I do not have a professional that would arrange your books of accounts and file those taxes the taxman. Even if you file and you just don't be the taxman can say we disagree, we just filing. I would have do give you a different tax to pay. The point here is that you've got

Yes, yes, you have to. You have to because this.

Is where the question received.

Yeah, before you go ahead, someone is just asking here if I do graphics design, I'm at home, do I qualify as on the depressional Let's leave Why it's asking is that because the tax will exempts small business below, it's in a ton of accept professional services. So it's saying it's graphic designing a professional service.

So how do we know?

How do you know?

Let's even forget about whether it's professional or not.

Right, you make income. That's what it's talking about. The income you make.

Right, whether you say is professional or it's own professional, that's that doesn't really matter. You're a graphic designer in your house and you make an income that is less than the taxable brand, so defer taxes. I think it's for twenty million and above paid twenty percent or twenty five million or twenty million. So we're not sure that's year because we don't know which one that we're working with because the federal government had then, so we all

Graphic designer in your house.

As long as you don't make up to twenty five million, right, you don't pay tax, but you won't file the fact that you don't make twenty five million doesn't mean that you're.

Going to file your taxes. Even if it's zero.

The law requires you to file your tax. So as a graphic designer in your house, you only file once a year. Right, so once a year you go to your state where you live. You have to file through the state higher race. You go to your state. Please, everybody, if you're listening to me, go.

And get your team number.

You need it.

You get your team number, you file right, you'll see the process or you will.

See how they ask you to find it.

So, whether or not you you make what is it called you make twenty million, that's less than the average that government wants to tax.

You need to stay for your tax regardless.

But yes, if you fall below then you don't pay any tax. Yeah, so they only talking about people that are both.

The threshold, not people.

That are below the threshold, and sayingle for companies.

As well, gotcha? So I think So, I think where he's going to this, right, all the stuff we're talking about exempts professional affairs like lawyers and accountants. They can actually claim most of these things we're talking about. That's what he's going to So I think it's trying to ask it. A graphic designer is going to be looked at as the same as a lawyer and as an account I don't think. So that's why I don't think.

But they know doesn't really focus on that because he's quoting more particular place, but he's not looking at the other lord, the other things that preceded and the one that goes after it. Right, what is this company incompact? Is if you make below a certain threashore, which is either a five million or fifteen millions.

You don't pay tax.

So whether you're your you're a graphic designer that's in your house, are you.

Ready below that?

You have zero?

So the fact that you're you only make you know you don't miss that threshold.

You see me to fare and you're seeing to father that zero.

Gotcha, but more we're going we're gonna stop like eleven get questions. But let me also just let's go back to income. What if I what if that company sold a building that I bought the building a towndred narra, they sell it for a thousand just they make capital against tax? What's the low say about capital against tax?

Okay, yes, so let's go to capital gains tacks. Give me a minute, So capital against tacks the norse what the losses there is if you buy a building, right, there's schedules.

For the capital gains.

I mean for the capital allowance you have.

So when you buy, you buy like.

A building and less any building is five hundred million.

The law says you have the first.

Schedule, which is I think is about ten percent.

I'm going to go through.

My slight to get that it is about ten percent. So it has two points, right, So the first schedule and the annual schedule. So you have to do the first one and the second one. I think all of this will be twenty five percent. Then you dedoct it gradually over a period of time. You don't take all of the money if you buy your house, you don't dedot it all of it from your your business expense.

You have to adopt this baits by bas.

Yearly and I think the first schedule ten and fifteen. Then I think it's twenty five percent, So you don't deduct if you buy a house of five hundred million, you don't wish you to your accounting and you doc all of them for capital allowance. There's a there's potential that you would issue buying house if you make capital expenditure.

So So there's capital allowance when I invest correct, right, when I invest in in capital assets, house tract or what it works, I get capitle allowance more or less. Then if I make a profit on the sale of an asset, I pay tax on that seal. That's what I'm going to like. If I sell my head office, I pay profit on that seal. If I make a profit, that's capital gains. That's not asking. So that's also taxable. Right, the gain on the seal of an asset is taxable.

Yes, it is taxable.

It is taxable.

Yeah, it's is taxable.

So they say capital gain is taxable, but it's taxable. It's it's taxable by ten percent of the profits.

But before you go to the capital gains tax, I think it's I think it's no.

Subject to ten percent.

Capital gains captial gains and losses.

No, it's object ten percent percent ten percent okay ten all right?

Yeah, okay, fine, so that's ten percent.

Yes, before the aroound of time, let's just start briefly on V eighty and withholding tax work us through because lots of people are now saying I'm on Twitter, Oh I went to the market, I got charge with V eighty, walk me through V eighty and withholding tax as a small semi who can I just I have the chart. V eighty is mandatory, So what's the worst die walk me to?

Okay?

Okay, So first of all, if people want to ask you, if people want to take a V eighty from you, please ask them. There's the government website that you can

You have to also not just being registered for you register. You need to read a treashold.

As a business, you need.

To be doing a certain turnover, right.

You need to be doing at please twenty five million turnover for you to be able to charge V eighty your customers.

Hold on, hold on, I said in a shop in a shop in a bar that is just making five million direct tonover. No you can't touch the eighty.

No, you cannot have it. And you know what, it's easy to find out, right, it's very easy to find out.

You can go, I will what will have?

What will happen is I think my social media hand li is here and the questions please this listen. I know you can hear me and my pay pers, my social media president paypers write down these things for me so I will give it to you later. There's a website where people can go and search for companies that are authorized a government website to pay v So, if somebody is giving you a receipt, look at the receipts,

You search it.

If it's not correct, do not pay them, viating they're not authorized like government to take vity from you.

Okay. Second one I heard also that as a company, as an semi company, right, if you if you pay for V eighty or if you buy an asset and that person did not pay import duty of the eighty on that ass that you cannot claim it.

Yes, okay, yes, So for example, I pay as a company. Right, when you make expense from the company, they have vaty inputs and v the outputs. Right, So the VTY input is when you you you you buy, when you buy from somebody, right, when you buy from somebody and the person.

Is removing you pay, you pay.

It's a let's say I bought goods and then there's a VI eighty of seven percents. I recorded that in my I recorded in my accountant when I buy goods as a company, maybe as a company that I purchased, and there's a VTY on it.

I also keep it on my record. So I go to v input and output.

I did the VAT that I have spent as a company from what I have bought.

And what I will have sold. Right, when I did this, the balances what I get to the governments.

So let's if somebody has bought it and so and the person did not pay proper vit, I cannot pay it because the receipt is a correct So this is why it's very very important.

Before you pay viating on anything. Right are your company it's only company thats are this company that hass that.

You only want to authorized to collect doct viated back from the typesman and attachment gives it deviated back.

You have those mvity output and inputs and you have an extra.

When you finding your tax right, you will pay you subtract from your companity.

I see.

So it's not like government is giving you money. Goverment is not giving you money. It is your taxable income. So if you're going to buy you the raator from somebody that does not pay via your that gene and then the person has not given you VID to pay and you paid it, you cannot adopt it because in that invoice the inverse is not.

Needed to defer system. So you cannot adopt it and you.

Cannot claim it.

So this is why for me to go online as.

Search to be sure that the number of debt is correct and.

Their authority dev p perfect. Let's let's pause here so we can get folks and ask questions, because if you be listening, we've we're talking about personal fans and SME taxes in our tax space today we've got the lemma also sharing those insights. I want to make it a bit of a practical session, not so much on the act from all more of the operations for the SME folks. Let me get an optimist of the universe to ask

Well that if I buy and there's captive apposition, there's an apposition on this talk.

So if I sell this dog to football, I think there is limit what goes out there. You don't have another one. But what was the The one I did see was and fifty and ten right one fifty with the total Look at it that in terms of a gross opte. Look at say, let's say the whole share to be brass one million, but the profit makes transactually has to be ten. It's pa the captive against below

The treashould well going to charge your own capital gains? Right if everybody you need an accounts. It's not just capital gains. There are capital losses. So capital gains is placed against capital losses.

So even though you've made gains, but maybe you're also made loss. Maybe you brought.

Something else that's also a capital ascess that made loss.

You're good also deducted from the capital gains.

And also remember that as a business you also have business expenses.

So in a financial year, even if you're a freelancer.

Right, you have business expenses. So what the I thing you did that made you get that capital gain? Maybe you you did you paid this as soon as you have your because comment it's won't femium, it's still that. Yes, it's bought to be that at the end of the day if you have an account that that you'll go through your deductions, your business deductions, and you might end up being little or nothing.

The profit are less on capital gains, not so say like that against fix.

What capital gains, you get that money you see, then you got this place or world?

Have you seem to make these erophensis.

Declar capital as you don't come do we deserving commons where you can only claim passive that is passive. Can you go and take capital gains loss and apply to your orga.

Loss trying to cut at game fix?

So yes, a so have that asset. Let's say you do.

Made money right, but me inchuraging yourso made this your your your.

Loss of your digital assets. So digital asset loss is.

Put against this assets distinct for capital and gates as well on the meetings right against loss.

So the capital that success, it's good for the assist. So as soon that you made losses and I feel that you expenses.

That's so for optimists, I think we're going together. Is that optimist number one?

You have to do it.

You have to do one fifty to qualify. And also said usually talk a loss. So if you sell your quote unquote shares right and you make a loss, you can pack that loss. If you don't make a profit, you can use that loss there with taxable profit you will that's still yea even.

Your your business expenses. And also I will save this in right.

So my company financial company as well, we are specialized in taxation, so.

You don't have to We're doing the law for you so you don't have to do it.

So if you go to pay packs, you download us, you use us ek me. It's just like a click of the bottom. Just qualify for capital loss. Yes, no, you will see everything once you put your your your income for the for the year, or your revenue for the year. Everything is automatically calculated for you as a freelance so it wants and capital.

So all you're asking me, if you.

Are using our products, our digital products, then taxation is made easy for you. If your business your business expenses as well.

Okay, bide the way for businesses.

Please, If you have any business and you have more than three more than three staffs, remember then says that even if you have three staff you have.

To give one percent of your payroll to it.

If oh payroll is composed, you need to do payroom because it little the end of this not even February. From this end of this month, you need to have payro a SAP if you don't have their penalties.

For you as a business and you will pay it.

Paid.

Yes, So from the end of the months, whatever thing you do, if you have.

An accountant or your brother's an accountant, or you won't payer to do it for you, you can you know, register or the ears for Peru, and then you can stream like all of your businesses, and then you do your perial for.

Your staff because at the end of the most bass, if.

You do not talk from your staff, you're going to pay it by yourself.

As a business. This is good to your profit.

Okay, so you must be I got you. Let's go to bed Optimists. Ben, You've got the floor. Then I walks, Yeah, my friend.

Thank you very much to them. You really touched a lot of taking below blending loads, you know list guy calling from a broder, compliance aspects that you mentioned in training for night year.

And there's also the any sight Ye yes.

Yes we're still paying those things. But we're still paying those things with dout the things.

It's a couple of things. India and SID.

Yes, you try to be a contract they have a BP.

You have to do in this business is what rooms around these things. So you can't go work with the government.

You can't work with the government if you plants in everything including your taxi.

If you don't have all these.

Things, then fun that goverment which have no entire company, you know, So all these things are very very very important.

One of the the key came to clarify.

There was a question can ask can you said, if my assets let's say twenty million now as a company, you know, and and I get and I do your.

Business and I get paid one billion, I still WiFi for d C, I T shoots and others, So can one doesn't counts? You know, said changed, he won't be I was there immediately, that won't be. So your assets are no longer.

That's a good, that's good.

That's so.

So you are saying that that cash, that cash becomes the aster that they're using. Looking at cash, you're looking at okay, okay, okay, mixed mixed, thank yeah, you know said you are right out. He would have said, oh, his as is fifty miller than a computer. But now you are saying the toll by itself then goes from income because I hear you. I hear you, but still you.

Know, I hear you. Liquid position to reflective.

Escape there Okay, that was just on my slide.

Now, So why you want to do your business deductions to do like you're allowing your fits. You know you start from your act you said, profect, go.

A little bit of accounting, right when you deduct allowing your allowable experenses, you can also deduce your interests.

Okay, this is important. Let me touch you on this.

I'm doing this off it like there are things that already know offer that I'm looking at my slides. I'm getting a big confused. Okay, So for what is it called interest? For example, now you're a business person. This is a perfect example.

You're a business person, right, you grow money too your company?

Hm.

You know that when as a business person you grow men into your company.

This is a capital capet. It's a capital expenditure.

You learn your company money, you learning.

Of course computer as a person.

Yes, because anybody you invest in your company, proud, it's not free money.

Because it's.

Make the point, make the point the point I can.

Let me, let me let me say, let me say it's pleasing.

And then you have a company. Right, you invest money in your company. You invested me of the company. I not bring that money to the company.

Are you giving the.

Company from the point ahead?

Okay, okay, let me make it okay, okay, So once you what is it called? Once you pro money as a business to the company, right, what did not looking at They're not talking about related persons and thought party loan. Remember all business experies hundred person the doctable. But loans are interested the doctable. Right, so those interest that the doc from the loan, it's hundred persons collecting that lo probably thought party. So if you collected you know, from

For each year?

What you can claim?

Yes that I can claim that can clea back?

Interesting? Interesting is it bank?

And I can think all the interest on the persons I can claim it.

But the losses any song payable by way of interest on debt employed in generating the income of the trade because the vocation is allowable. That's what the lawyer is says. So you saying that if I do this exact same thing, but I have the one not the intro debt is coming from me, not from a third party. I cannot claim a percent.

Of that exactly.

You can later you can claim it like continuously, but you're not going to claim this immediately.

You're not going to claim me.

And there's another thing also the talk about capital allow us right is to talk of adjusted profits to tho of adjusted profits. So you cannot just also clean all of them at homes. So what you finish through your accounting and you have to tod of the adjust.

Profits, right, you will not take to that. It's what you not take as capital.

Allows questions for you existing in your app or in other apps. So because also the guys were telling me, I don't know what you're talking about.

Like everything I'm telling you right now, I think that.

This is what capital to do for us. Right, So so as a as an SM guy, what I'm hearing you say is that if I want to finance my company, it's it's preferable. If it were preferable. Now, if I go to a bank, I can clean the interest as a deductible. If I go to myself, if I use my own money, I can't clean a deductible. Hundred person say the person understood, under, okay, let's let's get ben. Let's should you.

Good evening were for this space.

But before I go on.

Let me ready the uh the discussions tonight. But I want to quickly ask a question before I go on to what I want to discuss is this space is on sort space?

Yeah there, if you look at it, you stay powered by past. It's down the fly correct. Okay, So don't let me do let me do it too much on that.

But I just want to try and fight like one or.

Two peas that she has mentioned during because of our discussion. But I think for the clarification sy and for the listeners so they won't use it.

They will use it.

We have.

The new set of law Niger's appreciation that NATS Jennings Revenue Board establishments.

Hats please it would be better going forward, sorry to be quoting from those.

Laws because from during because of your discussion, you should being twenty five million.

Sorry, maybe this is a slip off from.

We don't know said, we don't know what it is because for the.

Sorry for the for the sake of C.

I T.

Millionaire.

Based on this promotion of the sex season past art you can read what was the definition of most hours, definition of the large company or small company? And it's for your red in session two or.

Two or that say a Ganta's art. So that's that on that and some of the key segments made. If you you as you as a pass payer, you have you have.

Liberty to engage the task practitioner's person and account like you said under the Professions of other provision of the Passion Anty Session six sub section six one and two.

Please you can further read that. So you engage a practitioner, it's not proposed to you.

You have to be good and hands that can or going forward before you can have somebody jas an deal agent that well, now you have to be in chatter accountants, c C and member before you practice starts going for It's the same whichever one that you have that is organized, you know.

So let me let me what what are you saying. You're saying that if I betrayed and I have an APP that tells me how to do with to tax, I can't use that your satisfied sho It's not satisfied. It's not it's not it's not satisfied. The app is not certified. I have an app canculated.

When you want to fire your records with the new side, they should be organized, but.

Not filing with the app you're not filing with Actually, let me let me know. I was going to stop because again the space is an space, but that I hear a folk that don't really know what's going on. I want to.

Level.

Let let me land, let me learn. Okay, learn, So when we are quoting tax load tax load, that people don't follow those things. People don't understand. This fort your field. So it's your field. So yes, you understand that. What I want to do in this space. Today's side is to bring up sort that knows that I talk to people and say, hey, this is what you have to do, this is what I'm doing after it. Obviously you've got to file with an accountant, but you've got to understand

On this.

Yeah with this that what you say is factual, but you still have to file the judge, the accountant. You can't wake up and don't say it. I want to file and say, okay, take If you do that, you're going to get into the fire. That's what emphasized. If you weren't file and you do it wrongly, you are opening yourself up to presult your tax number.

So you can come back.

You want to come back for the LEMMA response, that's okay, that's what I want.

Let me terify you.

Okay.

So when you talk about the app, remember it app that you see what's there chatter account working behind the scene, right, So it's not just the app as staybacks.

There are people working there that are qualified to do these things.

So yes, you're seeing the app, but the app staffs that are paid and are qualified to do these things. Then The other thing that the app does actually you can pay your tax really app because we're also partnered with rebelter Right. So if you do your tax properly, you can file and paid. But you're not filing on your own. So we asked two different questions. Are you filing at somebody that's an accountant, you have an accounted to your business. You say no, then the system is

But the app was not just built by somebody on the street. No, it was bused with engineers.

It was bused with accountants that knows exactly what they're doing.

So by the law they are covered like yeah, well, I what saying is that if you are filing attacks account to the laws now you will have to have the quota for the legal rights to file attacks. That's what I hear him saying yeah.

Yes, yes, I'm sivitariing that if you want somebody from papers to do that for you, we can do it for you. That person started then if you want to do it by yourself, the app itself was done by accountants working with papers.

Okay, so yes.

For example, now for a company digitart company to have people's for the start community to have people's records, I need to be compliance with the what's it called nc NDCP something like that, I need to be compearence with them.

So I have the compliance certificate on behalf of my company. So I'm the d CEO on behalf of my company.

So right now, because of I own the company, I can handle those documents on bere for the company. But let's assume that I do not have this right, I cannot employ a d C. That d C or in that company not qualifies my company to handle people's information.

So the same thing goes for taxation. If you have people that are qualified that is working in the company as representative.

If a tax my comody law comes to say, who is the person that's qualified to.

Do this thing?

You show the person in charge of the accountants dispersive beauty.

This person is qualified.

This person can do it.

I hope have clarified this, mister Shaw know, sure.

You got your company, but I can't.

I actually know I can't. I can't because I.

Have personally and I got it.

Okay, personally that is your best nal training.

Yes, yes, yes, except yes, yes, yes, I I think personally, I am the one hunding the data and compliance personally.

For the company. Are good? Yeah, all right, better, thank you coming, You're welcome. You know, thenation of a small company? That were again either fifteen million ordia, so you know I should show the two numbers in the law. The law you are quoting has two numbers.

Jam is okay?

Jam saying fifty Nigeria PA's art N twenty twenty five is saying twenty for fifty million?

Why Nigeria past Admisation part school so on the we're still waiting for uifications.

When when that.

Pleasure the hold on? There's no, there's no question we have to wait.

Condition.

There are two or three conditions to be qualified as a small company past letter.

Let people get it's right.

One of those classes is either you're one hundred you have don't know hundred million or fifteen million, which is here to be clarified or your face are said, yes, there's no exceed two und fifteen million if you.

Have two fifteen million.

If you said you are.

A small company and you have if it's assets of more than two and a fifteen million, you are.

Not a small company. Says you're not a small company.

And lastly, since you are company registered with the CC as a professional.

Service, you are not a small company.

You'll pay you.

Are the lawyers, wires and accountant.

Right can you repeat yourself?

Can you repeat yourself on what you just said?

So the small companies has three main keys.

The first of eighties higher your tone wise hundred million or fifteen which is yes to be clarified by the revenue body.

Yeah, or your six asset.

Exit does not exceed fifteen million. If it's exceeded fifteen million, you are not a small company.

M Lastly, if you registered.

As a professional service mm hmm, you are not a small company. The law doesn't include you as one of the small companies.

That's where I want to cry FI as you respect you of when are you missed situation or not?

As far as you registered as peters you're not yes like that. I want you to.

I want you to be.

Yeah.

I think I was making that point again, so again just to be clear, right, I'm shining from mentioning numbers, mister, because we don't have the numbers to be evenly was it wants to get the physical printed gazette. So you're totally on point. Let us folks be aware. We're just shining away from saying fifty you want to go to get the real physical one because of what's going on. But fantastic thanks to your contribution. Let's get Peter Peter off from Peter. All right, thank you, thank you, thank.

You for the conversation. So far, we are really learning the lots. So I wanted to ask about a part it returns from investment and yeah, do to invest with be as or individual?

How does it treated?

And secondly, I want to request going to share a slide. Thank you.

Okay, I will share my life, but not immediately I'll say data, I'll say it after this space.

Just forgive me. I'm supposed to give you can this slide, but I'm a.

New mom, so my baby is not clibrates. Because of that, I could not provide this. I will share this light to you.

Then on this one.

So what the love says, and I do not want to be wrong on it.

I can quote, I can really what is saying is saying, dividends, dividends distributed by authorized collective investment scheme you need trust private equity, venture capitals and ets douse I don't be exempt from your income. So if you if you invest, if you buy a mutual fund or ATF in Nigeria, collective investment scheme rested by sex, the dividends you get from them are not going to be taxable to you. That's what they're saying.

Peter, all right, okay, so are you are you treating the dividend as the returns as you have money market on the dividends.

Money markets will give you return your yield. They will give you your coupon yield or eco distribution that yield you get the dividends they give you back to you from the collective. It has to be collective. Not you going to buy the shared directive collective. Yes, it's ex and we're going to encourage more nitrants to invest in captol marketing. One earths are doing gambling and crypto, so they're doing this to allow you to go in through

Yeah yeah, okay, So another thing again in papers, we have our investing and we have investment partners the musical cord rules.

So if you're.

Investing with state perks, our investment partners are giving you money markets of eighteen percents.

You can invest in what's it called. You can invest in solvereign worlds.

You can invest in eurobonds, you can invest in usc you can invest in what is called You can do your fix step on this. But one very interesting thing about what's it called about the money market? You know, your money market is like every day the profit that is made on that day when trades are made, so you make your profit everybody. So if you have maybe twenty thousand or ten thousand or your money markets.

And accounts, if maybe the trade.

For that day is it can be ten percents, it can be it has never going to be low fitting percents, but usually between fifty percent or eighteen percents, So maybe today or ten thousand, the trade might be ten percent or fifteen percent.

You make that money.

So every day your money market, you're making money.

So I don't have.

Enough information about investing, but only twenty fourth. If you're in a buja, we're doing our launch party right if you go to.

Our handle, you will see it there. We have our investment parties are coming to talk about everything that has to do with investments. So if you don't want to take her.

Backs investment can put it in money, get in nine insur round, put this intension.

Phone, put this in, put it in all these places.

If you don't further.

Out of this will take your money.

I mean this is what happens all over the world, Peter. It's called a tax tax intication strategy. So again it's going to be down to your liquidity. If you make income, Yes, right now in America, we're going to pay taxes between now and April fifteenth. What many people do if you have what's called an IRA, people would wait and file see what they're supposed to pay in taxes, then go buy an IRA so that way they can reduce their

Give governments or you invest fantastic.

You're good, Well let's get dollar Peter, good fantastic, Let's get dollargy that we'll go to no information dollargy. You've got the floor. Dollargy is not ready. Let's get no information. How you doing, I'm carry about you. I'm doing very well. So thanks for asking. All right, I'm going to ask the question are about services? And when amos speaking?

Yea, thank you. Let's questions because us a specific world where it.

Was describing for services.

He said, if you register.

As a professional asset. So I'm just struggling with the definition of professional and he used that, Yeah, yeah, I don't want you registered. Something comes to you. No, it's it's really, it's really those guys, those professional firms like a lawyer and accountant and auditor chatter, so they or

Right. So yeah, at the end of the day, what is going to matter is if you if you want a company. That's what they call the the memorandum of association, the articles of association.

Now in the memorial ranslation, that's what they call the objects of the memoralim of reverslation.

Those objects are basically the object.

Those objects explain in these legal terms what the law will see as the activities that this company or this legal entity.

Is carrying or it was created to engaging. So your business activities will be bliged in that object. So if you if you want, if you want to know if your prof about most good and can look.

At your objects, if your objects stays there that you actually engage in professional saiss or auditing.

Or whatever the case may be. If it's there, then there'll be a wall to be seen by law, by the by the SACY and by the NASS as a compens respect.

But if if it's not, then you know, so it's all matters of what decide that you will do those your objects web side objects of your memo. So that that's that's the that's the Gottom line. You know, you can't talk house where you're doing and we're not doing. The bottom line is what is in your objects out how to row and see you and that also that me how much you'd be You know, this is an issue that me have also taken to some of the authority.

Is true because like I said, this is my amine because.

I wasn't going to so we're trying to you know, we've been trying to get almost go back exemptions, but leaving give goes about exception as first you're PSF and there's pers objects and you can't sertify for somebody you know benefits.

Ye, I don't know. I don't know if that crifes, thank you?

Can I say something?

I think the focus should not solely be what.

You qualify as. Maybe you are as person.

What if you focus on I think the law focus is solely on your income. So whether you're register you're not registered as a professional SERVI this person, maybe you're bat on the streets rights and is doing so well that you make it both the strendhold. When you least that said, you will be taxed, so it doesn't really matter. So you don't focus on whether you are a professional this person. You focus on the income that you make.

It's all over that you make within the period of time.

This is what cool.

It's interesting.

Lady. Yeah she broke up, but I actually broke up with bit. But but I think the point again that man standa. PSLs are quoted specifically the Act. So once once we agree that your too has got to hit that level. They are quotes specifically that your PSF you, So they're saying, irrespective of what we have said, irrespective if you're PSF, these things don't apply to you. That's what they're trying to say. So he's trying to all the time from all these things are saying. You know,

Okay, good evening and thank you for hosting the space. Thanks for the explanation so far.

Okay, I wanted to find out if you are a rotation worker and this this applies pretty much space right now and you get paid in ex now the country you walk the air touched low applies when you bring your money back to the Nigeria.

Is that money tax?

You're jumping many guns here your many goals? Where are you working?

Okay? This is your working Sayla or in Qatar?

So how how how many days do you live in Nigeria?

So typically rotation is twenty days on twenty almost like half a year in Nigeria.

Okay, so look at what I wear. I'm going to do this right. You only pay tax if you're a resident of Nigeria. So if you spend one hundred and eighty three days in Nigeria, or your permanent home is in Nigeria, or you have a significant economic or family tie in Nigeria. Those three things are very important, then

Think yes, I think it's whatever it's is that you're paying tax. Let's assume that the tax one didn't you fits that?

Okay, you do X Y Z this outside of the country. Are you just reading this here?

There's something called tax credits, right, So whatever thing you're paying that country, when you fly your tax in Nigeria, it's going to be.

Either rainbowsed or you'll pay more.

But he will pay to p I T. So the point is that respont the of the of the tax credits, double tax, he's liable to pay. He's will do. I think there's no PI T. That's not that's there's no double tax agreement with the Nigeria and Qatar and Nigeria and Angola. You're going to pay PID in Nigeria even if you end that income in golar. That makes sense that you.

All right. So so when she said no, no double task.

So if I'm good on tax law applies, and I'm already I was, I've already been taxed and am and then I come back to night and based on baby family ties.

You know you mentioned something like that, right, Am I going to another.

It's saying if are you saying? If you are, let's look at let's google what natureia have double tax and I'm gonna Google, here double double you will.

Not be double tax. But you can't confirm you will not be double tax.

Let let's find out. So now you have double Now you have double tax with the U, k US, Canada, China, France, Singapore, South Africa, and Spain, Spain, uh In Europe we have Cripul Belgium, France, in Atherlands, Romania, Spain, suit in the UK, in Asia, Singapor, Philippines, Pistan, Africa. Cannot cawind the outside that you're gonna pay.

Let me just add many that.

Irrespective of the country that that you has digities with that that that's w irrespective of those countries.

There's there's a provision called even at relief. So the worst case scenario way of going to see is humor. Have to pay.

That's first, but then you will do a future fighting and you get your reformed.

You guys, are you give me? You guys?

Are you guys are giving?

But that really Google, I will find you sexual really relieve all Nigerias against the the who and the country the other countries. It does not have a digity in Nigeria.

So I just want to listen acts a very simple question. Here's a simple question. He works in Angola and Qatar. Will he be taxed, Yes, he'll be taxed. Those cuntures are not listed here. So all this fine going to do later in Ben. All this you're gonna do in natural he's going to be he has to file packs with that income in Nigeria because those countries to Qatar and Angola is not listed here in the countries are named.

Yeah, but is your residence in Nigeria.

I don't given you he has to answer. I told him, if you stay one eighty three days in Nigeria or your ben let's talk, let's my interrupt place that you learn. He's asking the question if you stay one, if you stay one eighty three days in Nigeria, number two, you have family ties or builds in Nigeria. Number three, your permanent home is in Nigeria, then any income you make in Angola or Qatar is taxable in Nigeria. That's what a lot of says.

Yeah, yeah, I was also alluding to the same thing.

Because you think your primary residence.

So that's why I'm actually if he's a residence in Nigeria. If you have a primary residence but you live in Angola, but your Angolar residence is not declared as your primary residence, you're not going to pay tax in Angola. You pay tax in the place that you declare as your primary residence.

So even if he.

Works in Angola, Butania is declared as primary residence, it's good to pay.

Tax in Nigeria.

It's an American irrespective of where he declares tax, he will pay American taxes her respective.

Yes, and this is where the the the tax credit comes in. Right, Let's say he's an American and he pays that tax well his own.

Residence in Anigulia. So they will not be like what is it called a tax credits? Either will pay too.

Much then the tax my hair and you are not more than you. If you pay less, then you have to pay the men want to do Naginian government. So for me an example, right, my primary residence.

Is okay, it's in is in Belgium.

So I'm working now if this is also my ownest, Okay, my primary primary.

Residence is in Belgium.

I'm working, I'm working and I'm making my day, so I have to pay tax Belgium law.

Right because I have to do this.

So also still compliance, I have to put the Belgium law tax. But le's assume the detaxation in Belgium is lower than detaxation in Nigeria. Right, I'm still going to pay the bags to the Nigerian governments.

Yeah, I don't want you guys to make the team a complicated right, So it's not complicated. Yeah, well let me let me go. I don't don't, I don't want, I don't make it. I'm really the DMS. So look at so he's asking a questions are asking and because he's putting katar and go ahead, look at the he's asking if you and if you are in Nigerian that maybe you go to your impotcast from Belgium. You go to Belgium port trucks. You go to Belgium in port trucks.

Have the same Him and I have the same situation now in disregards of taxation.

So I am making my echo from Nigeria.

Right example, and I live in those from my primary residence is not Langeria.

And what about salary? I did myself living in this country?

Right?

That's moly.

If even if let's say Nigeria, okay, let's let me do you that you as my primary.

Residence, You're going to be.

Better. That's my primary stories.

Hello, what say is it a nation of.

Even if you're permanent resident?

Are you an already that many days?

Three'?

That is the simple in Nigeria.

Now those in Italian Union lateral whatever Baby was talking about, if those in countries that we do have in double tax agreement with that's something isn't really that they don't be paying. That is, if the space only three days in Nigeria, you pay tax. If you do want to pay tax, that you want to live under the tax to live in Sugaradia.

From Arab countries, that is you have to spend one into three days.

And yeah, ecloonatize strong family tized in Nigeria.

Thank you, and they've they've gone further. Let me even tell what the tax law where they went further. The tax law says, if you are in if you are a resident of Nigeria and that country pays you income and that country does not tax you, Nigeria tax you. That's what he's explaining. This is the tax law for non residents here. You yeah, for non residence employment income. If you go to Saudi and the Sadi government does not tax you, and I just NIGERI will tax you.

Right.

So the conditions are either or So if I don't do want three, what I have family, ties, strength.

What those four things? So if you spend one day but you have a family permanent, I just about Ben's permanent in Nigeria in Nigerian type. Good your permanent address in Nigeria, if your family, if your wife is in Nigeria, your kids are Nigeria. But you spend two many days in Italy. No, you have the permanent your signal, you can't families in Nigeria. He had catuals fabulations.

The follow up question and letty for instance, I go to government has taxed team and attached him many fifteen percent and now you're spent over wanted to treat this in Nigeria. So the Gian government is to tax hims on that based on this in compression twenty percent. So if you fan twenty fifty percent, he's gonna be fifty five percent Nigeria.

That's what Ben is now saying. This is where Ben's of Well, that's that you're gonna get that will come in because that's where you now say you know what he's got. Yes, he's great for point of that session. That my point he's going he's going to want don't don't see answer the guy properly see is if it's foreign, he will pay the tax in Angola he will paid.

So don't you.

Come to simpling words too countries before whatever he's reason, you've paid in Angola or whatever the case may be.

Nigeria and Naga decides not to tax. You have been safe and you can decide not to take you based on everything instead of paid.

It's not that it doesn't work.

You processed.

Okay, an agreements place an agreement? Why do country? Why do countries sign an agreement? Two nations come to and sign. He doesn't want to.

Against like, you missed my point by taking now together to sign that treaty. Now, one nation called Nigeria has created the univers that relief. That relief means that if you you're in like in this guy's case, nice working in our country and you're now pay that day, you can bring the documentary used to pay tax there and keep nine.

But he's going to pay the tax, that's his question. Yes, well then you are going to we're going to run back to his The question is will he pay the tax and go like yes, he's not, he's he wants to know where he will first.

Okay, I'm focusing on his questions and where you go.

Okay, Okay, that's that's what the other follow up.

Let me your say this and now do you tell the agreement where with kind of the us and the race is let's see your treasure distinctive percent in Canada, your treasure is twenty percent in Enginia.

You maybe are paid in Canada.

That is act if you come to and good lad that.

We don't have anything with you've paid twenty percent day and in the junior you are to paid on five percent.

You will still paying many five percent.

But even as good as there is, if it's in Canada and other country that were we have agreement with, you're not going to pay anything. Same way we do have agreement with Tudi Arabia because their TuS really at that point you pay all the percents yet Euria. So if you're living in a country, if you are now the bab you're paying forty percent.

In Nageria you are to patre five percent.

Nagia will not refund you to just get their bidiens that okay, you've paid over gay. But the potron lie is that you know you will stive five tax. So the point of finding tax then look have a version of country.

Okay, so gaduy, what do you think the new you?

What do you think it dos? What benefit you think people can benefit from?

The really is for nations that we do not have agreements with like nation that is not like outside Canada, US, you can sort, I can do res So Like now let's say I'm any two hundred million in Canada. They're taxing into eighty percent of that already million nguriacs. Whoever, I will not five percent, but I'm saying that we will have five percent paid five percent.

I need that used to make you said you said that twenty percent.

If we take it of twenty percent of five percent, then I will glance twenty five percent. But if that's an apple with Canadia now perlans Joe, there's an agreement already, So I don't know if you know what I'm saying.

You balance five percent? Say you balanced ty five percent?

Like even I'm good as they say you're paying twenty percent of your hundred million, and I'm good at but in Injuria, if you have made this one Injuria, you you have touching twenty five percent of that amount. Now, but you have paid twenty percent in amount, paid the balance five percent.

Injuria, and by dream that you've avoided Google. That's a show.

If you're if you're in Canadia, if you're if you're twenty percent of the amount in Canada, and then you're to five percent there empty because they have an agreement, so they're not put on that shore.

They gain.

Yeah, yeah, that's true, that's true.

Obviously it is better than the another release, you know, realigres with the knowledge.

Yeah, so just to be clear that they are, Yes, you will pay tax and Angola catable when you come to Nigeria. You can use it in lateral tax and clean back what you have paid, even if there's fluid dedity. So just to be clear. Yeah, so you won't lose that money. Yeah, you won't lose that money, gotcha, fantastic. I think about both buying down. We've got about three minutes till twelve. I don't see any other questions.

On the don't talk about go for it.

Yeah, I think we look down with told in tax? Yes, so what is told in tax? What is told in tax?

Okayvance payments. So example, mister A is going to buy something, is maybe doing his service with another company.

I'm giving mister bean my go and cut the verse.

Or you have a you have a learning company that does loading services, and I said, okay, mister bean, your company come and work for my company. Right for that services, I'm going to deduct ten percent of whatever money I'm paid to mister Bean as the company.

But for me to deduct ten percent.

From that money, I have to qualify by my treasholder the company makes. So if my compaign makes the thresholder qualifies me to pay see IC and I have also registered with the tax people for withholding as well, then I can pless withholding from Ben our the doc ten percent of that money. I starts advant payment for Ben. So when benoans do not file his tax right, Ben

So Ben, I have paid Ben.

Ben has me one million, I gave you nine undred thousand. I take ten percent of that money. I better ten percent of government with Ben's competity empty number or Ben's personality number, whatever I want to use this I collected. I collected it, but it's for competent not for individuals. I collected cis completing number, and then I paid up to.

The impax to government.

So I give Ben credit notes.

When Ben wants to file his tax for the year, he uses that to deduct his taxable income.

Yes, so he uses that to the doc startsable income.

So for example, if I have retailed, let's say I don't say this is so things and those people I collected withholding and tax from them, and then I bought things.

Or I I did some jobs and the job paid me.

But related withholding tax from me, and they give me the reholding credits. When I want to find my own as a company, I'm going.

To pix that. That's credit notes to reduce my tax.

When also find his tax for his company, because I collected his ten percent of his income, then he too, he's going to use that as a credit note, a credit notes dischargeable tax, turgical income tax. So this way, when companies do business with companies, you are expecting your tax agents, by the law, to collect withholding tax, but you have to be qualified first.

To do that.

So for me, that's what I'm hearing as an semi for me that when I do my supplies and I am charged in withholding tax, as you could get my tax tax.

Yes, yes, you you must get it from because you can claim me back. Well that's you're the company. But focus because I do my launch, I wanted to. I wanted to dogs. I told them about it to inter the doortion. But then I told them that they did not.

Know about this.

I use that that moment to educate them that well, I'm not qualified as of this moment because I don't miss the chreshold who withhold it? But did you know that when you're doing businesses company, the company has the right to behold the tax from the money and dip. They actually agree that I should be told you, but I said no, no, no, I'm just telling you for information purposes. I do not qualify to withhold. But the thing is, if you rehold the tax, you have to

Is the same way you makes for behold intact because.

It goes both just very important when you pay your when you get charged with all intax demand for tax certificate, that but very.

Very important, very important.

I'm not sure if anybody else has any closing remarks, anyone that is still here before we saw of wind down.

Let me just let me just say that in this transition as a business.

Person, it's very important that you keep all your records,

You can't defend your position again.

So it's very good that they keep your documents and keep all your your receive you you know, the invoices, almost very related documents. Keep everything properly, you know, because you don't know when you need them to defend your position and.

Your company money. Compet completely agree. So this last law has been very very controversial, right, I would say this in terms of the whole lot, look at the whole more in totality, what does it bring. It brings simplification, it brings modernization, and it brings a lot of exemption for this very progressive So if you're really a small taxpayer, really on the business side though, on the business side, I think it gives you a lot of leeway. On

Study, Oh, does make sure your business physicalization meaning get a receipt for everything everything you do that is business related, so you don't go it a.

Business. But why can't Why can't I why can't I eat? Why can't I do that? But if I if I, if I have a meeting with with the colin, yeah, if I haven't, okay, because why can't I get cereals? Why I go to the restaurants for my partners in the I don't like when you make this when you make this thing drinking as if? What is this money we're talking about? If I go to a restaurant and I have the business meeting with the partner in the restaurant,

That way, make money that way.

The people that make money that way.

My last my last question for you, but my last question for you, last question for you the video, last question for the video. It's a musician, isn't the show based Mister video buys a Lamborghini, so he's instet up a company called the video Limited and limited buys a Lamborghini. Mm hmmm, mister Wido uses that Lamborghini for videos, not

Okay? Okay, So.

That expense will not if he wants to claim it holy immediately because you cannot claim your copex all of it at once. So that means it depends on what he uses the Lamborghini for. So if he bought it with the company, it's completely a business expense because it's not in the Dvidos name.

It's in the company's name. So one is a business expense.

Then secondly, if he wants to now the dog sits right, then you.

Not say, okay, what do you use in Lamborghini for?

If the video says I use that Lamborghini to shoot my music videos, I use the Lamborghini to do things that have to do with my music, and I use the Lamborghini every day or every month, So this now goes into operating expense, so the Lamborghini is operating every month. Wants for him to help him to achieve the financial activities that now turns to profit.

It goes before that business expense, not.

From that capext at this point, it's other business experts.

So you can, yes, hundred present the Lamborghinia from.

The from the company's expense in this category. I can not a missis category. He uses this maybe every month, all the time for whatever thing he's doing as business related, right, and it's not.

In his name.

What if you put the Lamborghina in his name?

No, he can no longer adopt this because what is because first he will pay visit and put it in his name, and you cannot take company money to buy something for yourself.

Okay, So what I hear you saying is this, if I am making any revenue apart from my salary, any revenue whatsoever, it makes sense for me to incorporate that activities out here.

Yes, a hundred percent create.

That's what that was what I was going to Okay, fantastic, all right, guys, can him yeah, go for it.

If he poses in his name, let's don't missed too, lily, and he puts in his name, I believe that there's a way he can lease his personally to the company and then.

They don't the least. The least feed that accompanies.

Paying to keep his alarm in his name, but in his name, in his name.

If he puts in his name drop him, he can lease it to his own companion him drug can.

Lease his personal vel get into his own company. So and then he has to talk to what they're paying in the least. You can't talk what he companies pay. Was only or your link in this from from your you know, from your taxical income.

I know, but it's a good question, is asking, I don't know, I just as made you called the struggle in his name and the company us.

Okay, your scenario is correct. Your scenario is correct. He can do that is correct.

But that remember that mister carry is asking if the purchase of the Lamborghini can be in business deductions. But now you're saying that if he bought the Lamborghinna in his name, that means that the money he used in binding Lamborghinia, that money has removed from his company accounts, it has gone to his personal account.

Is that that money from his company.

Account to his personal account has already been changed? You know, he has already paid the tax on that money. And then he's not buying that car personally. If he now rents the cart to his company, of course he can now collect that one to If that one is that coming has an income, that's also going to be tax.

That was.

An income.

So the only so, the only way that what the scenario works is he's buying the Lamborghini with company money, with the company names so on. The Lamborghini is the entertainment that owns the Lamborghini, lamb the Lamborghinea. So if the video is buying Lamborghinia with his own personal money, then that means that for the mint to the personal.

He has already paid tax.

This no longer okay, My last question I promised last question? What if I Calu, my example, Calu lives in the house paid by the company, and Calu drives a car paid by the company, how would I record that as a person and would they change into camp How would it be recorded in my own personal books? Is that house and that car is it income to me? As Carlu individual is paid by calorimeter, is.

It income to me?

Okay?

So for example, mister Calu works in mister right, yes, okay, and then mister Carmitted has given mister Calu company car.

Company, house and everything.

So the position of the law is that the cars that is given to mister Calum is going to the law is going to look at the what is it called the equivalents of that car, the world of that car, the work of that house is going to follow under your chargeable income is not free. So the fact that the company is buying it for you doesn't mean that it's not going to.

Form a salary base where it's deducted.

In.

So, yes, the company has both it for you, but your will not look as Okay, that house called ten million, the car cost twenty million.

They're not going to bundle it up in your group salary so that those benefits and can be of income.

Yes, yes, yes, in based of your gross your gross.

Why why was it different with the video? The video's company also brought him a car, So how come he gets a deduction? I don't get a deduction?

No, no, no, I think we're mistaken.

As the question for I'm asking you a question from yes, yes, why why is it? Why can't I it's.

Different for divido because DVD company purchases is not only the car, the name the owner of the car is the limited.

Okay, what if by company gives the car with calor limited and the bears there has its own bike.

So if all of the company's name for example, now, okay, how do I put this? If all of the companies, if the company gives you the house and the car, if you be salary right, but if they be limited by the Lamborghini and the uses inmborghinea is the difference in the row that can be deducted in tax. It doesn't make up your gross salary. But if the compliment says okay, okay, even in two scenarios, they're giving you a car, right, the completely painful Remember.

You said the company bases, what are they complicted by?

What if you do what the company is limited? There's a portaise, right, and it was made by the company. It's going to be done as an expense at the end of the day. But the beneficiary of this one, now enough prompts your.

Base, your big group b and everything kind.

So this usually happens when you are in an employment contract with somebody. So if you're working for yourself, it's also you're.

Also being yourself.

That's what.

Yes, yeah, it still makes your group salary.

It still makes well what I wanted to go. I was trying to make it differension between an inner and an employee, an owner and an employer, and I thank you that you you found that. And I'm saying because I look, people are understanding what we're saying. If you are an owner, you are there from my employee, even if it's your company, if your company employees an employee, right, but if you own the company owner, so do that information what you will. There's a little fantastic Sunday guys.

Four of January as was blown? Okay, if you are interested, please go to our paypers accounts and fill the fam And also if you have any questions about tax you want to know how we can give to the taxation.

Please hit the pay pers.

Stealing all of your questions, I will answer, so the graphic designer can make it as what is it called as a flyer where we answer all of the questions.

You might have.

So even if able to treat your you particularly today right now, you can still continue the conversation after this faced flow to the DM and after these questions from two days after the other and will make it an implyers so every person can see, can.

You also give gifts of my books to folks and actually nice?

Okay, yes, yes, yes I can. I can't give gifts.

So the issue now is where do we get the books in Nigeria. So if you're if you're someone that can get mister callous book in Nigeria, we want to give three of mister Callow's books because you'll have to be fine. If finance is something.

Everybody needs to know. Everybody needs to know finance.

And this before we end, I just want to touch this last thing right and and young government is trying to take the money.

But there's something they did as I think it's a bit clever.

Even if I say that's ever by half because they are charging seventy percent. Is if you if you're elders than seventy percent, then they're not taxing you. It's another story. A doon'e going to it, but a please. They are incentivising you to have a pension that comes. So if you're working in an employment so as an employer, if you don't have all the fifty stuff, you're not you're not required by the law to register with pain Come. But you as an individual, you can register.

In pain Come.

So imagine you're eighty four, right, and remember you can put eight of your money what a salary you're being paid if you're a freelancer, into your pain Come accounts.

Imagine you start doing that every month, one hundred thousand every month until the day you're fifty.

You'll be a millioneer and you retire without having your children to give you food.

Right, so take advantage of this laws. Imagine you're paying for your relative. Right if you're you.

Don't have to go and look for contributions by medicine because you're already paying for your insurance and also that life insurance pree your annuity. Please take advantage of this. If you do not do it, the young will take your money. So do not let them take your money.

Do it?

Do it is really really important. Register for your life insurance.

But what now advise you do not tell the person the head in the nests of king, do not tell anybody that you registered a general advis advice people to do it, But don't tell anybody that because I'm kidding you to take insurance because there's a.

Lot of money or the insurance if you die.

But you know, just imagine that you enter into an accidents, you that your family. I'm not going to pry.

Rather, I'll say this way right, buy life insurance and put your trust as the beneficiary. So this way right. If you pass away, the money goes to your trust. Have a trustee and be a copied trusty that then takes over your wishes. So if you have daughters, you have sons, you have grandparents in the village, you support, maybe your church in the village and all that, it's not righting. The will write and trust and say, should I pass away, all my money should be used to

Here, Thank you so much for having me. Thank you everyone's for listening.

All right, you guys have a good one.