Talking Wealth; A Personal Finance Space

Yeah, so welcome to the space again. Right we're talking well personal finance, Q and Abati here. What you need to do is understand what's happening in Nigeria. We're taxing income. We've passed in lots of policies now in Nigeria. That for the first that we're going to expand that tax NAT when the presence we're going to expand the taxing is what it meant. So every income you make is now liable not taxed. It's liable to be taxed. So if you make an income, it's liable to be taxed,

Yes?

Actually, so like a like a job where you get like a pay check.

From a company, basic housing, travel, retirement and all that.

No, it's not that documented.

Would I see did they pay you a salary?

Do you do?

Okay?

So they pay you a salary? The first thing you want to do, is this right? You want to act them they can't pay you a salary in terms of basic housing and transport?

Do they do that?

No?

I don't think so.

Am I work three persons so.

I would most likely get paid in cryptal.

Okay, fantastic.

So if you you that is you're working for yourself right in Nigeria, you have to file as an individual taxpayer because that income you are making income, right, so you want to file as an individual tax payer, so you have to go that's number one.

Then your pension.

You can also open a pension account as an individual contributor, which means you are contributing for yourself. You are your employer, you are your employee. So you're going to say, I want to make a micro pension contribution and there are companies that do that tonight. So that's one called Aurba that does it. Yeah, if you go online a waba you can get it. Not send me a name as turn to you. So the first thing you want to

What can you do?

Number one, you want to take a retirement service accounts contribution. The government says you can pay eight and eight and ten. That's eighteen percent. So you first of all, you have the company who's paying you paying to a big girl or to a big girl's company.

Does a big receiving this income in her name and her company name.

I don't know how to explain.

It's just like address.

Okay, it's good, you're fine. So a bigil you can you consider between now and December going to get a lawyer and rest in a company called a big Girl limited father small small registration the cheapest one you can do.

You won't pay tax to the data pack.

You're buying, the phone you bought, the rentever you went to a resort to do to have peace and quiet, do that job in that resort, The hotel building you paid for that resort. You're uber to the hotel, the meals you're hit in the hotel whilst you're working for this company are all going to be disallowable. It's allowable from your income. So if you have a company and that company does not make fifteen million error in front of.

A bigil, you'll not pay any tax.

So if your company does not make fifteen million error in Tourneva, you're not paying tax. For a company makes fifty one million error and then you have phone bills data pack, you can also take that data pack to further release your taxes. I'm not paying any income, so that's why I ask if it's in your name in a company name. So now I'm giving you one idea. Right go out to a company, make yourself the founder, CEO.

I I rs the everyday.

If you take income less than eight hundred thousand, don't worry about being in tax. They're not gonna pay any tax whatsoever. But if you take more than eight hundred thousand, you're then liable to pay tax. But how much tax do you pay? You only pay tax base on what you earn or above the reductable. So for you want to buy a pension, you want to do life in orans, you don't do any HF.

You want to do all that stuff to reduce for the TAXI build income. So that'st into the girl.

If you go on my page, if you tweet calous catch as taxes, I have a lot of posts on this where you can get it more simplified. So try to read this, Try to go on and watch the videos. But it's only about your wa is writing today. If not, you've had some stuff actually make you go seek more information right on how you can do this better?

Makes sense that the girl.

There's there's nothing, there's nothing crazy about it's just numbers.

Yeah, thank you, all right, fantastic to swing. I got to swing to swing, hiden bats God Junior, I don't.

My uncle calumni, don't, sir.

I'm doing good.

Fantastic.

I will talk critical as well.

And currently I don't work for any crystal company, but I do tradeing and Edgrobs. Also the money comes from Edgrove and trading. If starting say, I helped to be paying taxes.

So how how is government going to know that the money coming into my account? Because when I want to convert, if I convert this.

Money like this cut to ed Rob, I traded the B two P on an exchange, so different any money. So the government like going to like, you know, that's this money coming into my account?

Are incourse? Course, it's really not.

I know really Yeah, that's a fantastic question. Fantastic question.

So the first and first is the government will know why because you're getting the head of an exchange or it's coming to your bank, right, So that's how they will know.

So the person and advice is that don't think they will not know. They will know. This is very very easy to know. Crypto is not it's not, it's just.

There's no name money, but you can't hide the trail, right, so they will know that's wanting. The second thing is this, right, if you all this income you're making, if it's income below eight hundred thousand, you don't have to worry about paying taxes.

So do you get air drops more than eight a year?

I get a whole lot like above that, like above that.

Okay, so do you get that in your like I told a big do you get it in your company name or your personal name if it's your compan If it's your personal name, you might want to consider that incorporating something that you can receive that because if your tona is less than fifteen million, you also don't know pay.

Tax start being shot.

So I get this money.

So I'm saying you should consider perhaps incorporating something.

That's what I'm saying.

Okay, okay, so probably like I'll be in charge of.

Right, it doesn't matter who is in charge the company. But the company is the one doing the doing the activity that generates the income. Then that that income, if it's a ton of that is less than fifty million. That income is exempt from pain corporating compaxes.

So I can basically what I say, I can complain then pay my right.

That's how it's supposed to do.

That's how mister Danglet doesn't that I got to get a salary from Dangote Cement and from Dangote Refined Petroleum. That's what mister so you want to be like mister Dangotex of.

Course is like I know a lot of fifty folks don't really know or have access to this kind of information. Of course, it looks what my friends do even know about this. I feel questions like how this is going to be working to them and.

About our Let me let me do that.

Let's let me stay cryptic guy.

And it's very close to doing before you see, don't advice and you guys, you would like to pay for advice. I want to advise you folks, right, organize yourself, pay for to come and talk to you on online or whatever. Yeah, pay the text guys, come and talk to you guys online. Make yourself so that what you hear from the horse's mouth right makes sense. Perfect, babe, I do care. Thanks you are there on the other space and we went off. Just appreciate your thanks for coming in back here.

What sorry, yeah, go ahead, yeah, good good.

So and this is in Canada, but I have a lot of interesting that you so I thought space very close.

Yeah, And when this tax new tax.

System came up, a lot of us in Canada became very exciting, I mean fiances because what's happening. I haven't I haven't looked very closely as the proposed tax system. Canada has a very very complicated tax system. Right when you're an immigrants and you move in your twenties from like to Canada.

Or US the twenties, yourties or.

Your forties, it's a serious cultural truck for you the people.

You have the.

Complicated financial system and the tax system. So what we've done as immigrants here in Canada is that we've created structures and systems that allow us to understand us.

So that it can settle down and get to know how the tax system works.

Because if you don't understand, then there can be a lot of benefits that accrue to you at the end of the year here, you know, tax reforms and all of that stuff that you don't have that don't have access because your taxes all you can't getting to see your trouble and a lot of money and.

You don't have the money to pay. Right.

So what I want to algidentially a realisentially TM when the.

You know, we we we lest the lust. So yep. So one of the.

Things that I wanted to do was to have a conversation with you.

About some of the structures you know, some of.

Those financial professionals here in Canada, especially in Nigerans right as we settle for ourselves and how those systems work.

Because I can't see, I see.

That it's going to be very very very very advancing in during the coming years. Right there's the whole ecosystem of accountants, tax experts, investments, advisors, all sorts of you know, to have organized themselves space pistically for the immigrants community. So f giggle about how to get all these things nig and I'll shut you a t and you're I kind of have that conversation some of.

The time, Okay, fantastic, I said, I'll come back to you, maybe give a call.

And I we'll see how we can apply.

I mean, the whole body is that if you notice what the questions are going, it's more of a cultural shock in terms of Nigers have do not have not paid taxes. If you don't work for the organized private sector or the government, you really haven't paid taxes.

You pay VAT, you pay those all.

But the pay income tax has been a big issue in Nigeria and that's going to be the first hurdle. People are going to say, why what is this? Why am I paying tax that I got? And that shock is going to be there for the first year in respect for whatever could we do. And we're trying to explain to people that listen, this is more of a behavioral change. How you spend money, how you receive money. You've got to adjust it. The same with America. No one you go to America, they don't collect cash from

Didn't buy farmland.

Bill Gates's largest farm owner in America is farm but he's buying farmland for a reason.

So we've got to change the behavior. And the tax door allows you to do good things.

It allows you to open and Cervis account, It allows you to invest money in life insurance, that allows you to buy your home. That it gives you relief if you don't have a home. These are role what the God is trying to push you to do, and they are very good.

But they are using.

Taxes to make you to do that. So fantastic. Let's talk after this, not a problem whatsoever. We have about an hour to go. Guys, Allah, you've got the floor.

Allah.

Yeah, everyone. My question. I'm going to tell one question which is actually as a follow one to.

What you said a.

Speaker before.

This one was.

About a complaint and then.

That comes into your complaines less than fish in a.

Year, not any's turnover, the turnover.

Sorry, you don't get paid I you don't pay tax.

But where have problem is when it's.

Time to now we draw money from that account, will you be tax No?

Your bank accounts just your bank account doesn't mean your bank not your income account. Right, so your company can have a turnover. The company can have turn of out maybe forty nine million, right, so that company will not pay company in contact. But what about you as individual. Let's assume, for instance, you are in a salary from your own company that becomes your own income, which would then be should we.

Say, and you just get to pay taxes?

Yeah, you know this company, we have a business, right and the business that can comes with a card, an eating card. If money goes in there's less than fifteen million, and I use my card, or I've made transfer from online to transfer money from the account.

Maybe twenty or twenty five thirty media.

I just transferred to do something that will Will I be taxed for that?

Well, the law says turnover above fifteen million, So the question is is that transfer turnover? Well, that's the question, and that's what the tax i don't look at. You can be making transfers of thirty on the month and then.

Say in a year. I hear you.

I'm just quoting back to you exactly what they use it, because this is what we're going to have the great areas. The turnover of the company is what they use, not.

P and L, not net tax.

To make it specific, this is going to be rental income.

You've already said income.

You said income, it's going to be rent from the parties.

So you you and you eard income of thirty million, you're gonna pay tax on that. It's simple if very said income, So you're gonna get tournay.

A company m hm, Renita is going into this company? Right and les than fifty million?

Right am?

I still gonna pay attach on that? Definitely know for.

The individual or for the company, sir or the company. The acts is turnover of fifty I didn't. I'm just telling you what the act said, So I'm not I'm not going actually clarify. They will clarify little on what tourn of that means. But they've said that the turnover of fifty million, there's fiften a houndred million. But let's take to fifty talk about fifty million. You don't pay company income. Fact, that's what they've said. So if that income coming into the company is income, clearly it's.

Going to be taxed. What would you focus on?

It's going to be your taxable income with means what added deductibles the company can apply to reduce the taxable income. Because you have expenses, you what diesel right for those companies, you paid insurance, you have a security man, you have sorry guys that are yoursest workers. All the doctorbles are going to go to back up that income if it's used to create the income for the company.

And that's what is a net that's going to be taxed.

So you got tofi the thirty million, what expectes created a thirty million? You back it out, then do you pay taxes?

Okay, yes, sir, thank you so much.

You're very welcome. Son omor or log logo omor, Yes, I'm here with you.

Thank you, afternoon, everybody now, thank you.

Now.

I wanted to also just add to your conversation here the idea behind when you're making doing crypto, any other business.

What the government is saying is.

You if you have your companyde that you pick, you pay corporate in compacts like However, if you don't register the business, you know it to be seen as income to you, you'll be that on it that will be p it.

That's number one.

Number two the addition I came up with, I think right now the government is one offering for people to come and registart their company for free. So can you confirm down years, So they are giving you the opportunity to use comfort come and register.

For free a bigger light hearing, a bigger light hearing excuse not.

To come forward now you know so, thank you so much.

That's really I want to look for that.

If you can share that link with me home, I will also share it out. If you can share that free reliteration because you again, it is the behavioral change. If you've been doing one billion business with your test and you've got to change that in twenty twenty six, that's all we're saying.

You've got to change that out.

Separate your personal income from your business income, do not commingle, capture.

All expenses and record them and claim them. That's the whole idea. The taglets are secondary.

You've got to try now to have it be vieau change and keep paperwork because that's what you're going to use. Vni v e n n y Vinnie young. Are you doing a more? Thanks for the information being brought The floor is already, Oh.

Be maybe I'm trying to pose this.

You can do that, also share with me on d M or just also share that way people get that information.

Yeah, just posted this two days ago.

I'll look it up. Yeah, all right, VENI obid ob d o b d on the score. Okay Obi the OBD Gerson already I can, yeah, go ahead, yes I can right, So.

For thank you very much.

Kind of everything you said too far, you know, regarding the stacks.

You know, it's really good.

I'm just wondering how the government really wants to handle this, you know, because you know, we don't have a very good database where like in the US, ware your social Security number has you up to everywhere in your workplace and whether you're renting or you're buying a house, your bank account, you know, so you're tied up let all around. So any transaction or anything you do, if you use your credit card or use it, you know, except you're using cash.

But even if you're using you're using cash to be weary as well.

You know, we really don't have a very good data is that times people up, whether you're own a small business, whether you're renting, in your workplace, your banker in.

A way that you know, they can.

People the information and.

They're building that. They're building that. That's what they're doing.

That they're building that because because essentially there's a portion in the Tax Act that says that if you buy an asset, maybe you buy your generator, so use your generation to create to do business ad So in normal powers, the generator is the cost of it's the cost of doing business. Or like diesel, Let's say you buy diesel, use your diesel to run a generator, so you're in normal business cycles. You write off the business the cost of the generator and diesel from your income.

Right, the tax man is saying that if that.

Diesel or that generator has not paid import duty or the eighty, you the user cannot write that off.

So what are they doing.

They're forcing every vendor now to go rest for the eight because all happens the first time people try to do that and they get charged, they won't buy. Many vendled out V eighty. So they're gonna start to insist you have the eighty. Let me get your certificates. Because once they do that, what happens all the quotes and goes on registered people that supply you goods as serviets will be forced to do be eighty.

So that's what this is. That they're not going to.

Building one day. You know, I residents build this in one day as well. Our capone was jailled for tax vision. But what our capone did years ago, you can't do today, so they keep on practice, but go ahead.

That's so they're doing it. Yeah, so well.

And then the other side of it, you know, you keep talking about behavioral change from Nigerian's which is.

Okay. So I worked with two of the big force in the Intel Command.

Nigeria before I left, and the treaty is what used to happen. Then I had life insurance when I had my first charge in two thousand and I had.

I bought life insurance right for myself and my wife.

And what used to happen is at the end of every year, I reach out to used to be show, you know, to send me the summary of the payment for my life insurance and then I'll send it to my HR and say, here's my life insurance that I paid fantastic, which normally should yeah, which should have been applied in towards my tax and all of that.

Right, But whether that was applied or not, I can't really I I.

Really saw that, to be honest, I really saw much difference in terms of what I paid and stax and all of that.

The other side of it is the fact.

That in Nigeria, you know, what I was driging companies, you know, do your tax and then they send me tax certificates, Oh, we paid your tax for the year and that kind of thing.

Unlike in the USA where you find your tax yourself. So you the tax advice.

We'll sit down and you're telling tax advice, which reced whether.

What you've done, whether you have a mortgage.

Whether you you know, if you're running a business, you know, what are.

Your your deductibles, what are your expenses? You know, you're you're assuming.

That and they're right, you know, they're putting it down on your on your your tax phone, right and at the end of the day you see whether you're getting a refund or whether you're doing who's going you know, and if you're going and yeah, I don't know, but what was it?

Yeah, that's what's what's the question.

So I'm just trying to make a.

Comment in the fact that at the end of the day, you know, in order to tie up all these all these things, right, you know, back to what I said, we still need to have a robust database, you understand, and then that massive education for people to understand and then move the next step where people have to not fire.

Your tax Okay, let me scare you base, let me scan I just.

Right.

In the US, that's all we call basis. You know what businesses, right, basis be a basis.

You know what businesses In Niger? We don't have basis, but you can. You cannot go to basis without doing what they're doing today.

You can't.

What am I trying to say for those that can don't follow. If my grandfather built a house in Legos in nineteen thirty two, ninetety two, and they build that house for ten thousand nine er and I sell that house today for one billion, what do I pay in taxes?

In Niger?

We don't have that decoration because we don't have basis. In America, they will do basis. But what they're doing today is to move it from where it was in the past. Why you didn't see your tax when you paid your life round your company the past was because you got an automatic deduction when you're big four paying your paycheck, the automatics seeing the doctor twenty percent of that pay check and that was your tax credit, automatically

Bot life insurance. This is my proof.

Then your HR will then use that and file their taxes if that's what they do, and claim that deduction. So when I'm moving to a personal filest that when I just do start doing like Tobo tax and I go to see the apps, that will come up very very soon. So I told pull the space all the suffre you're saving money with. You save money with one

Ask you for your tax I D who's going to be that? And again they're going there.

They're going there, but they can't go with it and say okay, no, it's going there. And you can see they're actually going to go to.

So if if you give this.

Five years, it's going to be full individual, find out employer full individual.

That's why it's going to go to five years.

But not now.

So if you're if you're an IT guy, there's a big opportunity for you.

You can be the next two both tax guy have a twobo tax that will take all these tax laws.

Put it to an app. Make it really simple, like I like says, I give you an example.

The Tax Act says, if you are an individual and you pay you air less than eight undred ky, you not pay tax. Okay, how does a market woman in my twelve daughter know that she ends eight hundred per year? How does she know she doesn't know, because that's how we do single entry. Nin you're not double entry. So if you create a very simple app, that's all her phone, not the smart her phone. Every day she sells, she will say my toper for this day is hundred. Now she puts right now on the app.

That's all she puts every day. She plugging her daily impute every day.

Once the daily impute hits eighteen thousand, apple, my dad, you're not a liveable for taxes, so go and see a tax advice.

And you can never just.

Tax advisers within the areas. So if you're a banker or you are a gather, you know about this, you can realister with that app. If it is no daughter, you live in a k too, you're gonna meet her, say, madam, will now per sold one million?

Okay, we'll have to release your taxable income. Madam. We buy life insurance, you explained to her. They pay you a small fee. That's how we need to create.

Apps, not the complicated ones that are going to be created by the big boards that we're going to use, but the simple ones. And that woman selling tomato in my twelve, can you use very simple to track her turn over?

That once it hit it's on a ky.

It converts her from a tax exempt to a tax libel person, and then she starts to then reduce those taxes.

If it goes above that, she.

Then goes, amiss a proper accountant. Okay, madam, you're going to get tax, but this is how I'm going to do it.

Wor to pay. That's one as real need. So they've teed it up for you.

If an IT person is teed up for you, wrong with this, get a banker gets on to sit down the room, mark this out.

Create your app. And this is how things started. All this plot how it started.

It sat down, they saw the laws were changing, and then it created them app to capture the nuity. But it's gonna get a demand from twenty six four tax advisory, tax planning and all that.

You want to capture guys, very very quick, but will you like an hour? Be apciate you ever? Ever? Genius hope someone questions evergenough where? Yeah, thank you call you.

It's wonderful space.

Enjoy thank you.

I following a lot. I do let it look early output.

As well a question and quite summer.

The complacement and I give people that are yeah, I had about taking to people. And also I am actually an OUTC and PT trader and if you know about this, it's more like the eschanger.

For crypto to feats.

So in this case we'll trade crito for people to cover to their fear. Fat is the local courress in Iraq. Now, in the case of someone like me, I'm not in the country, I work outside the country and I make money outside the country. There's one I do salary, that's one. Then I do be as a side orso. But in this case, I do a lot of transactions to majerior traders. Like in I was in more than a hundred million, even on dailies. It's going to put it that way.

It's a bit complex.

I was trying to understand that what you've been saying, but I still do not connect. If my money talking about I would do that and let me say one week you better.

But you're gonna im making the income in Nigeria Canada, where's the income being made?

Okay, courage, I am in donald and for my income, my past line incomes like go to I will just say like a thousand dollars for the salary.

My stiles, I can.

Do it tal over more than what I'm hearing.

So I heard.

I'm asking where is that turn about being made? Its even been in Ghana on nightbout being made?

Okay, I treat make payment enjoying account.

So I have my counts. No I know.

Just so if you make pervent in Canada, that's a Ghandian income, right, what's the problem. We don't have any because with that income, right, why is it?

Why is it? Why is the nineteen income?

Yeah?

If I live in in Malaysia and I turn about won't be done in Malaysia. How is the young goleman's business?

I am looking from account, but where's the tournover?

Where's the ton of that being made in Nigeria or Ghana? So that was the problem, there's not.

That's my question.

If you have income, there's not your The loss said taxation of the turnover just to exempt you. But the income is taxable. The fifty one that means when they will start to tax you, they don't tax turnover.

The tax income.

The fifty million is just when they will start to tax income. So let's say you make income of turnover of fifty million, but income of ten thousand, then they will tax ten thousand.

You know what you're saying.

So in ton about five hundred and one million, then income of ten then they'll tax the ten.

The fifty million is where the threshold is to begin to tax you.

So if you say you make income about fifteen million, that means you've crossed the threashold to be tax So the taxman is going to ask himself where is the tax based? Where are you generating that fifty million? Is it in for that ten thousand minutes? It in Ghana or Nigeria? If you have money in Nigeria that is in an interest bearing account, of what's going to be taxed on that they'll take with gold tax. If you

Right?

The law has a number for residency. You have to stay in nigerquate. This is a no map of days to be a resident of Nigeria. So if you stay below that number of days, you're not a residence hence you'll not be taxed. Right, so you have to focus on where is the turnover being made, where where is that? That's really a questions. And once you ask a question, then are you making fifty million?

Yes?

The not O care that you pay or you don't pay?

Yep?

What so quick?

Then for the people that areny here, most of the people actively on TEX so I'll just I just want to access that first of all, who's doing the same thing in having a huge ton of but I don't even income as we speak, people that.

He's going to pay a whole lot of tax or what we call best of judgments. So those people are the people that are going to get a shocked in January. Because that's why keep on saying behavioral change. If you have a lot of turnover, you just spend, you know, you just you dip your hands to your tournover, you spend, you do business. You're going to be here to a huge amount of taxes. You've got to go from now

Hire an accountant.

If you go to a n D n D university, they will advise you. It's not a big transaction. I'm gonna tell you what you need to do. The boots of account need to keep. That's what you need to do going forward. Don't it takes you the same mentality of oh I can dodge.

No no, no no.

If you do that, they're gonna get hit very hard. Yeah, you're very welcome. If fine, Yeah, it finds gerald.

Hey, what's man?

Okay, thank you very much.

I can hear yourself.

Okay, thank you very much. That this has been very excited, so much, done so much.

But I have a questions, sir.

My question is.

If somebody sends money to your accounts, somebody sends money to your personal account and.

The persons that.

I want to know if that person is.

Gonna be tasked or sender.

I want to know if both of.

Us or and who will be tasked?

What has the nation?

Yeah, so look at this way, let me just I know what you're going to look at it this way, right, the taxman is taxing income, not gifts. But but if the taxman sees every month one million gifts, one million gifts, one million gifts, what I think that man will say. Okay, he will say it's not a gift. No, he will think that you're opinting yourself salary and you're trying to

You see what I'm saying. You have the attachment.

You're gonn to look at it and say, a reasonable person will assume that if I got it gifts every month, say my mouth, it's not longer it gives. It's an incomes annibty or whatever, and they're gonna tax you. So you kindly hide from that. If you go doing Christmas, someone gives you a gift of twelve twelve million, that's a gift.

But yeah, so that's the point I'm making.

Okay, Okay, thank you very much, I wanted to about that.

If you.

Having company account, talk about insurance, so remember that.

Let me let me I'll say that again.

Right.

If you have an individual person, take the doctions. I want to list the five for you for the individual company. For the individual. Number one retirement savings account. Number one retirement servings account go to start at three and additional tax exempt from your taxes from your income.

That's number one.

Number two is going to be your life insurance premium that you pay for yourself and for your spouse. Life insurance for yourself and for your spouse. Number three National Housing Form Mandatory contribution, number number four, National Health Insurance Team Manatory contribution.

Number five.

The mortgage you if you are paid for a mortgage, the interest on the mortgage you can also back out from you from your total income.

There's a six to.

One which is your rent. If you're paying rent, twenty percent of the rent. Number capped at five hundred thousand. That's for personal personal. For a company, it's any expense that you can show was used towards the generation.

Of the income being taxed. So any expense.

I give you a good example, if that WIDEO is filing his taxes that wido would list that Ferrari he bought for two per three millions as an expense. A Ferrari, he bought a Ferralica, he's buying goal change, he's eating flying primates. That widow would list those things Ferrari, goal change as an expense because that widow is in the business of shoebis. So those things are what he's using

Last question a medical doctor and I'm currently doing my house job.

Mm hmmm, Now when how.

If I can If I can't hear you your audience, very bad, send me a d M, send me a DUM next, okay.

And very.

Yes past, thank you so much for this person as a calm and text what you do. My question is about the impact the negative imparts retail investors in the top packets with tears, what will be the impact and what can we do? I heard about work fifteen midle and all of that recently. And when I look at metrics, the part insights into the.

Tax issue and on all that.

So please, I.

Don't know if there's a difference to stal.

This this talks we have.

That's I think invest I think.

To worry about.

But I mentioned earlier that Pepoles.

Was hundred.

Now they're greatest fifteen million. If you look at sea more than nine twelve percent.

Of the nine years multiven trade up of the after amount of money. So I think it would actually be pretty much worried that they would use that the banksy US or those that will start as buying most of the time, because this is sometimes most.

Of them putting back at two one hundred. So definitely, I think he has you to.

Need to implications for retain versels that you mentioned because you wanted to be captured first. You want me to require as you must trade that there's one partimuiar I year, you know that's one forty million there I am the income of more.

Than ten million. So when you look at that it is pretty much the results should not worry.

However, I think for the market generally you listen to different expercause I know, really thanks tax is normally mine for it was. I'm looking from the point of the fact that since that it's been scaled, the actual trunklety.

Pretty much like that could given he had to appretize what concerns as we do. But do you see that when incompeted still go to that market.

It's still competitive, you know, for example, the taxes I be in France and the UK it's much more and the word I'm getting in the dry as much more better.

So when I compare their trustments, you know.

But just like you said, now, so pretty much now when I was putting so much his assets in the personal and now I'm concentering putting them in business just for me to reduce my tax liabilities. So yeah, with the investors, the agent that you have, you have.

Litle to worry about.

Particulars you have to worry about, except you have really know the same thing with to Space. The problem with the group to Space is that you know people work, they really are.

Not because we have details many little to theirs.

In Nigeria, are the minute the Americans that really go through Look at.

What post a big county got five thousand, and it's just because we have to shut down. If you look at the part of America.

Or market, it's huge to the Americans that you really worry about the quantity and quantity. But then yeah, we can't say we have quantity in terms of the word before interested, but the quality is already there. How many nineteenars we have one thousand us in the balance worlds, So h those that are really high that towards we'll get exposed. And those I think they're decried, well, I think that the according to Desire Information, they're trying to use intelligence to mantagers.

And also but this exchange is to expose the ideas suspect that I need to.

Yeah, definitely definitely don't. You can't have another crypto.

They're gonna get you guys. I mean there's a crypto guy that I was on the space too, is the guy that said the government had limiting with them, and they're gonna basically it doesn't in America. If you open any cryptic accout in America, they send your name to the IRX.

It's gonna be the same in najery.

It's nothing you So I would say, try to look for legal ways to avoid taxes. Tax avoidance is legal, tax invasion is illegal.

I just shared on my page now your.

Individual deductions, what you can do to reduce your individual tax Liby, just show it now, going to let the space on my tears so you can look at it.

You can share.

This is what the company has said, the government has said that you can do to reduce your taxical income.

Mister j what what are you doing? What's up?

Man? Yeah? Very well, I think I just have a few questions.

I live here in the UK and the send money to my family sometimes, especially my grandma, and I'm worried that if she received a monthly presenting her account, is she going to be tasked and not just that. How long do they have to keep those information for?

Did that a side of it?

Yeah?

I don't know how to come the data here.

We keep the ask for certain PAYIM maybe four yes, and you try the information away.

I don't know that answer.

There's an answer there. I don't know the exact number of you. I get your question, but I know the exact number of years where you have to read that as a policy, and that I don't know the exact answer. Yeah, I mean something that grow can get for us, But I don't live the answer. As to your mom if she gets so how I mean, how.

Old is your mom?

Is she getting the money from you? As up keep remittant that.

What it is? Yeah, it's just OK.

Yeah, So I would just advise you as an went to her narrated properly rematerns to mom or upkey for mom, so that the taxman sees it. And when they want to look at your mom's account, they see her age. It's coming from her son in London, he says her native and upkey. That's that's all the need to see. Because your mom is not inning below it's not any more than eight hundred. That's as if she's doing any more than eight hundred. The tax bands are very very wide.

She doesn't end up.

To one point four five that's seventeen million a year her taxes without deductions. Just if you just give her the money, she does not do any deduction, her tax are gonna go down.

She would not pays you pay zero for eight hundred thousand. The other one. She will pay tax, but it.

Will go It's low that what she paid under the old scheme. If that makes any sense. Yeah, so you can sort of managing debate and say, okay, even if by even if she does get taxed, she's been a lower attacks today than what you have paid under the old scheme. All right, perfect? Or yeah, gets in the messages if so, let me say it again, right, getting most messives on. If you and less than eight hundred thousand nira, you will not pay any tax whatsoever personally

That that's another question.

A month people in it.

That's that's a month one point month, very small, very small, but that's who they're good after.

That's who they're good after.

That that weight after me, After I do my ward, my quote, it would just keep the boys that are talking, don't worry after I don't want they're going after the big boys.

It's a very very progressive tax system. Very progressive that is.

That is why honestly when I look at is it, I was like, this is good for you. But the probably did comment is that you know they have bad markets.

But the pr so people anything that comes from government as the fact that people.

Won't trust them, the use of phones is bad.

So I think the goverment that's greatly President, I'm expecting people to.

It makes sense, like for example the president who put declare is tax.

You know, even doing the dumpart that you should because the average read most show credibility is that you just understand that see or you should get in contract, you knowst paying taxes.

And that's whoy I've been fighting for.

You have come to the least the stock market should be giving parait when they are looking for a contract because they.

Basically most of these things energy is used the open their books.

They have to use the credible accounting them probably before they have to, and they're exposed to different penalties. But where you see those because somebody has a connection with the minister does open account is more.

Than our distance to me. So that's why you feel that for these packs and to reading work.

We need to see from there the moo in front of credibility, where people who really openly show that there's nothing to hip because and all this you said, man thinking that if you look at this name, it's really going to make things much more, much more efficient, empower.

People, creates more opportunities. But the use of difference is that question that this tast.

Because the goverment is going to make a lot of money from this, But the question is that it's going.

To be the present of good news?

Yeah, Willson, I mean I wish the presidents and the ministers will come in January and release their tax not assets, that tax filings the same way that Americans do because they say we're copying americanized release their own taxis that will give you a big, big boost to self assessments. The ministers, the president, and when the president does it, all the governors do it, all the government saremen do it.

It's a shame. How you don't say that is how you real quick?

Is that talking weld enterprise assets, libyries, tax and horizon.

That's our weld session that we do personal finance. What's your question, sir?

My person is about the coming Originally I'm a like prom.

I look one one to number of one thoush about coming directly to my young PA's immediately accounts like all clever.

Yeah, it's that you get taxed. So it's that's income. So you said you make about the thousand dollars, right, so that's definitely for even if you use fifteen, that's how or that's how.

Much is that?

Is that one point five million? How much is that? So if I did cross the threasholder, so you're gonna pay.

Income taxt on that amount of money. So the question you want to ask yourself is how can you reduce it?

Right?

Can you?

Are you? Is it for a company maybe to go onsite a company so you can have a higher threashold of turnover or what are your expenses? You can also PLoP back to clay back or club backs. All those taxes are going to pay because the things you have to do and talk to your tax advice about yes, you will pay tax. Doesn't matter whether they're going to cleverly or turn that app is coming to you. You are the beneficial owner of that transaction. So yes, you will pay tax in Nigeria.

This is like like after.

All the company that comes.

In a year, if the amount of this company for that company doesn't amount to.

Is that like that's me If the tourn over it is not up to fifteen million, then you will not pay company in contact.

That is what the laws is correct. All right, perfect, you're very well.

Look at the optimists guts about fifteen minutes to go Optimists.

What your mind?

Thank you sir, pick up leads. Now, I'm a Nngelia. I resided in Nigelia and I have a.

Lot of friends as.

Well who are in to crypt to keep the pictures, which means even in a week, some of what Westation.

Would look like five million, even in a week, just like.

Five million doing what now.

Need to be transactional.

You're saying five hundred million when I gonna pay tax?

And another thing is there are some more points we have.

Like in some makges, like some would water lily like thousand allow.

In their mouths. Once you the the defect of tax.

So first of all, you pay tax on income, not assets.

So if you hold one billion dollar bitcoin assets, you will not pay tax on that one billion. But if you sell one thousand dollars and that one billion, you pay tax on that one thousand dollars. That's the number one thing. You don't pay tax on assets to pay.

Tax on income.

Those transfers you're taking back and forth, they are not taxable transactions percive. But the taxman will ask himself if you optimists can do transfer of five hundred billion a week if not be paying tax of ten thousand there. Now, that's what I'm going to say. They will now come and look at you critically because if you're doing five for nine million, I know it does not correspond automatically. Doesn't mean you should pay that, But then five milliones a lot of money to do and not pay tax.

Yeah.

And another thing is you know why changing by and we are saying, well, no, it's just nearly.

Venue understand yes, because you have to say yes, we said you understand.

So why saying you know there's something something that you just like just like we do the tax?

Yes, So that where you're Binard telling you you are generating capital gains. If you make a profit, you your automatical general capital gains. That's why you're a tax. We don't taxes.

That's capital the vote that you're generating.

So the law is saying if you're doing what I say, one fifty million or limited one fifty million, then you pay the tax on that. So if you don't, if you do less than that, you don't pay the capital against tax. You've got to do above certain interation to

To them.

Those individual trades. In America, they track them. I'm not sure track it.

But America they exchange will track it and sent to the irs. When you sell below you pay higher tack when you sell after you now, so I don't know how good job to be, but yeah, they do track.

Often. It's list keep what I'll tell you. Keep records, incorporate your enterprise, keep records. What behavior will change you? Now know that if you sell, sell, sell, sell, sell, you just in capital against tax. So do you sell us often normally? So while.

On the changes personal name.

I can't work like that now it has all match. Now you can't have names like the company. Then go to your personal name. You are not the same people.

Also, you can most for most.

Then go to the one that does. That's why we say behavioral change. Go to the one that does. That's a change. You will be your children.

Often all I can I cannot say what I know, all right, and I'm telling you that's about you're talking about.

So I hear what you say.

But that's a be a real change. So last work, We've got about five minutes to go. Oh been there, Proben, I think you've spoken, Obiner, go ahead, go.

Ahead, everybody.

How are you doing?

I'm very fine, Thank you very much, learning from the space. I thank you so much for all you do.

Thank you, sir.

I want to ask, you know, if someone is working in the place where the past has spelled the segment of the salary life, maybe transportation, how is in the rest of them?

Do you still advise that the person.

Can file any rent payment to their child?

Yes, that's what we're asking.

That's what I said.

That's to be a real change. We're talking about that. In the past, your child files for you. Now you have to file. So want to ask to a child what will happen from twenty two six?

Do you need to file with them? Or do you to do self filing? Ask your h whatever they tell you, that's what you're going to do. So if you don't pay for red or your BAAFE insurance, you can't give you a char That's.

What I'm saying.

Okay, okay, thank you.

Yeah, let's get.

Saint Tops, Saint Tops, Saint Tops O, the who days, the who days?

The is it available? Who? Dauci? Are you available?

Follow mister?

How are you? Go ahead?

Sir?

I most appreciate I've learned a lot from this space, thank you sir.

But sometimes I need to clarification real quick, real quick. Yeah, consigning the you mean mentioned of eight hundred I think.

That is annually or monthly annually?

Okay?

Then I have you still about.

Capital game, so like if you buy and sell shares, not income tax, capital gains tax different when you bought and when you sw that's capital gain.

That's the one PTA.

Okay.

And the filing aspect this with the expenses one queer in all.

The process that would be looking the right.

The file aspect is if you are a company, then you have to file a company of contax your personal personal in comtax. You file your expenses for the company for the individual is really pre done what you can file.

You can only file those five items in menations before.

Yeah, and more importantly you mentioned HR now and.

Attaining some of the filing the HLD THO, they don't.

Put somebody concentration when they are tually listening.

To the employee.

That's why we have you have to go and ask your HR and say HR, will you guys file for us going forward? That's what you have to find out because if you say no, then you have to find by yourself.

That's what we're saying, right, Yeah, you can't.

You got to basically go and find out if you said, yeah, all right, perfect o a t she.

Oh eight cosmic mufphins.

Believe, believe mister oh and find my question. Yeah, it's only for my grandmother. She owns, it's for my kids.

She sells provisions, good more pepsy you know, so adds and.

According to the tax I'm always attacked business people with less than fifteen or they go to tax a fix similiar.

This is my grandmother doesn't know if she is up to fifty million, fifty million. She knows that she goes somewhere there buy that miscuits and as.

For years now, don't issue she makes more than fifty million, next lass you know.

Yeah, I mean that's a fantastic question. I think your question is what would shock many people in January twenty twenty six. Is the point I'm making over and over and over again. It's a behavioral change issue, not just the tax issue. Your grandmom un fortunately would have to keep paper record, proper records going forward. She's got to try to automate what she's doing after that turnover, if possible, separate the store.

Account from her personal account.

Trust me, bro, We all have mothers or answers that have shops and we know how they run the shops. When we want to go to school, they will sell barbida and give us money barbita to go to school with.

When we get that, that has to change.

Otherwise she's going to be a higher taxes tax of people will say, how well, show you're going to be gain two hundred million, and they will tax her based on that their judgment.

So your mama's got to get go and call go to issuit is.

There, Go to issuits, call accounting students, bring them to her store, give them mineral and gala, ask them questions. They will automate the store, tell her the books of account to keep and.

Show how what she has to do. That's what is to happen. You see, I've talked about an app.

The players that's going to bang in like you're going to be the person that's going to create an app for SMS like your grandmother. The grandmother can go to that app putting that toll over day by day.

I had to do her taxes for her.

That company that celeb that will become a unicorn because there are so many SMEs all across nasure that will not know how to file taxes. And what they want is something very very simple. It's the simplest thing.

You can try to.

You can never come and add purchases. And since later board just capturing toll over so that she is a letter that listen, madam, you have crossed eight.

Hundred thousand or you have crossed fifty million. Hence you're gonna have that.

That alone, that alone, that flagging is gonna save millions for people.

So that's what I see. My brother, guys, we gotta go. It's been fantastic. You've gotta love me. They here this week, we're talking.

We're having our wealth Space, which is our wealth building, enterprise, assets, liabilities, tax and horizon.

We're gonna do more of this because it is just personal finance.

We will take questions you guys ask us, we try to answer and we just learned from together.

We're will do more of this just so we can get ly just she across the board. I thank you, Alma for sharing that.

On the jubut Trump he says, cec smden launch free Registation Drive. So again, if you are not registered Smeden and this guy sees he has tagged into this tax idea seeing go and the restart your business. If you are doing individual crypto, go arrested the business. Let me tell you whether I do it just or not. Go and rest your business, call it whatever, but happy ready. Don't wait till you retire to have your own personal business. I don't care, and I'll tell you, oh, you can't

On the crypto side.

Try to follow on til I'm trying to share that and if possible, we'll have another well space again on Thursday where we just talk around the same questions. So no, guys, we will thank you so much again for being here. I really to appreciate you guys. I will see you guys on Thursday and then again on Sunday. We're going to bring it on Sunday and economics talk about GDP so far and where we are special taxes to our sponsor of this space.

This is Volcania.

Bulcare is offering luxury flat and Nigerias to invest in Kenya. So you get past the real ested income in dollars. You're going to get dollars income if you're invest in Volcano. I remember and are working on a double tax agreement windmens. If you buy property in Kenya and an income in Kenya, you can rid off because of double taxation that we're going to sign with you. All right, guys, thank you so much for being there. Sorry about the breach that we had when we started, but it's all good. I

Thank you so much and