Wetin dey happen for Naija as dem dey collect capital gains tax like say dem don find gold. E no be small matter o, as revenue don jump from N2.30bn for November to N12.18bn for December. Na 429% increase wey dem dey yarn about. Dis news fresh from the Federation Accounts Allocation Committee, e show say money dey show face this December!
As dey plan to increase capital gains tax rate to 30%, some people dey think say na good move, while others dey fear wahala fit come for investors. Dis new tax no dey play o, e dey affect all assets, whether na land, shares or even your digital assets dem. E sure say if you sell something wey don appreciate, you go pay tax on di profit wey you make. No be wahala? E make am clear say government wan make sure say di profits wey people dey make from asset sales go fit help build public revenue, like as salaries dey contribute.
December really shine for non-oil revenue, as capital gains tax alone don contribute N686.66bn, up from N557.16bn wey dem collect for November. No be small increase, e show say dem dey take am serious as government dey plan how to widen di tax base with oil prices wey dey waka up and down. Other taxes like company income tax and import duty too don increase, so money dey follow this capital gains tax wahala.
But no be only this tax matter dey change, o! Dem also don increase di threshold for tax exemption when you go sell your shares from N100m to N150m. If your gain no pass N10m, you no go pay anywhere, my guy. Na wetin PwC dey talk for their report. But even as good as e sound, some people dey raise eyebrow, especially di Association of Securities Dealing Houses of Nigeria. Dem dey call for review because of di N6tn decline wey dem see for market capitalisation last November. Dem don beg government no make investors lose confidence.
Mr Taiwo Oyedele wey dey lead di Presidential Committee on Fiscal Policy and Tax Reforms don talk say dis 30% increase no go bad for di market, e say e go help increase di value of companies and improve di economy long-term. E add say small businesses and low-income earners, dem go exempt am from di new tax. E still talk say if person sell shares worth N150m for a year, dem no go pay capital gains tax at all. So nearly 99% of investors fit breathe well.
Wetin we dey learn be say, dem dey try align all di taxes so e go dey easier for everybody. No be small matter o, make we dey watch how dis tax matter go unfold and how e go affect Naija economy. As we dey wait for dis reforms, make we just pray say e go fit bring better life for all of us!
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