Reporter like asked: why is Dangote Cement made in Nigeria but sold outside Nigeria cheaper than your cement sold in Nigeria? Dangote: “When you look at my invoice, the cement I export is cheaper than the one I’m selling domestically, because that’s how exports work...In export I’m saving a lot of money. I’m not paying 30% income tax, I’m not paying 2% education, I’m not paying 1% health, I’m not paying 7.5% VAT, and I’m not paying 10% withholding tax.” And he omitted bank fees. Practically, there is no way any human can avoid being charged fees by Nigerian banks. I understand most of those fees are statutory, which means banks have no other option. But when a big dude like Aliko looks at his bank account, he can see another 0.5% of mindless fees here and there on deductions. Fellow Citizens: do you know that banks charge you about 0.5% for transferring your money from your USD dorm account to any part of the world? You may not notice until you behave like an accounting stu...
FROM NEXT MONTH KINDLY TAKE NOTE OF THE FOLLOWING AND ADHERE STRICTLY TO IT. Tax is not about money entering your account. Tax is about what that money actually is. If you describe money wrongly, it may look like income, and you pay more tax. If you describe it correctly, you only pay tax when required... and nothing extra. Let me show you how you can use descriptions to minimise taxes legally SIMPLE DESCRIPTIONS YOU CAN USE (LEGALLY) 1. Money that is NOT income (NO TAX) Use these when the money is not payment for work or business. SituationDescription to use: 1. When a Family member sends you money, they should write "Gift / Family support" 2. When a Friend pays you back your money, he or she should write:"Refund / Reimbursement" 3. When you move your own money to another account, write:"Personal transfer / savings." 4. When someone lends you money, he or she should write: "Loan received" 5. If you put your own money into business, ...