Dare It

Mastermind | 9 - 5 Business and Data Analytics | 5 - 9 Graphics and Fabrics artistry | Advocate of Good Governance

[Barack Obama @BarackObama]

To George and Laura, Bill and Hillary — we're grateful for your friendship, counsel, and devotion to this country. And to Joe and Jill, thank you for being on this journey with us.

[Dare It @McGuzzle]

@BarackObama @MichelleObama Nuggets by @MichelleObama at the Obama Presidential Centre launch:

Each of us is a child of God.

...we simply don't have the luxury of time to be simple or complacent.

...don't wait for someone else to fix the problem.

Hope is a choice.

[Dare It @McGuzzle]

#burnaboy #México #fifa #worldcup Guess this edition winner?

[Dare It @McGuzzle]

Thanks for bringing your talent to our screens. The universe will miss you. Rest peacefully Alex. Your big fan.

[Dr Fab @Tufab]

Life 🥲 Rip Alex

[Taiwo Oyedele @taiwoyedele]

𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭 2025 𝐡𝐚𝐬 𝐂𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐝 𝐚𝐧𝐝 𝐃𝐨𝐞𝐬 𝐍𝐎𝐓 𝐈𝐦𝐩𝐨𝐬𝐞 𝐚 25% 𝐓𝐚𝐱 𝐨𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐨𝐫 𝐅𝐮𝐧𝐝𝐬

We are aware of a recent video claiming that the new tax laws will commence in 2027 and alleging the imposition of a 25% tax on funds for building materials and other transactions.

Both claims are incorrect. Contrary to the misinformation seeking to create fear, panic and disaffection, the Nigeria Tax Act 2025 has already commenced and does not impose a 25% tax on construction funds, bank balances, or business expenses. Instead, it contains provisions specifically designed to reduce the cost of housing, rent and real estate development.

𝐊𝐞𝐲 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭, 2025

Relevant provisions to make housing more affordable, encourage real estate development, and support small business property contractors and low-income renters include:

1. 𝑳𝒐𝒘𝒆𝒓 𝑪𝒐𝒔𝒕 𝒐𝒇 𝑩𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒂𝒏𝒅 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕

𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘓𝘢𝘯𝘥 𝘢𝘯𝘥 𝘉𝘶𝘪𝘭𝘥𝘪𝘯𝘨𝘴 (𝘚.185(𝘭)): Land and buildings are now specifically exempt from Value Added Tax (VAT).

𝘐𝘯𝘱𝘶𝘵 𝘝𝘈𝘛 𝘊𝘳𝘦𝘥𝘪𝘵𝘴 𝘧𝘰𝘳 𝘊𝘰𝘯𝘵𝘳𝘢𝘤𝘵𝘰𝘳𝘴: Where VAT is chargeable on any materials or service, contractors can now recover VAT on their assets and overhead costs, which lowers overall construction costs.

𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘞𝘪𝘵𝘩𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘛𝘢𝘹 (𝘞𝘏𝘛): A lower 2% WHT rate is applicable on construction contracts, helping to conserve cash flow and reduce financing pressure on developers.

𝘓𝘰𝘢𝘯 𝘐𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘰𝘯 (𝘚.30(2)(𝘪𝘷)): Mortgage interest is tax-deductible for individuals developing an owner-occupied residential house.

𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘣𝘭𝘦 𝘙𝘦𝘯𝘵𝘢𝘭 𝘌𝘹𝘱𝘦𝘯𝘴𝘦𝘴 (𝘚.20): Property owners who earn rental income can deduct related costs such as repairs, insurance, and agency fees.

2. 𝑫𝒊𝒓𝒆𝒄𝒕 𝑹𝒆𝒍𝒊𝒆𝒇 𝒇𝒐𝒓 𝑹𝒆𝒏𝒕𝒆𝒓𝒔 𝒂𝒏𝒅 𝑻𝒆𝒏𝒂𝒏𝒕𝒔

𝘙𝘦𝘯𝘵 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.30(2)(𝘷𝘪)): Individuals can claim relief up to ₦500,000 (20% of annual rent), increasing disposable income for low-income earners.

𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘙𝘦𝘯𝘵 (𝘚.185(𝘭)): The VAT exemption on land and buildings also covers rent which is fully exempt from Value Added Tax.

𝘚𝘵𝘢𝘮𝘱 𝘋𝘶𝘵𝘺 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.134): Lease agreements with an annual value below ₦10,000,000 (or 10 times the annual minimum wage) are exempt from stamp duty.

3. 𝑰𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒔 𝒇𝒐𝒓 𝑰𝒏𝒗𝒆𝒔𝒕𝒐𝒓𝒔 𝒂𝒏𝒅 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒆𝒓𝒔

𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘎𝘢𝘪𝘯𝘴 𝘛𝘢𝘹 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 (𝘚.51(1)): Individuals pay no Capital Gains Tax (CGT) when disposing of a dwelling house or an interest in one.

𝘙𝘌𝘐𝘛 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴 (𝘚.162(𝘤)): Real Estate Investment Trusts (REITs) are exempt from Companies Income Tax (CIT) when distributing at least 75% of their dividend or rental income within 12 months after the financial year-end.

𝘗𝘳𝘪𝘰𝘳𝘪𝘵𝘺 𝘚𝘦𝘤𝘵𝘰𝘳 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴: Manufacturing of building materials such as iron, steel, and domestic appliances qualifies for specific tax exemption under the economic development incentive scheme for up to 10 years.

𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘛𝘢𝘹 𝘙𝘢𝘵𝘦 (𝘚.56): Scope for the reduction of companies income tax rate for large businesses from 30% to 25%.

4. 𝑷𝒓𝒐𝒕𝒆𝒄𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝑾𝒐𝒓𝒌𝒆𝒓𝒔 𝒂𝒏𝒅 𝑺𝒎𝒂𝒍𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔

• 𝘊𝘢𝘱 𝘰𝘯 𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘛𝘢𝘹 (𝘚.14(6)): The taxable value of employer-provided accommodation is limited to the annual rental value, subject to a maximum of 20% of the employee's annual gross employment income, excluding the rental value.

• 𝘚𝘮𝘢𝘭𝘭 𝘊𝘰𝘮𝘱𝘢𝘯𝘺 𝘙𝘦𝘭𝘪𝘦𝘧: Suppliers and contractors who qualify as small companies benefit from 0% Companies Income Tax (CIT), exemption from charging VAT and no deduction of Withholding Tax (WHT) from their invoices and payments.

5. 𝑾𝒉𝒂𝒕 𝒊𝒔 𝑵𝑶𝑻 𝒊𝒏 𝒕𝒉𝒆 𝑻𝒂𝒙 𝑳𝒂𝒘

The Act does not:
• Tax money in bank accounts or bank balances.
• Tax transfers for buying building materials.
• Introduce a 25% construction or business cost tax.
• Delay implementation until 2027.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧:

Claims suggesting a new tax on building materials or bank funds are false and misrepresent the law. Rather, the new tax law specifically introduced measures to make housing more affordable, promote real estate development, incentivise manufacturing of building materials, and grant rent reliefs to tenants to enhance their disposable income. 

𝐅𝐈𝐍𝐀𝐋 𝐖𝐎𝐑𝐃: 

“Fact Not Fear”, evidence beats emotion. If anyone makes an alarming claim or tries to misinform you, ask them “Where is it in the law?”

With the new tax laws, housing should become more affordable and rent should go down NOT up! 

— 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 𝘢𝘯𝘥 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦

[Dare It @McGuzzle]

@sowore Happy birthday comrade

[Dare It @McGuzzle]

Happy Val's day my love
Millin' peace like dove
Your heart warms my night
Makin' my morrow bright
Endless dreams of bloom
Birthin' of being the groom
Home ever aura of purity
I choose you till eternity
#Valentine #ValentinesDay
#Guzz

[Dare It @McGuzzle]

Found this laying on a bookshelf while visiting granny in Ilorin #archive #naira

[Dare It @McGuzzle]

If their great work earn it, then they earn it however anyone feeling delightful that a stranger win over their kinsman requires a self-rehab to overcome schadenfreude #GRAMMY

[Dare It @McGuzzle]

@wizkidayo Haha Good Rood by Whizzy

[The Shift Journal @TheShiftJournal]

In 1998, Warren Buffett gave a 1-hour masterclass on how to never lose money investing.

[Dare It @McGuzzle]

@ARISEtv With the way Wike and Fubara are rooting for Tinubu yet at loggerheads with each other. Tinubu as a strategist that he is, would likely defer Rivers state guber election for Fubara to complete 4 years, take advantage of the situation, win, and revisit their political brouhaha.

[Taiwo Oyedele @taiwoyedele]

If you have NIN you can retrieve your Tax ID in minutes. For your business Tax ID, use the CAC registration number.

Watch this video for the simplified process.

[Elon Musk @elonmusk]

Impressive

[Chess.com @chesscom]

Chess Patch Notes V.2025.g 📔

NEW MOVE: Pawn Long Jump

- White's h-pawn and Black's a-pawn can now move 3 squares forward on their first move
- This move can only be used on the first turn of the game

[The SamurAI @samuraipreneur]

3 months ago, building an app required:

6 months of development
$300K budget
Team of 5 devs
Prayer that nothing breaks
Yesterday, I created and deployed an app in 2 hours.

step-by-step guide + giveaway:

[BBC News (UK) @BBCNews]

Italian luxury giant Prada buys Versace for $1.38bn https://t.co/KFH9QY06j3

[Ekiti trends @ekititrends]

Ekiti dialect is smooth in Actress Bukunmi Oluwasina mouth 😍😀😀

[NaijaFarmer @Nig_Farmer]

Drop any remix that's better than this.

Durella ate everyone on this remix left no crumbs.

But the best round is @RuggedyBaba vs @eLDeeTheDon

Bars everywhere like oxygen 🙌💯

Were you there??

Pinging Lori Nokia 😂😂😂