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Developer-made experiences accounted for 47% of all hours played in May, up from 38% a year ago. As of January, in-island transactions provided a new way for developers to generate revenue, with genres outside of Battle Royale & Shooters making up over 75% of all in-island transaction revenue. We...

19,903 просмотров • 1 месяц назад •via X (Twitter)

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Yesterday I was opportune to be part of a Town Hall event organised by Channels Television anchored by SeunOkin Channels tv to discuss the Tax Reform Bills currently before the national assembly. The bills have seen significant opposition coming from some northern leaders and the NGF, especially on the issue of VAT revenue sharing among the states with many calling for the bills to be withdrawn by the President on account of this singular issue. Personally, I feel that part of the opposition from the bills stems from ignorance of the actual provisions contained in them or misconception of some aspects of the bill. However, when we look at the amount of VAT revenue that is triggering this whole haggling, you'll realise how precarious our revenue situation is. A dispassionate look at the data is essential to guide our positions on the necessity of these tax reforms. By the end of 2024, we may hit a record VAT collection of N6 trillion but that's just around $3.5 billion. In many states, their share of VAT revenue from FAAC in a year is bigger than their entire IGR! How on earth do you develop with such a revenue profile? This shows clearly that we need to reorganise and re-engineer our finances for optimum performance. This is what these bills seek to do. Although, increasing revenue collection is actually one of the intentions of these reforms but it is not the MAJOR reason. The major aim is to remove all the cogs and bottlenecks that affect growth and profitability of businesses in Nigeria by reducing their tax burden and exempting the small businesses from paying income tax. The vast majority of Nigerians who are poor would also be exempt from paying income tax. We're talking about 90% of Nigerians here! In other climes, any piece of legislation that brings overall tax relief to low income earners is always a popular bill with massive support. It is therefore bizarre that some persons are up in arms in Nigeria to oppose this kind of landmark legislation and they claim they're fighting for the masses. Data and logic should guide our positions and not sentiments or mischievous ignorance. Any reservations held by any individual or group about any section of the bills should be presented to the NASS during the public hearings and not calling for the withdrawal of the bills. Let's be serious in this country please.

Michael Chibuzo®

16,022 просмотров • 1 год назад