Discover and read the best of Twitter Threads about #FinanceBill
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Here is this Week’s Market Wrap
'The Times Get Taxing' written by @shyamsek
A Thread (1/n)
#tax #investing #taxbenefits #marketwrap
'The Times Get Taxing' written by @shyamsek
A Thread (1/n)
#tax #investing #taxbenefits #marketwrap
Investment decisions can be taken based on tax implications. There is a natural tendency among investors to be drawn to investments where they feel taxes are lower. (2/n)
#taxes #investments #investors
#taxes #investments #investors
When the tax concessions are withdrawn for certain investments, they tend to look less attractive to investors. (3/n)
#taxconcession #investing
#taxconcession #investing
A #BRILLIANT move by the @FinMinIndia hit 4 birds with one stone by introducing 3 changes in the Finance Bill. The 3 birds..
1) Higher Tax Collections
2) Capital Controls
3) Bank Deposits
4) Lower cost of Govt funding.
But will HURT GROWTH. Long #THREAD
1) Higher Tax Collections
2) Capital Controls
3) Bank Deposits
4) Lower cost of Govt funding.
But will HURT GROWTH. Long #THREAD
What are the changes
1) End of LTCG on #debt, Gold ETFs, Overseas or Any mutual fund that invests in less than 35% india equity bought after 1 Apr-23
2) STT Raised by 25%
3) Tax Collected at Source (TCS) raised to 20% (5% earlier) & threshold reduced to Zero (Rs7 lac earlier)
1) End of LTCG on #debt, Gold ETFs, Overseas or Any mutual fund that invests in less than 35% india equity bought after 1 Apr-23
2) STT Raised by 25%
3) Tax Collected at Source (TCS) raised to 20% (5% earlier) & threshold reduced to Zero (Rs7 lac earlier)
TRIGGER POINT: The Banking system is facing a shortage of liquidity => PRIMARY motive for the Changes in the Finance Bill in my opinion.
WHAT CAUSED THE LIQUIDITY CRUNCH? Weak Deposit growth vs credit growth.... also reflected in rising Credit/Deposit ratio
WHAT CAUSED THE LIQUIDITY CRUNCH? Weak Deposit growth vs credit growth.... also reflected in rising Credit/Deposit ratio
On this #AprilFoolsDay, recounting some instances from #Parliament which had us fooled in the last one year:
1. Delaying discussing #FinanceBill for almost a week and then passing it without discussion in #LokSabha, because #Parliament had to be shut due to #COVID outbreak
1. Delaying discussing #FinanceBill for almost a week and then passing it without discussion in #LokSabha, because #Parliament had to be shut due to #COVID outbreak
2. On last day of curtailed #BdgetSession in #RajyaSabha, 7 Money Bills were returned in 5 hours, with 2 Appropriation Bills and all 154 clauses and 5 schedules of Finance Bill put to vote together without any discussion and cleared in 5 minutes
#AprilFoolsDay
#AprilFoolsDay
3. Sending #DataProtection Bill to specially constituted Joint Parliament Committee headed by a BJP MP instead of already existing Standing Committee headed by an Opposition MP
#AprilFoolsDay instances from #Parliament
#AprilFoolsDay instances from #Parliament
So the Finance Bill is out and I heard some people ask how it affects price of rice 😂. Lemme try and explain Sha
So first things first, what's the Finance Bill about?
A thread!
So first things first, what's the Finance Bill about?
A thread!
The Finance bill is a legislation aimed at curing the deficiencies of the current tax system. The idea is to promote fiscal equity & improve tax reforms, increase government revenue and bring more people into the tax net. This should improve the ease of doing business in Nigeria.
Also, another major objective of the bill is to make life easy for MSMEs (ease of doing business).
So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
In case you missed my #FinanceBill discussion yesterday on @NigeriainfoFM with @wemimospot and @SheriffQuadry, this thread gives you a quick overview of the session.
The Nigeria Tax and Fiscal Law (amendment) Bill popularly known as the Finance Bill is the first of its kind in Nigeria since 1999.
It contains 56 sections seeking to make about 98 amendments to 7 different tax laws - CITA, PPTA, PITA, CGTA, VATA, CETA, and SDA
It does appear Kenya’s backed itself into an interesting legal tight spot, on this issue of the VAT exemption on petroleum products coming to an end. This thread will explain why.
First, the background, to bring you up to speed.
When Kenya wrote a new law on Value Added Tax, back in 2013, MPs put in a 3- year long exemption for VAT on petroleum products. That covered everything from the gas you use to cook, to the V-Power Evo & Scooby drivers love so much, to the diesel matatus choke on.
