New Tax Law: Man Shares Experience After Sending N1m, Debunks Extra Charges Rumours
- A young Nigerian man shared his experience with the new tax law on social media, and it got many people talking
- The young individual showed how much he sent on January 1, after the law started, and what he noticed
- His post and screenshot sparked discussions on social media about his experience and the new tax law
As the implementation of the new tax law kicks off in line with the federal government’s announcement, a Nigerian man has shared his experience after sending a huge amount of money.
Before his statement, there were rumors of unexpected deductions from bank accounts and charges on tax payments as the new tax system rolls in.
Source: Getty Images
Man speaks about the new tax law
Despite the government’s explanation regarding how individuals will be taxed and who will be exempted, some people have continued to spread rumors.
In the middle of this, a man, @olopzeze, took to his media page to reveal that he made a transfer of over ₦1 million.
He also shared his experience with the tax law after making the transfer.
His statement:
"I did over 1 Million Naira transactions across my bank accounts today, without Una yeye Descriptions."
Source: Twitter
"No extra charges, just 50 naira stamp duty only on the money I sent out, no debit on the 400k I received."
"No extra Tax like Banger boys and Una hungry influencers claimed. Wetin misinformation go cause for this Naija en."
Reactions as as tax law takes effect
@wisdomthefunds stressed:
"I keep wondering if they will take me even if i make transactions way over 800k this year. I thought it was just for salary earners. I don’t just get this thing yet."
@laide0 shared:
"So you actually believed 20% of your money would be deducted from any amount you sent or received?? Wow wawu wawest."
@kenjith3creator noted:
"Do you think they’ll be deducting it as you’re transacting lol?. It’s a cumulative thing, when you file your taxes."
@Freemahn999 said:
"I am charge 50 naira every transfer above 10k. Tax has started
@toyosialliowe noted:
"20% kheee.. No naaa. You have a threshold of 800k taxfree. Then the tax starts and gets progressive as your income increases."
@heis_dinma noted:
"They would tax you at the end of the year!! Not the beginning that’s how tax works."
Read the post below:
In a trending video, Mr. Taiwo Oyedele, chairman of tax reform, explained everything about the new tax law.
In a similar story, Legit.ng recently reported that a Nigerian man raised questions about the tax policy set to be implemented in 2026. The man asked why he should pay tax when, according to him, he does not benefit from the government.
Tax law: Nigerian fears huge 2026 deductions
Meanwhile, Legit.ng recently reported that Tax law worries a Nigerian man after he saw his bank statement for 2025. Tax law concerns him because he thinks he will pay a lot of tax in 2026.
The man shared on social media how much money came into his account and how much he sent out from January to December.
Source: Legit.ng
