HOW CAN ONE LEGALLY AVOID TAX PAYING

I BELIEVE ONE CAN DO DAT BY TAKING UP A LIFE INSURANCE

I think u should get in touch with your lawyers, they will give all the best options.Also its not called not paying tax bcos that is tax evasion which is a punishable offense if one is found guilty.So i think what u mean is how to get waivers and thereby reducing the amount u pay.

thank you very much jasmine. i raised the topic so that we can share views here and so that others can also learn from it. thanks any way for your contribution. it was lovely.

Wiavers have been cancelled by the present administrati cos it's being abused. My dear I think as a good citizen you should as a matter of your responsibility pay your tax cos of it's numerous benefits. Austine [email protected]

The way forward is this:

From the HR point of view. First, the only legal way to avoid tax is to bulk your income in the non taxable components of your pay package - benefits to be precise. However, this will affect your Pension.

Secondly, the company could decide to split the salary of staff into two each month. The first is taxable but the second will not.

But this should not be encouraged. Tax evasion is punishable by law, this applies to individual and corporate organisations. I understand that the government seem not to be using the tax for anything, but we should appreciate the enormosity of the expenditure the government is running especially on staff pay roll.

Kind regards.

Life insurance is not going to stop u from paying taxes,besides there is no LEGAL way of tax evasion...its a punishable offence if u are caught. So the best advice is PAY UR TAX.

The correct term is TAX AVOIDANCE which is legal, TAX EVASION IS ILLEGAL and punishable under the law.
You need the service of a Tax Professional/consultants (Chartered Institute of Taxation of Nigeria members) to help you plan your tax, so that you get sound advice.

Peace

For me one legal way i know u can avoid paying tax is through securities e.g shares, investment folios etc coz u are not directly in the market, ur money works for u and u are paid interest on it, so u dont need to pay tax on such funds.

what follyg said is absolutly true,you can legally avoid tax by engaging the service of a tax consultant(legal practitioner or a chartered Accountant).Tell any of them to help you plan your tax life i.e Tax planning.Or better still if you are an employee,think of becoming self-emplyoed as this will avail you more opportunity to take advantage of the loop-Holes in our tax system/legislation.

well, i went to make enqiries from an insurance company that sales life policies, they explained to me how u can use life policies to have a waiver.

after a life policy has been been taken after the first yr. u can presnt your insurance cert to ur employer for ur premium to be deducted from ur salry b4 tax is been charged, cos the insurance company has to pay tax on the premiums they collect, which covers u as a policy holder. and on mturity of ur policy ur benefits still remains intact without deducting the tax the company paid for u.

thanks