Get paid VAT for living your life

You can receive VAT the way the Federal Government does.

You don't need to know anything about tax. I will simplify and break it down. Just read and enjoy.

Taxation has always been a tough nut to crack, especially with the annual revisions in the finance act, and other matters that concern tax.

As a student of accounting and finance, the taxation system of Nigeria, though simple, got me confused. I will attribute this difficulty with the regular review of the tax laws. It always caught me off guard.

I wanted it to be clear in my subconscious. I wanted to come up with a model that will help the average Nigerian (using taxation of course). I found the right model - VAT.

What is VAT?

VAT is an acronym for Value-added Tax. So for every value added, there's a tax for it. For transforming a tree to a pencil, there is a tax for it. For enjoying something that will add value to your life, there's a tax for it.

Electricity bills are taxed, because they will add value to you. There are other examples like this, look around.

Although, some items are not subject to VAT because they are essential, like baby food, stationeries, agricultural products, etc. VAT still remains a tax that's prevalent in our dear country. Almost everyone pays VAT.

VAT is indirect, and a consumption based tax. When you consume something or incur a general expenditure, you're supposed to pay VAT. As a consumer, you bear the burden of this type of tax.

More on VAT

Since the Finance Act of 2019, the VAT rate has been 7.5%. It was upwardly revised from 5%.

So if you pay 1000 for a service, you will be taxed 7.5% of it. You will now pay #1075. It's that simple. Or where VAT is Inclusive, you could pay 1,000, which will contain the price of goods you bought plus VAT. The cost is about #930.23, while the VAT elements is #69.77.

VAT is tax the government collects when you consume, or pay for a consumable good. Consumable goods don't have to be edible. Petrol is also a consumable. If you use it, it is a consumable item.

Now that you know the basics

You must have paid VAT at one point or the other. You must have paid some extra for doing one thing or the other. What's interesting about VAT is that it's small and easily overlooked.

When you paid VAT last, you most likely don't remember the amount you paid. You may not even know the amount, talk less, remember. Or maybe, you didn't even notice that you paid VAT.

You see, whether you know or not, the government receives your VAT. You don't have to file anything for the government to assess. As money is leaving your account to the vendors, the government is also getting their share - VAT.

Let me share some interesting facts with you…

Do you know that on average, a nigerian pays VAT of #50,000 every year?

Mind blowing right? Yes. You can pay as much as #50,000 and not know you did. The government used a great model to collect VAT.

Some of us may even pay more, depending on how much we spend. You could be paying about 150,000, and not know. They say:

"Tiny drops of water form the mighty ocean"

Your little #50 that you pay every now and then, or the #750 you pay for that large thing that you bought counts. All you have to do is pay a little VAT here and there, while the government cashes out.

It's so interesting that people don't complain about it. VAT collection is so subtle that you won't dare to say the government is cheating you.

People complain about hikes in the prices of goods, complain about other things that would not add up to the VAT they pay the government.

Hold up!

I'm not saying you should not pay VAT. In fact, ensure your VAT is always paid if you have control over it. It's our responsibility as citizens of this country.

What I'm saying is…

Instead of expending that energy to complain, why not channel it to creating your VAT system? You can receive your own 'special VAT'.

How to receive Special VAT

Imagine seeing that #50,000 or #100,000 that you must have paid as VAT, in your account at the end of the year?

Won't that be great? Like, just for you to see money stashed up for you. Omo, december don detty be that.

But what's this special VAT?

It's Savings, of course. Yeah, but with a difference.

Before now, you must have tried saving and not been able to sustain it. You must have put effort into savings but not even followed through with it. You must have promised to save some funds, but you didn't go through with it.

Like you, it's hard for me. I tried these things for a long time, until I hit the jackpot.

I mean, It's stressful to think about money that I want to save. It's stressful adding the thought of saving to the many things running in my mind. Why can't savings run on its own while I do my thing?

Abi? Can't I have money just stashed up for me somewhere? You know that joy of seeing money in your pocket after a long time.

I think I should tell you about the model I used to collect my special VAT.

myStash

myStash is a platform that allows you save as you earn or you spend.

You don't need to put your mind to savings. Savings are done automatically. You just have to give authorization to let myStash do the savings for you.

Put your savings in auto-pilot with myStash

How can you even receive this special VAT?

The same way VAT operates that you pay a 7.5% tax on any value added good or service you purchase or consume. Basically, you pay VAT when you spend.

Here you also receive Special VAT (I will call it S-VAT) when you spend money. What makes it more interesting is that you choose the rate of S-VAT you want to receive. You can choose the prevalent 7.5%, or 5%, 15%, whichever works for you.

For every money that leaves your account, like VAT, the percentage you set goes to you. It's stashed up for you by myStash. If I spend #1000, and I set my rate at 10%, when I spend, myStash saves #100 for me. That's my VAT.

Its small money, so I won't even notice. I never complained about government VAT, why should I complain about S-VAT that's coming to me?

You don't need to think about the amount of money you save. You can focus on spending money as usual, but the difference is that you receive S-VAT from spending. It's a lot wiser than someone who spends, with nothing to fall back on.

I think it's right for you to be part of the winning team. Set up a government of your own, and receive VAT too.

Imagine, after 90 days, you see how much you have stashed up for you, without putting in effort. You focused on doing your thing while VAT will be going in.

I can imagine seeing #45,000 saved up for me because I took the smart move.

myStash can do more

Not only do you receive S-VAT when you spend, you can also charge yourself income tax. I will talk about personal income tax later on.

For money you earn, you can instruct myStash to save up a certain percentage for you. By doing so, you get some money saved up for you from doing almost nothing (just receiving money).

If you think you need to save up some particular amount of money, you can keep that cash and stash it up. I can say I need to use this #70,000 for an exam, let me stash it up till when I need it.

It becomes a part of my cash reserves, and even earns me interest.

With myStash you can:

Receive your special VAT when you spend
Receive Special income tax when you receive money
You can stash up funds you need for later
Earn interest on all your savings
Save automatically, and without stress
Reach your goals of a huge cash flow
Get more benefits when you stay with me

You owe it to yourself to be more serious about your finances.

Get your savings in check with myStash. Follow these steps:

Click on this link
Fill in your name, emails, phone number, and

create your password

Create a money move. (A money move is a

step towards receiving your VAT. Save as you

earn, save as you spend, both)

Save at least #50 (before that, I have small

bonus for you)

Join the winning team now!

#valueaddedtax #vat #personalfinance #accounting #taxation #mystash

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