Everyday Money Matters is live on @lagostalks913 every Wednesday between 7.30am. On the show, we give answers to questions from our listeners and those sent to us.
Here are the questions we treated in today’s edition.
Question
Tolu wants to know if SwissGolden is a ponzi scheme
Answer
There is a red flag on the product because it is focused on recruitment, which makes it multi level marketing. Multi level marketing schemes often tend towards ponzis. Any business that depends on recruitments is not sustainable.
Question
Mofe wants to know the steps in registering a NGO and the benefits of having one
Answer
Non Governmental Organizations (NGOs) are companies limited by guarantee and don’t pay tax. To set up an NGO, one has to meet registration requirements by the Corporate Affairs Commission (CAC), which includes a publication in a newspaper stating one’s intention. The process could take a month or two. Example of an NGO is the Bill and Melinda Gates Foundation
Question
Zuby wants an explanation about the voluntary tax contribution and why the Lagos State Government is against it.
Answer
Every month a percentage of your salary goes to your pension contribution. You can opt to save a bigger part of it and then withdraw it later. Some people take advantage of the loophole as the additional contribution made is not taxed. The Lagos State Government however wants withdrawals from your pension contribution above the maximum taxed.
Question
Lala’s father bought shares for her when she was a kid, and one of them is Guinness. What does she need to do to start trading her shares.
Answer
Ugodre says the first step is to take the certificates to a stockbroker for dematerialization. After that, she can then open an account with the firm and trade them.
(Nairametrics)
