The policy document titled ‘Presumptive Tax Framework’ is expected to make tax payment simplified for traders, artisans, and other micro-enterprises.
The Nigerian government has unveiled a new tax collection framework aimed at widening the tax net to include small businesses.
This was disclosed in a statement on Wednesday by Nigeria’s Finance Ministry X account.
The policy document titled ‘Presumptive Tax Framework’ is expected to make tax payment simplified for traders, artisans, and other micro-enterprises.
Speaking on the new system, the Executive Secretary of the Joint Revenue Board, JRB, Mr. Olusegun Adesokan, said it prohibits the use of roadblocks by tax officials to collect levies.
“It also bans the mounting of roadblocks for the collection of taxes.”
On his part, Minister of Finance, Wale Edun, said the presumptive tax regime is meant to provide a simple and fair system for small businesses.
“The objective of presumptive taxation is not to overburden small businesses, but to provide a fair, simple, and predictable framework for tax compliance.
“Our fiscal strategy is anchored on expanding the tax base rather than increasing tax rates. Inclusion drives sustainability,” the minister stated at the scheme inauguration on Tuesday in Abuja.