Nigerian Govt Announces Fresh Tax Collection Policy For Small Businesses, Bans Checkpoints
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 ...