The Joint Revenue Board (JRB) has banned the use of roadblocks for tax collection nationwide as it rolls out new Presumptive Tax Regulations.
Executive Secretary, Olusegun Adesokan, said the new framework is designed to streamline tax collection and prevent disruption to businesses.
Under the regulations, nano and small businesses with annual turnover of ₦12 million and below are exempted from tax, while other informal businesses will pay a 1% levy on turnover.
Finance Minister Wale Edun said the policy promotes fairness, transparency, and economic inclusion, adding that it supports the government’s goal of boosting GDP growth to 7% and achieving a $1 trillion economy by 2030.
He noted that tax administration will now be coordinated across all levels of government and monitored to ensure proper implementation.
