Nigerian Govt announces fresh tax collection policy for small businesses, bans checkpoints

The Nigerian authorities has announced a caller taxation postulation model to grow its taxation nett into tiny businesses.

This was disclosed successful a connection connected Wednesday by Nigeria’s Finance Ministry X account.

The argumentation papers titled ‘Presumptive Tax Framework’ is expected to marque taxation outgo simplified for traders, artisans, and different micro-enterprises.

Speaking connected the caller system, the Executive Secretary of the Joint Revenue Board, JRB, Mr. Olusegun Adesokan, said it prohibits the usage of roadblocks by taxation officials to cod levies.

“It besides bans the mounting of roadblocks for the postulation of taxes.”

On his part, Minister of Finance, Wale Edun, said the presumptive taxation authorities is meant to supply a elemental and just strategy for tiny businesses.

“The nonsubjective of presumptive taxation is not to overburden tiny businesses, but to supply a fair, simple, and predictable model for taxation compliance.

“Our fiscal strategy is anchored connected expanding the taxation basal alternatively than expanding taxation rates. Inclusion drives sustainability,” the curate stated astatine the strategy inauguration connected Tuesday successful Abuja.

Read Entire Article