Nigeria MOF Signs Presumptive Tax Regulations Framework

The Nigerian Federal Ministry of Finance March 4 announced the same date signing by the Minister of Finance of a Presumptive Tax Regulations framework. The regulation includes measures to: 1) exempt micro and small businesses with annual turnover not exceeding 12 million Nigerian nairas (US$8,572) from tax; 2) introduce a 1 percent tax on turnover for other eligible businesses in the informal sector; 3) encourage use of technology-driven payment systems, to eliminate cash-based tax collection practices; 4) prohibit informal means of tax enforcement, such as roadblocks; and 5) onboard informal businesses into the formal economy with structured digital platforms. [Nigeria, ...