FG rolls out new MSME tax rules to simplify compliance
Federal government introduces presumptive tax framework for MSMEs under Nigeria Tax Act 2025, replacing complex records with turnover-based bands. Minister Wale Edun states framework protects small businesses from arbitrary assessments while encouraging formalisation. Key features include nationwide uniform rules, elimination of discretionary enforcement, and alignment through Joint Revenue Board. Benefits: reduced compliance costs, structured pathway into formal economy, access to credit and insurance. Framework forms central pillar of broader tax reforms signed into law in June 2025.