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Overview
The Minister of Finance and Coordinating Minister of the Economy (the “Minister”) issued the Presumptive Tax Regulations, 2026 (the “Regulations”) pursuant to Section 29 of the Nigeria Tax Act, 2025 (“NTA”). The Regulations establish a simplified framework for assessing and collecting income tax from taxpayers whose taxable income cannot readily be determined because adequate accounting records are unavailable or income cannot be accurately ascertained.
This landmark Regulations forms part of Nigeria’s broader tax reform agenda aimed at expanding the country’s tax base while reducing compliance burdens for small and informal businesses. Furthermore, the framework seeks to encourage voluntary compliance and gradual formalization of businesses. Rather than treating presumptive taxation as a permanent alternative to self-assessment, the Regulations envisage a transition whereby businesses maintaining adequate records migrate into the conventional income tax system. Hence, this piece examines the applicable persons under the Regulations, its key provisions and their potential implications in Nigeria.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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