JRB Reports 27% Revenue Growth in 23 States Amid Tax Reforms

The Joint Revenue Board (JRB) announced a 27% revenue growth in 23 states since the implementation of new tax laws, as disclosed by the board's Executive Secretary during a media parley in Abuja. This growth, observed between January and June, is attributed to a focus on high-net-worth individuals rather than low earners, aligning with the philosophy of taxing prosperity, not poverty.

The new personal income tax structure exempts the first N800,000 of income from tax, applies a 15% rate on the next N2.2 million, and maintains a top rate of 25%, the lowest among Africa's 12 largest economies. The Executive Secretary emphasized that no new taxes have been introduced; instead, multiple levies have been consolidated into nine taxes, with 21 states adopting the model harmonisation law.

The JRB also introduced a National Tax ID for taxpayer verification across states and is addressing illegal road collections with police collaboration. A 90-day action plan was set by the National Economic Council to harmonise sub-national taxes.