JRB Announces Tax Exemption for Small Businesses in 2026
The Joint Revenue Board (JRB) announced that small businesses with an annual turnover of N12 million or less are now exempt from tax under the new tax administration framework introduced in January 2026. Olusegun Adesokan, the executive secretary of the JRB, shared this information during a media briefing in Abuja.
The exemption is part of the Presumptive Tax Regulations 2026, aimed at simplifying taxation for the informal sector, which includes various small businesses like roadside food vendors and mobile barbers. Additionally, the new personal income tax bands allow a worker with N20 million in chargeable income to pay N962,000 less tax annually compared to the previous regime.
The new tax structure charges nothing on the first N800,000 of chargeable income, with increasing rates for higher income brackets. The JRB reported that states' internally generated revenue grew by 27 percent year-on-year, and over 100 million Tax IDs have been assigned to individuals and businesses.
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