Section 29 Nigeria Tax Act 2025

Section 29 of the Nigeria Tax Act 2025 is about Presumptive taxation. It provides as follows:

Notwithstanding any provisions of Chapter Two of this Act, where for all practical purposes, the income of a person chargeable to tax under this Act cannot be ascertained or records are not kept in such a manner as to enable proper assessment of income, then such person shall be assessed on such terms and conditions as may be prescribed by the Minister on the advice of the Joint Revenue Board in a regulation under a presumptive tax regime.