The Nigerian government has commenced the implementation of
the ‘2024 Withholding Tax Regulations’.
The Chairman of the Presidential Committee on Fiscal Policy
and Tax Reforms, Taiwo Oyedele, announced the kickoff in a statement through
his official X account on Wednesday.
According to him, Small Medium Enterprises and manufacturers
are exempted from the new tax regulation.
He described the regulation as a move expected to alleviate
administrative challenges and financial constraints, thereby fostering growth
and innovation in the sector.
“As part of the ongoing fiscal policy and tax reforms, the
2024 Withholding Tax Regulations, which were approved in July 2024 and
published in the Official Gazette in October 2024, take effect today, 1 January
2025,” he wrote.
Recall that in July 2024, President Bola Ahmed Tinubu
approved the Withholding Tax Regulations, and it was published in the Official
Gazette in October. The revised regulations became effective on January 1,
2025.
The development comes amid the controversies that have
continued to trail Tinubu’s four tax reform bills currently before the National
Assembly.
While the President has insisted on the tax reforms, Northern governors and other leaders have openly rejected them.
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