[Nigeria] Withholding Tax Regulations now in effect

In Nigeria, the Federal Government has begun implementing the 2024 Withholding Tax Regulations, as part of moves to modernise the country’s tax system, Punch reports.

The revised regulations - approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October - became effective on January 1, 2025.

The updated regulation is formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,”. It is reportedly intended to streamline compliance processes, reduce inefficiencies and ease businesses’ administrative burdens.

The changes are particularly aimed at SMEs, manufacturers, producers, and farmers. These sectors are considered vital to Nigeria’s economic stability and growth.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax regime on New Year’s Day on his Twitter account.

The chairman wrote, “As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, take effect today 1 January 2025.”

Source: Punch

(Quote via original reporting)

In Nigeria, the Federal Government has begun implementing the 2024 Withholding Tax Regulations, as part of moves to modernise the country’s tax system, Punch reports.

The revised regulations - approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October - became effective on January 1, 2025.

The updated regulation is formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,”. It is reportedly intended to streamline compliance processes, reduce inefficiencies and ease businesses’ administrative burdens.

The changes are particularly aimed at SMEs, manufacturers, producers, and farmers. These sectors are considered vital to Nigeria’s economic stability and growth.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax regime on New Year’s Day on his Twitter account.

The chairman wrote, “As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, take effect today 1 January 2025.”

Source: Punch

(Quote via original reporting)