The Deduction of Tax at Source (Withholding) Regulations, 2024, has been published in the official gazette. Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, made this known in a post on his X handle on Wednesday.
The Deduction of Tax at Source Regulations, 2024, has been published in the official gazette. Taiwo Oyedele , Chairman Presidential Fiscal Policy and Tax Reforms Committee, made this known in a post on his X handle on Wednesday. Oyedele stated that the Regulations grant rate reduction and full exemption from Withholding Tax to many businesses, including SMEs with annual turnover not exceeding N25 million.
' He explained that this was to allow for a minimum of 90 days notice required for tax changes in line with the 2017 National Tax Policy. 'However, there is a provision permitting the FIRS, with the approval of the Finance Minister, to issue guidelines for the implementation of the Regulations and where appropriate, permit early application of the Regulations from 1st July, 2024.
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