₦airaland Forum

Effective from Wednesday 1st January 2025, farmers, Small & Medium Enterprises (SMEs), manufacturers, and producers in Nigeria are no longer subject to withholding tax.

This is because the Federal Government has commenced implementation of the 2024 Withholding Tax Regulations, as part of efforts to modernise the country’s tax system.

Approved by President Bola Ahmed Tinubu in July 2024, the revised regulations came into effect on 01 January 2025.

Officially named “Deduction of Tax at Source (Withholding) Regulations, 2024,” the statute aims to streamline compliance processes, reduce inefficiencies, and ease administrative burdens for businesses.

Implementation of the new regulation was announced on 01 January 2025 by Mr Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, via his X account.


SOURCE
https://x.com/NaijaphiliaBlog/status/1874938741296607378

Great news.

Does it include taxes collected by local governments.. Agberos/road transport union.? I don't understand the tax system especially in Lagos. Can any Lagosian explain?

DeLaRue:
Great news.

Yes indeed!

Great news to start off a glorious new year.

stonemasonn:
Does it include taxes collected by local governments.. Agberos/road transport union.? I don't understand the tax system especially in Lagos. Can any Lagosian explain?

Lagos is another country on its own.

Any Lagosians here?

Nice one.