Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele
By Admin
Respite is coming the way of Nigerian farmers, small scale business owners as well as manufacturers as the federal government announced the exemption of farmers, small businesses, and manufacturers from withholding tax.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele revealed this on Tuesday in a post on his X handle sayi, “As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved.
“The key changes introduced are to address the identified challenges and specifically include the exemption of small businesses from withholding tax compliance; reduced rates for businesses with low margins; exemptions for manufacturers and producers such as farmers; measures to curb evasion and minimise tax avoidance and the ease of obtaining credit and utilisation of tax deducted at source.”
Withholding tax was introduced into the Nigeria tax system in 1977 to serve as an advance payment of income tax on specified transactions. It was designed to provide the government with.
