The Chairman of the Presidential Task Force on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced that the Withholding Tax Regulations 2024 will be published today.
Withholding Tax is an advance payment of income tax. It is deducted directly from the source from payments for required transactions. The Deduction of Tax at Source (Withholding) Regulations 2024 was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on 01 July as part of President Bola Tinubu’s economic reforms.
On the updated regulations, Taiwo Oyedele disclosed the direction on Tuesday, 01 October during a Channels Television’s Independence Day special broadcast themed ‘Nigeria’s Challenging Economy: Strategies For Recovery’.
He said: “We have seen some of the processes within government are very slow. The bureaucracy can be better.
“So, one of the positives is that by going through this process of trying to do a holistic fiscal reform, we have also identified those areas where we can make things easier, such that next time when there is an approval by the government, almost immediately, you can feel the impact.
“I do have some good news. The good news is that the withholding tax regulation has now been gazetted.
“So, the only reason it hasn’t been published today (yesterday) is because it is a public holiday. So first thing tomorrow (today) you will see a copy of the gazette.
“And that provides a lot of relief not just for manufacturers, but also every other business in terms of taking away some of the burdens of funding their working capital.”
Oyedele, the tax committee chairman, also said that the Economic Stabilisation Bill has been approved by the Federal Executive Council. His committee had been working on it for some months.
He said the bill will go to the National Assembly soon, to be passed into law.
