7 Major Changes Introduced By President Tinubu In New Withholding Tax Policy Regime

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, revealed on Tuesday that President Bola Tinubu has approved a simplified and business-friendly withholding tax regime.

The move is part of the ongoing fiscal policy and tax reforms by the federal government aimed at addressing identified challenges in the tax system.

As earlier reported by Naija News, the approval alters the existing 1977 Nigeria tax system.

Below are some key changes introduced by the new tax regime.

1) Exemption of small businesses from Withholding Tax compliance.

2) Reduced rates for businesses with low margins.

3) Exemptions for manufacturers and producers such as farmers.

4) Measures to curb evasion and minimise tax avoidance.

5) Ease of obtaining credit and utilisation of tax deducted at source.

6) Changes to reflect emerging issues and adopt global best practices.

7) Clarity on the timing of deduction and definition of key terms.

The approved regulation is expected to be published in the official gazette in the coming days.

‘Stop The Multiple Taxation, People Will Die’ – Ayokunle Tells President Tinubu

A former President of the Christian Association of Nigeria (CAN), Dr. Samson Ayokunle, has expressed his concerns regarding the issue of multiple taxations imposed on struggling Nigerians by the incumbent government.

During his appearance on the socio-political program Inside Sources with Laolu Akande, which aired on Channels Television, the former president of the Nigerian Baptist Convention appealed to President Bola Tinubu to explore other rich sides of the country instead of taxing the citizens on every side.

In his plea, Ayokunle emphasized the importance of revitalizing the country’s economy and encouraging investments in the agriculture and mining sectors.

He highlighted the untapped potential and valuable resources within these sectors, waiting to be harnessed for the nation’s benefit.

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