The Federal Government has officially gazetted the 2024 Withholding Tax Regulations, which will take effect on January 1, 2025. The new regulations provide tax relief for various businesses, including Small and Medium Enterprises (SMEs) with an annual turnover of less than ₦25 million, through rate reductions and exemptions from withholding tax.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced that the regulations were published on October 2, 2024. While implementation is set for 2025, early adoption may be allowed starting from July 2024, subject to approval from the Federal Inland Revenue Service and the Finance Minister.
