In an effort to streamline tax processes and support business growth, the Federal Ministry of Finance has introduced the new Deduction of Tax at Source (Withholding) Regulations 2024. These regulations, effective from July 1st, 2024, set out the rules for the deduction of tax from payments of taxable persons under the Capital Gains Tax Act, the Companies Income Tax Act, the Petroleum Profits Tax Act, and the Personal Income Tax Act in respect of specified transactions, thereby bringing significant changes to the withholding tax framework in Nigeria.
The Regulations are expected to promote the ease of tax compliance and administration, reduce the arbitrage between corporate and non-corporate business structures, address emerging issues, and adopt global best practices.
Below, we provide a highlight of the key changes, exemptions, and compliance requirements outlined in the new regulations. Please refer to the HIGHLIGHT OF THE NEW DEDUCTION OF TAX AT SOURCE(WITHHOLDING) REGULATIONS 2024
2 comments
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