Nigeria announces Withholding Tax Regulations 2024, exempting small businesses below N25m turnover, effective January 1, 2025.

Nigeria's government has announced the Withholding Tax Regulations 2024, which will exempt small businesses with annual turnovers below N25 million from withholding tax, easing financial burdens. The regulations, aimed at reducing tax evasion and simplifying the tax system, will take effect on January 1, 2025. Additionally, the Economic Stabilisation Bill has been approved and will soon be presented to the National Assembly for passage.

October 01, 2024
12 Articles