The Nigerian Government has announced new exemptions from withholding tax for farmers, small businesses, and manufacturers.
This update, shared by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms via social media, reveals a revised withholding tax regime aimed at enhancing fiscal policy and tax reforms.
The changes include exempting small businesses from withholding tax compliance, offering reduced rates for businesses with narrow profit margins, and granting exemptions to manufacturers and farmers.
These reforms also target minimizing tax evasion and simplifying the process of obtaining and utilizing tax credits deducted at the source.
