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Tinubu Approves New Withholding Tax Policy

Published

1 year ago

July 2, 2024

President Bola Tinubu has approved a new withholding tax policy, replacing the old policy established in 1977.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele announced this on Tuesday.

The new withholding tax policy introduces significant reforms designed to alleviate the heavy burden that the previous system imposed on farmers and Small and Medium Enterprises (SMEs).

According to Oyedele, the updated regime addresses several long-standing challenges and introduces specific provisions, including: Small businesses will now be exempt from withholding tax compliance, reducing their administrative and financial burdens; businesses with low profit margins will benefit from reduced withholding tax rates, easing their cash flow and operational costs and producers, particularly farmers, will receive exemptions, fostering growth and sustainability in these critical sectors.

Others are the new measures aim to enhance compliance and reduce opportunities for tax evasion and avoidance. The policy streamlines the process of obtaining credit and utilizing tax deducted at source, making it more accessible for businesses. Updates to the new withholding tax regime will reflect emerging issues and align with global best practices, ensuring Nigeria’s tax system is contemporary and effective, and the new policy will provide clear guidelines on the timing of deductions and definitions of key terms, eliminating ambiguities.

Oyedele identified several issues with the previous withholding tax regime, which evolved to cover more transactions over time, leading to complications and unintended consequences.

According to him: “Businesses, especially Small and Medium Enterprises (SMEs), faced ambiguities regarding compliance, eligible transactions, applicable rates, and remittance timing. This complexity resulted in an excessive compliance burden and strained working capital for low-margin businesses”.

Other identified challenges include previous system treated withholding tax as a separate tax, adding to the list of multiple taxes and increasing the cost of doing business. Obtaining refunds for excess withholding tax was problematic, causing further financial strain on businesses. The lack of an exemption threshold made compliance costs uneconomical for taxpayers and enforcement costs high for tax authorities. Also, the overall structure of the old regime promoted tax inequity, failing to address emerging and contemporary issues effectively.

The new withholding tax policy is expected to bring significant relief and clarity to Nigerian businesses, promoting a more equitable and efficient tax system. The approved regulations will be published in the official gazette in the coming days, formalizing the changes and providing detailed guidelines for compliance.

This reform marks a critical step in Nigeria’s ongoing fiscal policy and tax reforms, demonstrating President Tinubu’s commitment to creating a more conducive environment for businesses to thrive.

Headline

VIDEO: Two Nigerians Arrested In Libya For Alleged Robbery

Published

50 minutes ago

August 28, 2025

Editor

Police in Tripoli, Libya, have arrested two Nigerians for allegedly carrying out a series of robberies in the city.

The suspects, both undocumented migrants, were arrested on August 25 after they were captured on CCTV robbing a convenience store.

Migrant Rescue Watch, an organisation that monitors migrant activities, disclosed this in a statement on Tuesday.

According to the group, the suspects had allegedly been responsible for multiple break-ins and robberies targeting commercial stores with the intent of seizing cash.

The statement said, “Police in Tripoli arrested 2 undocumented #migrants of Nigerian nationality responsible for series of break and entries and robberies. The accused were targeting commercial stores with the intent of seizing cash. The case was referred to public prosecutor.”

Watch video below:

https://twitter.com/i/status/1961001698136072343https://twitter.com/i/status/1961001698136072343

Headline

NGO Says Starving Gaza Children Too Weak To Cry

Published

14 hours ago

August 27, 2025

Editor

The head of Save the Children described in horrific detail on Wednesday the slow agony of starving children in Gaza, saying they are so weak they do not even cry.

Addressing a Security Council meeting on the Israeli-Palestinian conflict, the president of the international charity, Inger Ashing, said famine — declared by the UN last week to be happening in Gaza — is not just a dry technical term.

“When there is not enough food, children become acutely malnourished, and then they die slowly and painfully. This, in simple terms, is what famine is,” said Ashing.

She went on to describe what happens when children die of hunger over the course of several weeks, as the body first consumes its own fat to survive, and when that is gone, literally consumes itself as it eats muscles and vital organs.

“Yet our clinics are almost silent. Now, children do not have the strength to speak or even cry out in agony. They lie there, emaciated, quite literally wasting away,” said Ashing.

She insisted that aid groups have been warning loudly that famine was coming as Israel prevented food and other essentials from entering Gaza over the course of two years of war triggered by the Hamas attack of October 2023.

“Everyone in this room has a legal and moral responsibility to act to stop this atrocity,” said Ashing.

The United Nations officially declared famine in Gaza on Friday, blaming what it called the systematic obstruction of aid by Israel during more than 22 months of war.

A UN-backed hunger monitor called the Integrated Food Security Phase Classification Initiative said famine was affecting 500,000 people in the Gaza governorate, which covers about a fifth of the Palestinian territory, including Gaza City.

The IPC projected that the famine would expand by the end of September to cover around two-thirds of Gaza.
AFP

Headline

Again, Russia Claims Another Village In Ukraine’s Region

Published

3 days ago

August 25, 2025

Editor

The Russian army Monday claimed to have captured another village in Ukraine’s Dnipropetrovsk region, moving deeper into Ukrainian territory as peace efforts stall.

Russian forces are slowly but steadily gaining ground in costly battles for largely devastated areas in eastern and central Ukraine, normally with few inhabitants or intact buildings left.

Russia’s defence ministry said its forces had seized the settlement of Zaporizke in the region, which Russian troops recently advanced into for the first time in the three-and-a-half-year offensive.

Kyiv denies that Russian troops have gained a foothold in the Dnipropetrovsk region, an important industrial hub.

After another push by US President Donald Trump to broker a Ukraine-Russia summit, hopes for peace dimmed when Russia last week ruled out any immediate meeting between presidents Vladimir Putin and Volodymyr Zelensky.

The central region of Dnipropetrovsk has previously been largely spared from fighting that has ravaged swathes of eastern and southern Ukraine, until Russia said its forces broke through in July.

Dnipropetrovsk is not one of the five Ukrainian regions — Donetsk, Kherson, Lugansk, Zaporizhzhia and Crimea — that Moscow has publicly claimed as Russian territory.

Ukraine said Russia had launched over 100 drones Monday, killing a 37-year old civilian driver and wounding two people in the northeastern Sumy region.

Moscow said Kyiv had launched about two dozen drones targeting western Russia