The Federal Government (FG) has announced the exemption of farmers, small businesses, and manufacturers from withholding tax as part of ongoing fiscal policy and tax reforms. This was revealed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on his X handle.
Oyedele stated, “As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved. The key changes introduced address the identified challenges and specifically include the exemption of small businesses from withholding tax compliance; reduced rates for businesses with low margins; exemptions for manufacturers and producers such as farmers; measures to curb evasion and minimize tax avoidance; and the ease of obtaining credit and utilization of tax deducted at source.”
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He added that the changes also aim to reflect emerging issues, adopt global best practices, and clarify the timing of deduction and definition of key terms. The approved regulation is expected to be published in the official gazette in the coming days.
Oyedele explained that withholding tax was introduced in 1977 as an advance payment of tax on specified transactions. “It was designed to provide the government with regular revenue flow and to serve as a means of curbing tax evasion,” he said.
This new measure is seen as part of the broader tax reforms aimed at humanizing taxation and encouraging business owners and individuals to voluntarily pay taxes.
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