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The Chairman of the Presidential Task Force on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele has disclosed that the 2024 Withholding Tax regulations will published today.
Oyedele disclosed this during a special independence day TV event on Channels Tv
He said: “We have seen some of the processes within government are very slow. The bureaucracy can be better.
“So, one of the positives is that by going through this process of trying to do a holistic fiscal reform, we have also identified those areas where we can make things easier, such that next time when there is an approval by the government, almost immediately, you can feel the impact.
“I do have some good news. The good news is that the withholding tax regulation has now been gazetted.
“So, the only reason it hasn’t been published today (yesterday) is because it is a public holiday. So first thing tomorrow (today) you will see a copy of the gazette.
“And that provides a lot of relief not just for manufacturers, but also every other business in terms of taking away some of the burdens of funding their working capital.”
Oyedele, the tax committee chairman, also said that the Economic Stabilisation Bill has been approved by the Federal Executive Council. His committee had been working on it for some months.
Withholding tax could be defined as an advance payment of income tax. It is deducted directly at source from payments for required transactions.
