The Nigerian government has introduced a new, business-friendly withholding tax regime.
Taiwo Oyedele, the chairman of the presidential fiscal policy and tax reforms committee, announced these changes in his X handle.
He said that key updates include exempting SMEs from withholding tax compliance and reducing rates for businesses with low margins.
The new regime also includes specific exemptions for manufacturers and producers, like farmers, to support the agricultural sector.
Oyelade said, these reforms aim to simplify the tax system, improve liquidity, and curb tax evasion.
