The chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, announced on Tuesday that the Withholding Tax Regulations 2024 has been officially gazetted.
Speaking during Channels Television’s Independence Day special event titled “Nigeria’s Challenging Economy: Strategies For Recovery,” Oyedele revealed that the gazetted regulation will be published on Wednesday.
“We have observed that some government processes are quite slow, and there is room for improvement in the bureaucracy. One positive outcome of our holistic fiscal reform efforts has been identifying areas where we can streamline processes, so that when the government gives approval, its impact can be felt almost immediately,” he explained.
“I have some good news: the withholding tax regulation has now been gazetted. The only reason it hasn’t been published today is that it’s a public holiday. First thing tomorrow, you’ll see a copy of the gazette, which provides significant relief not just for manufacturers but for all businesses by alleviating some of the burdens associated with funding their working capital,” Oyedele added.
The Deduction of Tax at Source (Withholding) Regulations 2024 was introduced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on July 1, 2024, as part of President Bola Tinubu’s economic reforms. Withholding tax is a mechanism for collecting taxes in advance, deducted directly from payments for relevant transactions.
Oyedele further emphasized that his committee is committed to improving the ease of doing business in Nigeria, highlighting that it is one of the three key pillars of their work.
“When we talk about the ease of doing business, it is one of the three core pillars of my committee’s efforts. Many dedicated Nigerians on the committee are contributing their time and expertise without asking for anything in return because they genuinely care about their country, which gives us hope,” he stated.
He also shared that the Economic Stabilization Bill, which his committee has been developing for several months, has received approval from the Federal Executive Council. The bill is expected to be presented to the National Assembly in the coming days for passage into law.