Nigeria Begins Implementation of New Withholding Tax Policy Regulated by President Bola Tinubu

The Federal Government has begun implementing new withholding tax regulations as part of efforts to modernize Nigeria's tax system, approved by President Bola Tinubu in July 2024.

The Federal Government of Nigeria has begun implementing the new Withholding Tax Regulations for the year 2024, marking a significant step towards modernizing the country's tax system. Approved by President Bola Tinubu in July 2024, the policy aims to introduce changes aimed at increasing revenue collection and improving the overall efficiency of the tax system. The implementation is expected to have a significant impact on various sectors of the economy, including businesses that are required to withhold taxes from employee earnings and pay it over to the government. As the new regulations take effect, taxpayers can expect to see changes in their withholding tax obligations and remittance requirements.