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The deduction of tax at source (Withholding) regulations, 2024, has been published in the official gazette, Taiwo Oyedele, the chairman of the presidential fiscal policy and tax reforms committee, has said.

Mr Oyedele disclosed this via his official X handle on Wednesday.

The official gazette of the Federal Republic of Nigeria is a publication that contains official texts of a legislative or administrative nature, including laws, decrees, and government notices.

“The Deduction of Tax at Source (Withholding) Regulations, 2024, has been published in the official gazette. The regulations grant rate reduction and full exemption from Withholding tax to many businesses, including SMEs with annual turnover not exceeding N25 million,” Mr Oyedele said.

He said the commencement date of the new regulations is 30 September, while implementation begins on 1 January 2025 to allow for a minimum of 90 days notice required for tax changes in line with the 2017 National Tax Policy.

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