Nigerian Government Approves New Withholding Tax Regime

The Nigerian Presidential Committee on Fiscal Policy & Tax Reforms has announced the approval of the Deduction of Tax at Source (Withholding) Regulations 2024, which provide for the introduction of a new simplified and business-friendly withholding tax regime. One of the key changes in the introduction of an exemption from the requirement to deduct (withhold) tax at sources for small companies, provided that:

• The supplier has a valid tax identification number; and
• The value of the trans…