Repeal all existing regulations regarding deductions at source or withholding tax
The Federal Ministry of Finance released the Deduction of Tax at Source (Withholding) Regulations 2024, which repeal all existing regulations regarding deductions at source or withholding tax, effective January 1, 2025.
While there are no significant changes from the existing regulations, telephone charges, internet data, and airline tickets have been added to the exemptions list. The regulations also specify that the format in the second schedule of the act is the approved template for remittance and returns of amounts deducted at source.
Although the regulations take effect on January 1, 2025, there is a provision for early application from July 1, 2024, in certain circumstances.
Read an October 2024 report prepared by the KPMG member firm in Nigeria