Nigeria - 2024 - Finance

Deduction of Tax at Source (Withholding) Regulations 2024

These Regulations complement the applicable statutory provisions and replace all prior rules in respect of deductions at source other than Pay-As-You-Earn tax. It simplifies areas of complexities, and reduces the rates of deduction for industries with low margins. The Regulations are expected to promote the ease of tax compliance and administration, reduce arbitrage between corporate and non-corporate business structures, reflect emerging issues and adopt global best practices.

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Deduction of Tax at Source (Withholding) Regulations 2024 Current Version

July 2024

These Regulations complement the applicable statutory provisions and replace all prior rules in respect of deductions at source other than Pay-As-You-Earn tax. It simplifies areas of complexities, and reduces the rates of deduction for industries with low margins. The Regulations are expected to promote the ease of tax compliance and administration, reduce arbitrage between corporate and non-corporate business structures, reflect emerging issues and adopt global best practices.

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