Given the uncertainties surrounding the implementation of withholding tax in Nigeria, the Ministry of Finance, on 01 July 2024 introduced the Deduction of Tax at Source (Withholding) Regulations 2024 (the Regulations).
The Regulations is aimed at regulating tax deductions at source on certain payments made to taxable persons, promoting tax compliance, preventing tax evasion and increasing government revenue.
In this taxation alert, we have provided a roadmap highlighting the key aspects of the Regulations including its impact on certain sectors of the economy such as oil and gas, gaming, telecommunication, and power, amongst others. We hope you find this alert informative.
