What You Should Know About The New Withholding Tax Regulations
T he Federal Government through the Minister of Finance has issued a Deduction of Tax at Source (Withholding) Regulations 2024 (“the Regulations”) which takes effect from July 1, 2024. This Regulation effectively replaces the 2006 Regulations and introduces significant changes to the existing tax deduction framework. These regulations reflect a comprehensive update aimed at enhancing compliance, streamlining processes, and addressing contemporary fiscal challenges. The document delineates new procedures and adjustments that stakeholders must adhere to, marking a pivotal shift in the regulatory landscape which is aimed to address and aid diverse economic shifts which has continued to linger for so long.
