Taiwo Oyedele, the Chairman of the Presidential Task Force on Fiscal Policy and Tax Reforms Committee, has disclosed that the Withholding Tax Regulations 2024 has been gazetted, and will be published today.

Oyedele disclosed this on Tuesday (yesterday) during Channels TV’s Independence Day special event, ‘Nigeria’s Challenging Economy: Strategies For Recovery’.

He said: “We have seen some of the processes within government are very slow. The bureaucracy can be better.

“So, one of the positives is that by going through this process of trying to do a holistic fiscal reform, we have also identified those areas where we can make things easier, such that next time when there is an approval by the government, almost immediately, you can feel the impact.

“I do have some good news. The good news is that the withholding tax regulation has now been gazetted.

“So, the only reason it hasn’t been published today (yesterday) is because it is a public holiday. So first thing tomorrow (today) you will see a copy of the gazette.

“And that provides a lot of relief not just for manufacturers, but also every other business in terms of taking away some of the burdens of funding their working capital.”

Vanguard News