FG exempts farmers, manufacturers, SMEs from paying withholding tax

This is according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.

He said in a post on his X handle that, “As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved.

“The key changes introduced are to address the identified challenges and specifically include the exemption of small businesses from withholding tax compliance; reduced rates for businesses with low margins; exemptions for manufacturers and producers such as farmers; measures to curb evasion and minimise tax avoidance and the ease of obtaining credit and utilisation of tax deducted at source.”