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Nairaland Forum / Nairaland / General / Politics / President Tinubu Approves New Withholding Tax Policy (19453 Views)
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Re: President Tinubu Approves New Withholding Tax Policy by yesloaded: 11:17am |
2 things that killed the economy under present administration Floating of Naira Removal of fuel subsidy 2 Likes |
Re: President Tinubu Approves New Withholding Tax Policy by Image123(m): 11:18am |
Sirheny007: It took him almost 8 years to reengineer the finances of Lagos. His work was so thorough that if a dog follows the template/blueprints, Lagos state will continue to compete with countries and be better by far than the other 35 states including the FCT. That's a feat. This new tax reform is a beauty if implemented. Be grateful. 1 Like |
Re: President Tinubu Approves New Withholding Tax Policy by Image123(m): 11:19am |
yesloaded: It was expected. It'll be great when Nigeria comes out of it. i hope he's allowed by the West. 1 Like |
Re: President Tinubu Approves New Withholding Tax Policy by Funkyswagzz(m): 11:19am |
Haaland21: You don't love shit bro you just stupid that's all. After all the noise making about tinubu building Lagos this is the rubbish you have to say now. You guys are very shameless |
Re: President Tinubu Approves New Withholding Tax Policy by Image123(m): 11:20am |
Emmaomoghetto: Tax reform. Read the below. A SIMPLIFIED AND BUSINESS FRIENDLY WITHHOLDING TAX REGIME HAS BEEN APPROVED Background Withholding tax was introduced into the Nigeria tax system in 1977 to serve as an advance payment of income tax on specified transactions. It was designed to provide the government with regular revenue flow and to serve as a means of curbing tax evasion. Challenges As the regime expanded over time to cover more transactions, various ambiguities and complications crept in. This resulted in many businesses, especially SMEs, being exposed to excessive burden of compliance and a strain on the working capital of low-margin businesses. Other unintended consequences include: 1) Ambiguities regarding persons required to comply, eligible transactions, applicable rates, and timing of the obligation for remittance, among others. 2) Treatment of the deduction as a separate tax, thereby adding to the list of multiple taxes and cost of doing business. 3) Challenges regarding obtaining refunds for excess withholding tax. 4) Lack of exemption threshold making the cost of compliance by taxpayers and cost of enforcement by the tax authority uneconomical. 5) Some emerging and contemporary issues are not properly addressed. 6) The overall structure of the withholding tax regime promoted tax inequity. Key changes 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: 1) Exemption of small businesses from Withholding Tax compliance 2) Reduced rates for businesses with low margins 3) Exemptions for manufacturers and producers such as farmers 4) Measures to curb evasion and minimise tax avoidance 5) Ease of obtaining credit and utilisation of tax deducted at source 6) Changes to reflect emerging issues and adopt global best practices 7) Clarity on the timing of deduction and definition of key terms The approved regulation is expected to be published in the official gazette in the coming days. 3 Likes 1 Share |
Re: President Tinubu Approves New Withholding Tax Policy by yemobrown(m): 11:21am |
This Article did not state if the withholding Tax is reviewed downward or upward. Although, Tax considerations are mentioned on small business (Ambiguous statement). Please spell out the changes made to the withholding Tax law pf our country. |
Re: President Tinubu Approves New Withholding Tax Policy by Nazgul: 11:24am |
My account was debited and GTbank were telling me that it's because of the interest that was paid into my account whereas this thread is saying that withholding tax should be paid by business owners only. If that's the case, why did the bank debit me? |
Re: President Tinubu Approves New Withholding Tax Policy by atobs4real(m): 11:28am |
Policies yet to manifest but when? This is another one |
Re: President Tinubu Approves New Withholding Tax Policy by Brendaniel: 11:28am |
lapintoz: And did OBJ increase the mess Abacha created before he cleared it? Sometimes you people just come out and talk nonsense to defend nonsense... That was how you guys defended Buhari for 8 years and abused everybody who were speaking out like you are doing now for Tinubu, only to blame the same Buhari now for doing damages.... |
Re: President Tinubu Approves New Withholding Tax Policy by Brendaniel: 11:29am |
Tflex01: Sorry you missed target, he is not from the south east.... |
Re: President Tinubu Approves New Withholding Tax Policy by Toneymoye(m): 11:30am |
I believe people should read the content before they comment. This exemption of farmers and small businesses owners from withholding tax is good step. 3 Likes |
Re: President Tinubu Approves New Withholding Tax Policy by yesloaded: 11:31am |
Image123: West? We need to stop saying these things Some people said IMF mislead Mr President We need to stop these blame game There's need to take responsibilities djr all out actions and inaction |
Re: President Tinubu Approves New Withholding Tax Policy by Image123(m): 11:33am |
yesloaded: i have not blamed the West for anything, have i? |
Re: President Tinubu Approves New Withholding Tax Policy by Ojuntana: 11:33am |
His Zombies like Jonjam269 will pay |
Re: President Tinubu Approves New Withholding Tax Policy by arantess: 11:44am |
AqualinaXYZ: hahahaha, e say eggs don scarce shebi that zombie hellanus say egg for their side na for rich man? ![]() ![]() TOH |
Re: President Tinubu Approves New Withholding Tax Policy by BreconHills(m): 11:55am |
ravensckar: Comprehension failure alert. An existing tax has just been removed from 90% plus of all Nigerians and you want a riot? 😆 3 Likes |
Re: President Tinubu Approves New Withholding Tax Policy by Iceberg3: 12:00pm |
kennyz247 flat head shut up:
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Re: President Tinubu Approves New Withholding Tax Policy by Captainero: 12:04pm |
Dapromzy333: I know a lot of people will comment without understanding the nitty gritty of the tax policy...just hatiing anything Tinubu is enough for them 3 Likes |
Re: President Tinubu Approves New Withholding Tax Policy by Tayorshd87: 12:11pm |
sms4sure: Please explain the meaning of this policy to me abeg |
Re: President Tinubu Approves New Withholding Tax Policy by Cmeo(m): 12:37pm |
This new system of WHT will give you to do your taxes anyhow and cause you see anyhow as penalty for going against the law. |
Re: President Tinubu Approves New Withholding Tax Policy by efighter: 12:48pm |
Sirheny007: Tell us what your own biological father has done successfully |
Re: President Tinubu Approves New Withholding Tax Policy by youngrichnigga: 12:48pm |
So much left unsaid in this narrative, why announce a policy that's not been fully finetuned and ready for the implementation and appraisal by the citizens......another backdoor mistep ![]() ![]() ![]() ![]() |
Re: President Tinubu Approves New Withholding Tax Policy by efighter: 12:50pm |
AqualinaXYZ: You go just die over nothing. Emilokan JAGABAN is President till 2031, and Bitter Hero Beer Obituary will never ever rule Nigeria 2 Likes |
Re: President Tinubu Approves New Withholding Tax Policy by Artscollection: 12:51pm |
E don be for these oluwale squad, their respective alma mater should investigate them |
Re: President Tinubu Approves New Withholding Tax Policy by phemray(m): 12:54pm |
Sirheny007: Thanks you acknowledge the Lagos magic and the reason Lagos is far ahead of others. Now Lagos was faster then because everyone supported his bold idea except few opposition. Nigeria is bigger with many factors Like Languages, religion, cultural beliefs and ethnicity to be considered before making conclusions on like Lagos. But in all we will get there. So, If Obi is the president, pls which reform was implemented in Anambra then that can be replicated at national level? Someone that never built a single production hub or encouraged other to do so instead of going to chaina is now shouting consumption/production which he knows nothing about. Check how many companies, industries and business were facilitated by jagaban. Dangote refinery, Erron, econet BUA, and many more productive industries network are among Jagaban influence. |
Re: President Tinubu Approves New Withholding Tax Policy by Innomach(m): 12:56pm |
Too much grammar! Don't understand a thing in the writeup above. But one thing I can bet with everything I have is that the policy will surely bring more sorrow, hardship and burden to the poor in the society. It's time to torchlight petty traders and artisans. Pos operators has just been dragged into the tax net using CAC. The net is so wide that it can contain everybody, irrespective of social class. |
Re: President Tinubu Approves New Withholding Tax Policy by aviara: 12:57pm |
Most Nigerians have lost faith and confidence in Tinubu's government and his ability to turn things around. At this point, it doesn't matter how good the policy he is introducing now, Nigerians no longer trust him. He should focus on how to use the power of incumbency to gain re-election else with the state of the nation he deserves to be kicked out of Aso villa ruthlessly. |
Re: President Tinubu Approves New Withholding Tax Policy by olumike001(m): 1:00pm |
ravensckar: What does it take to read? Just read the new policy and see what it stands for? |
Re: President Tinubu Approves New Withholding Tax Policy by aviara: 1:01pm |
phemray: I am so glad that Tinubu is the president of Nigeria now because it's now clear to all and sundry (except empty heads like....) that Tinubu was O V E R -R A T E D. |
Re: President Tinubu Approves New Withholding Tax Policy by aviara: 1:03pm |
If the price of fuel does not go back to N200 per litre there is no grammar from Tinubu that will make any meaning to Nigerians. |
Re: President Tinubu Approves New Withholding Tax Policy by ravensckar(m): 1:18pm |
olumike001:It's you who lack comprehension skills. If not, you'll see the part where I said the so-called tax may not even be harmful to the masses. But hearing the word "tax" can trigger another uproar. ![]() ![]() ![]() You APC robots, make una dey una brain cells sometimes. Now, slide off my mentions. |
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