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FG Begins Implementation of New Withholding Tax Policy

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax eegime on his X , on New Year’s Day.

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The Federal Government has commenced the implementation of the 2024 Withholding Tax Regulations.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax eegime on his X , on New Year’s Day.

“As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, take effect today 1 January 2025.”

The new tax policy was approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October.

The revised regulations became effective on January 1, 2025.

Formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,” the updated regulation is designed to streamline compliance processes, reduce inefficiencies, and ease administrative burdens for businesses.

These changes are particularly aimed at Small and Medium Enterprises, manufacturers, producers, and farmers – sectors considered vital to Nigeria’s economic stability and growth.

Features of the updated tax policy.

Among them is the exemption of SMEs from withholding tax compliance, a move expected to alleviate administrative challenges and financial constraints, thereby fostering growth and innovation in the sector.

Businesses with low profit margins will also benefit from reduced withholding tax rates, which are intended to improve cash flow and lower operational costs.

The new regulations exempt manufacturers, producers, and farmers from withholding tax obligations, a measure aimed at strengthening these critical sectors to ensure their sustainability and long-term growth.

Also, the reforms streamline the process of obtaining credit for taxes deducted at source, making it easier for businesses to utilize such deductions efficiently.

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NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers

The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees…

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• NAFDAC DG, Prof Mojisola Christianah Adeyeye

The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday gave the conditions for the reopening of sealed factories of alcoholic beverages manufacturers nationwide.

At a press briefing in Lagos, the agency’s Director – General, Prof Mojisola Christianah Adeyeye, also directed the Distillers and Blenders Association of Nigeria (DIBAN), the Association of Food, Beverage and Tobacco Employers (AFBTE), and their member companies who have not comply with the ban on alcoholic beverages packaged in sachets and PET (plastic) bottles below 200ml to do so.

“Affected manufacturers are required to immediately commence a nationwide recall of all alcoholic drinks packaged in sachets and PET bottles below 200ml from distributors, warehouses, and other points within the supply chain and submit to the agency for destruction,” she said.

Emphasising on reopening sealed factories, she said: ” NAFDAC imposed investigative charges on defaulting companies found to have violated regulatory directives relating to the manufacture and distribution of alcoholic beverages in prohibited package sizes.

The affected companies are required to settle the applicable charges within the stipulated period and comply fully with all regulatory directives issued by the Agency.

The Agency wishes to emphasize that all recalled alcoholic products shall be subjected to inventory verification and destruction under NAFDAC supervision in accordance with the terms of the enforcement undertaking. Manufacturers shall bear the full cost of such destruction exercises.

Furthermore, before any sealed facility involved in the production of alcoholic beverages in sachets or PET bottles below 200ml can be reopened, NAFDAC will require satisfactory evidence that the production lines used for the prohibited package sizes have been dismantled, permanently disabled, or reconfigured to prevent the manufacture and packaging of alcoholic products in sachets and PET bottles below 200ml.

Such dismantling or reconfiguration shall be carried out under the direct supervision and verification of NAFDAC officers.

The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees.Successful destruction of recalled products under NAFDAC supervision. Verification of the dismantling, reconfiguration, or decommissioning of equipment used for prohibited package sizes.Satisfactory inspection and certification by NAFDAC that the facility is compliant with all regulatory requirements.”

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

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Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

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Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

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• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.

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