Gatekeepers News reports that Oyedel, speaking at a consultation forum in Lagos, said the exemption aims to simplify the tax system and reduce the burden on small and medium-sized enterprises (SMEs).
He noted that the committee seeks to promote competitiveness, equity, and ease of compliance.
“The threshold for exemption is currently N25 million, but we propose to increase it to N50 million,” Oyedele said.
“Once approved, businesses earning N50 million or less will be exempt from withholding tax. This will help small businesses, such as restaurants, to focus on growth without worrying about deducting withholding tax.”
Oyedele explained that the withholding tax regulation aims to prevent tax avoidance, detect tax evasion, and close the tax gap, in line with global best practices.
He emphasised that the goal is to simplify the tax system and reduce the burden on businesses, particularly SMEs.
Keir Starmer, the Labour Party candidate, has won the UK general election and will become…
Apply for PTDF 2023/2024 scholarship below Gatekeepers News reports that the Petroleum Technology Development Fund…
In recognition of its outstanding performance, Access Holdings PLC has been named the leading Tier-1…
Recruitment, apply for SPDC recruitment 2024 below: Gatekeepers News reports that Shell Petroleum Development Company (SPDC) is the…
Recruitment, apply forPHR Solutions Limited recruitment 2024 below. Gatekeepers News reports that PHR Solutions Limited is a team…
Find below, the Dollar to Naira exchange rate for today, 05 July 2024. Gatekeepers News has…