Business
Federal Government Designates Certain Companies as Exempt from Withholding Tax
The federal government has designated all electricity companies, including Generation and Distribution Companies (GenCos and DisCos), as exempt from Withholding Tax payments in Nigeria.
The new regulation, signed by Finance Minister Wale Edun, took effect from July 1, 2024, based on recommendations from the Tax and Fiscal Policy Committee chaired by Taiwo Oyedele.
According to the updated regulations, electricity and gas companies are now categorized under manufacturing and production, thereby qualifying for exemption from Withholding Tax.
Introduced in 1977, Withholding Tax serves as an advance payment of Income Tax on specific transactions, helping to ensure a steady revenue stream for the government and combat tax evasion.
Oyedele highlighted that the revised regime aims to simplify compliance, clarify eligible transactions, adjust applicable rates, and improve the timing of tax remittances, addressing previous complexities in the tax system.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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