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Federal Government Designates Certain Companies as Exempt from Withholding Tax

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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.

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CBN Governor Urges Nigerians to Stay and Help Build the Country’s Future

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Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has made a passionate appeal to Nigerians, particularly the youth, urging them not to leave the country.

In a keynote address at the 59th annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso highlighted the importance of staying and contributing to the growth of Nigeria’s economy.

Cardoso acknowledged the challenges facing the country but reassured citizens that the Central Bank was actively working to create an environment where both individuals and businesses could flourish.

He pointed out that leaving the country at this time could have detrimental effects, particularly for those who might choose to sell off their assets in the process.

“If you leave now, you’ll be selling your assets for a fraction of their value,” he explained.

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“There are external forces looking for bargains who would take advantage of this situation, pocketing the profits and waiting for a time to sell it for a higher price.”

He further emphasized that now more than ever, Nigerians needed to stay and be part of the solution to the country’s problems.

“This is a critical time, and we need everyone’s efforts to help us turn things around,” he said.

“Leaving may seem like an easy solution, but it’s important to be part of the change and help shape the future of our nation.”

Despite the economic struggles Nigeria has faced, Cardoso remains optimistic about the country’s prospects.

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He pointed to the growing interest in the Nigerian market, citing positive developments over the last year and particularly in the past six months.

“Opportunities are everywhere if we stay committed and invested in our nation’s future,” he remarked, adding that the reforms introduced by the Central Bank, although tough, were necessary to address the issues of today while securing better opportunities for tomorrow.


 

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The United Kingdom Makes Plan To Regulate Cryptocurrency In 2026

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The United Kingdom plans to regulate cryptocurrency full time, a stamen was released on Tuesday stating new plans for crypto in 2026. This announcement was made amid the high demand of Bitcoin, crypto highly increased since the appointment of Donald Trump as president.

Donald Trump has made plans to be supportive and to better the cryptocurrency world, this alone gave the finance a huge boost and has been in high demand.


 

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Prices Of Dangote Cement Bag Increases to 10,000 Naira In Some States

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Dangote Price of cement increases from 50kg bag for 8800 thousand naira to Ten thousand naira in some states. The price inflation has sparked concerns as it affects construction workers and homebuilders.

Earlier in the year, the House of Representative summoned popular cement manufactures and addressed the issue of price. However the prices still remains and unchanged and increases, leaving building materials expensive.


 

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