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 Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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