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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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