Report Says New Withholding Tax Regime Excludes Insurance Premiums, Lotteries, Others   The Federal Government has listed insurance premiums, winnings from lotteries and reality shows among transactions exempted from the new withholding tax regime. This is according to the Deduction at Source (withholding) Regulations 2024 signed by...

FG Suspends Tax on Maize, Rice, Other Essential Food Commodities The federal government has announced that certain essential food commodities imported via land and sea borders will no longer incur charges, levies, or taxes. This declaration was made by the Minister of Agriculture and Food Security,...

GenCos, DisCos, Others Exempted from Withholding Tax The federal government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country. This was contained in the new Withholding Tax regulation document...

FG Reportedly Considers Suspending Import Levies on Food to Curb Inflation The federal government is considering suspending import duties on staple food, drugs, and other essential items for six months to slow inflation in the country. According to a Bloomberg report, the government may also waive...

Govt Revenue Gets Boost with Indirect Taxes Doubling to N1.4tn Q1 Indirect taxes on Nigerian goods surged by 101.65 per cent to N1.42 trillion in the first quarter of 2024 from N705.04 billion in the same period last year, in a boost for government revenue...

Digital Economy: 21 African Countries Enact Tax Laws on Electronic Services - PwC Twenty-one African countries have enacted rules for non-resident suppliers to account for value-added tax, goods, and sales tax on electronically supplied services, a new report by PwC has revealed. According to the report,...