The Federal Government has approved the exemption of small businesses, manufacturers and farmers from paying withholding tax.
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| Trader display farm produce. Photo: Getty Images |
The FG made the move to help “boost ease of doing business” as well as “food security”.
According to National Orientation Agency, Nigeria: “In a bid to boost economic growth and improve ease of doing business plus food security, the Federal Government has approved the exemption of small businesses, manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses.
Also introduced, are key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion.”
