The Federal Government has approved a new withholding tax regime, exempting farmers, small businesses, and manufacturers from paying withholding tax.   

The government has also reduced the rates for businesses with low margins and measures to curb evasion.

Chairman, Presidential committee on fiscal policy and tax reforms, Taiwo Oyedele, who announced this on his official X handle, said a gazette to this effect will be signed in the coming days.

The former withholding tax system was introduced in 1978.

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