Babatunde Ayodeji

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[Babatunde Ayodeji @Babbs86]

@taiwoyedele Happy birthday Prof.

[Babatunde Ayodeji @Babbs86]

@taiwoyedele Prof. Congratulations to you and your team. This is a testament that there is still hope for this country. Thank you Mr. President @officialABAT for the vision of a better Nigeria. We are not there yet our steps are not retrogressive either.

[Taiwo Oyedele @taiwoyedele]

Today, 28 May 2025, the Senate and the House of Representatives adopted the harmonised versions of the four tax reform bills. The bills are now set to be forwarded to Mr. President for assent.

[Babatunde Ayodeji @Babbs86]

@libsoftiktok They are simply woman beaters. So embarrassing

[Taiwo Oyedele @taiwoyedele]

A SIMPLIFIED AND BUSINESS FRIENDLY WITHHOLDING TAX REGIME HAS BEEN APPROVED

Background

Withholding tax was introduced into the Nigeria tax system in 1977 to serve as an advance payment of income tax on specified transactions. It was designed to provide the government with regular revenue flow and to serve as a means of curbing tax evasion.

Challenges

As the regime expanded over time to cover more transactions, various ambiguities and complications crept in. This resulted in many businesses, especially SMEs, being exposed to excessive burden of compliance and a strain on the working capital of low-margin businesses.

Other unintended consequences include:

1) Ambiguities regarding persons required to comply, eligible transactions, applicable rates, and timing of the obligation for remittance, among others.

2) Treatment of the deduction as a separate tax, thereby adding to the list of multiple taxes and cost of doing business.

3) Challenges regarding obtaining refunds for excess withholding tax.

4) Lack of exemption threshold making the cost of compliance by taxpayers and cost of enforcement by the tax authority uneconomical.

5) Some emerging and contemporary issues are not properly addressed.

6) The overall structure of the withholding tax regime promoted tax inequity.

Key changes

As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved. The key changes introduced are to address the identified challenges and specifically include:

1) Exemption of small businesses from Withholding Tax compliance

2) Reduced rates for businesses with low margins

3) Exemptions for manufacturers and producers such as farmers

4) Measures to curb evasion and minimise tax avoidance

5) Ease of obtaining credit and utilisation of tax deducted at source

6) Changes to reflect emerging issues and adopt global best practices

7) Clarity on the timing of deduction and definition of key terms

The approved regulation is expected to be published in the official gazette in the coming days.

[Babatunde Ayodeji @Babbs86]

@Wizarab10 They are starting again oo. That was how they started for LGBTQ, now is a normal way of life. The question: is human beings capable of developing moral codes for themselves. When God is taken out of equation is what we see.

[Babatunde Ayodeji @Babbs86]

@binance Hello Binance

[Babatunde Ayodeji @Babbs86]

@davido OBO nah my birthdate be that oo. You wan bless me.

[Taiwo Oyedele @taiwoyedele]

Thank you everyone for the overwhelming support. I promise to do my best!

[Babatunde Ayodeji @Babbs86]

@realFFK @DStvNgCare why did disconnect when I already sub before my sub expires?

[Lexy @lexyblazy]

Before I went for this bigger setup, I used to have the @renerlite unit but it wasn’t enough so I had to break the bank 💀

[Babatunde Ayodeji @Babbs86]

have you cast your vote?

[Babatunde Ayodeji @Babbs86]

@bod_republic Sun re oo!!! ore mi atata

[Babatunde Ayodeji @Babbs86]

@ChrisDunnTV Not close!

[Babatunde Ayodeji @Babbs86]

@NEBASARK Na Turari u need.

[Babatunde Ayodeji @Babbs86]

@TonyOElumelu Why not c@lled it "Grace" more tangible!

[Babatunde Ayodeji @Babbs86]

@SaharaReporters The problem was intentionally created. You must have to use wisdom to escape.

[Babatunde Ayodeji @Babbs86]

@SaharaReporters This is an international trap set #gboyega and APC for the down fall of the incoming government. if you sack them it may be your undoing if you don't you will be working with works that are loyal to your rival. Sure Osun does not have resources to pay such number of works.

[Babatunde Ayodeji @Babbs86]

@bod_republic Baba! ē never reach that level nah

[Babatunde Ayodeji @Babbs86]

@mrmacaroni Send your BTC wallet