Tax experts have emphasised the importance of Small and Medium Scale Enterprises (SMEs) paying close attention to documentation and agreements to ensure they avoid unnecessary tax liabilities.
This advice was shared during the first edition of the United Bank for Africa (UBA) Knowledge Series webinar, in the year titled “2024 Withholding Tax Regulations: S
pecific Emphasis on How They Affect SMEs,” held on Thursday in Lagos, where experts discussed the implications of the new withholding tax regulations and provided insights on how businesses can navigate the evolving tax landscape to thrive in 2025 and beyond.
Speakers, Babatunde Ajayi, Head, SME Banking, UBA; Adeyemi Adeniran, Financial Analyst at Anderson Consulting; and Vincent Okoukoni, also a Financial Analyst at Anderson Consulting, shared practical insight and strategies for SMEs to comply with the new regulations while minimizing financial burdens and maximizing growth opportunities.
Explaining the fundamentals of the newly proposed withholding tax regulations, Adeniran noted that the updated system aims to address inefficiencies in the previous regime and ensure timely tax remittances to support government obligations.
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