As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, takes effect 1 January, 2025.
Here are some of the key changes:
Exemption of small businesses from Withholding Tax
Reduced rates for businesses with low margins
Exemptions for manufacturers and producers such as farmers
Measures to curb evasion and minimise tax avoidance
Ease of obtaining credit and utilisation of tax deducted at source
Changes to reflect emerging issues and adopt global best practices
Clarity on the timing of deduction and definition of key terms
Download a copy of the Regulations here
Deduction of Withholding Tax Regulations Takes Effect 1st January, 2025
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As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, takes effect 1 January, 2025. Here are some of the key changes: Download a copy of the Regulations here