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
