The Federal Government has rolled out fresh deduction tax at source (withholding) regulations to boost its revenue drive, a document obtained by The Guardian has shown. Tagged: ‘Deduction of Tax at Source (withholding) Regulations 2024’, it took effect from Monday, July 1, 2024. 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 created to provide the government with regular revenue flow and to serve as a means of curbing tax evasion. In his notes on the new regulations, Chairman, the Presidential Fiscal Policy and

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