In response to the growing concerns and confusion surrounding the new tax regime, United Bank for Africa (UBA), has stepped up to provide clarity and guidance on how to navigate withholding tax regulations.
The recent implementation of the 2024 Withholding Tax Regulations by the Nigerian federal government has sent ripples through the business community, particularly among small and medium-sized enterprises (SMEs).
This was made known in a statement by the financial giants. According to the statement, UBA will host a special webinar titled ‘2024 Withholding Tax Regulations: Specific Emphasis on How They Affect SMEs’, on Thursday, January 30, 2025.
Alero Ladipo, UBA’s Group Head of Marketing and Corporate Communications, emphasized the bank’s commitment to supporting SMEs through initiatives like the Knowledge Series. “We understand the critical role SMEs play in driving economic growth, and we are dedicated to helping them succeed,” she said.
Ladipo further stated, “This webinar is an opportunity for business owners to learn from the best and gain insights that will help them make informed decisions in 2025 and beyond.”
She also noted that the Knowledge Series has become a trusted resource for SMEs, with past sessions helping businesses overcome challenges and seize new opportunities.
“This edition is particularly important because it addresses a pressing issue that affects every SME in the country,” she added.
The event, part of the bank’s Knowledge Series, is designed to educate business owners on the implications of the new regulations and how they can adapt to remain compliant while sustaining growth.
The 2024 Withholding Tax Regulations, aimed at improving revenue collection and ensuring tax compliance, have been met with mixed reactions.
While the government views the policy as a necessary step toward economic stability, many SMEs fear it could increase their operational burden. For small businesses already grappling with rising costs, supply chain disruptions, and limited access to financing, understanding and complying with the new tax rules is a daunting challenge.
This is where UBA’s intervention comes in. By organizing this webinar, the bank is addressing a critical need for SMEs to stay informed and prepared.
According to Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, the event is more than just a seminar—it’s a lifeline for businesses navigating uncertain times.
“The new withholding tax regulations have far-reaching implications for SMEs, and many business owners are unsure how to proceed,” Fashola said.
He said “This webinar will provide them with the knowledge and tools they need to not only comply with the regulations but also identify opportunities for growth within the new tax framework.”
The webinar will feature a panel of industry experts, including UBA’s Head of SME Banking, Babatunde Ajayi, and financial analysts Adeyemi Adediran and Vincent Okoukoni from Anderson Consulting.
