As the Nigeria Tax Act 2025 goes into effect on January 1, 2026, ADEOLA OJO, in this piece, reviews one of the recent tax laws, the Withholding Tax known as the Deduction of Tax at Source (Withholding ...

To prevent withholding tax (WHT) evasion and promote documentation, the federal government has decided to make it mandatory for withholding agents to immediately and directly deposit the tax collected ...

Nigeria’s new tax laws take effect and a detail analysis on how the changes affects everyone including exemption for ...

WHO IS TAXABLE * All Persons, Companies etc. who’s Incomes are liable to income tax, are subject to Withholding Tax. * However, exempt entities like Educational Institutions, Government Ministries, ...

Interest was brought under WHT in order to make it a final tax and to administer collection more efficiently through financial institutions. This was the practice more than a decade and it was very ...

The organizations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment ...

ISLAMABAD: The Federal Board of Revenue (FBR) has claimed that the share of withholding taxes stood at 60 percent in the overall direct taxes collection during 2023-24. The FBR’s report on 2023-24 ...

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed the introduction of 0.6% withholding tax (WHT) on the purchase of foreign currency and has sought to squeeze various expense allowances that ...

Islamabad: The Federal Board of Revenue (FBR) has witnessed a negative 0.2 percent growth in withholding tax collection from cash withdrawals from banks during 2020-21. According to the FBR’s year ...

As withholding tax is only an advance payment, a taxpayer (supplier) must file their final return and determine their income tax position, Norman Enyang writes. Imagine you rented out your residential ...