On July 1, 2024, the Federal Ministry of Finance introduced the Deduction of Tax at Source (Withholding) Regulations 2024, setting forth new rules for deducting taxes from payments to taxable persons under the Companies Income Tax (CIT) Act, Petroleum Profits Tax (PPT) Act, and Personal Income Tax (PIT) Act. These regulations took effect on the […]

In Nigeria, withholding tax (WHT) serves as an advance payment on income tax, designed to ensure a steady stream of tax revenue and minimize tax evasion. This article provides a detailed breakdown of how WHT works in Nigeria. Withholding Tax Explained Withholding tax is a type of tax deducted at the source of specific payments.