- On February 24, 2025, the Federal Inland Revenue Service (FIRS) issued a Circular providing guidelines for the implementation of the Withholding Tax (WHT) Regulations, which took effect on January 1, 2025.
- The guidelines apply to a wide range of entities, including companies, partnerships, statutory and non-statutory bodies, as well as non-resident persons, and specify when tax should be deducted—either at the time of payment or when the transaction is settled.
- The Circular also emphasizes the penalties for non-compliance, including failure to deduct or remit the required WHT to the FIRS.
Source PwC
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