Mr. Zacch Adedeji who is the Executive Chairman of the Federal Inland Revenue Service has said that the current Withholding Tax regime will remain effective until December 31, 2024.
This is according to a public notice informing taxpayers, tax practitioners, and the public about the implementation of the Deduction of Tax at Source Withholding Regulations, 2024.
The new regulations, published in the Federal Government Gazette, will officially take effect on January 1, 2025.
In the notice signed last Thursday confirmed that while the new regulations, published in the Federal Government Gazette, are slated to take effect from January 1, 2025, the existing WHT framework as outlined in the Companies Income Tax Rates, ETC, of Taxes Deducted at Source Withholding Tax Regulations (S.I. 1.10 of 1997) will continue to govern tax deductions until the end of 2024.
As included in that notice signed by the Executive Chairman of the FIRS was that taxpayers are advised to ensure compliance with these existing laws.
