…full compliance with the dual roles of making provision for the Value Added Tax and Withholding Tax due on supply and services contract and actual remittance of same.” The report added, “Deduction for WHT, VAT, Stamp Duty and PAYE shall be remitted to the Federal Inland Revenue at the same time the payee who is the sub…

Businesses and individuals in Nigeria are required to deduct Withholding Tax (WHT) from certain payments and remit the amount to the relevant tax authority, with failure to comply potentially attracting penalties and other sanctions. The post Top five transactions that attract withholding tax in Nigeria appeared first…

…salaries, consultancy fees and similar receipts is also subject to income tax. 1% withholding tax For cryptocurrencies, security tokens and NFTs (Categories 1, 3 and 5), 1 per cent withholding tax will be deducted from the gross disposal proceeds, not from the profit made on the transaction. The withholding tax serves…

…“The Nigeria Police Force ‘failed to deduct over ₦7 million [₦7,760,409.56] being withholding tax and value added tax for contracts awarded. The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.” The post Probe alleged ₦6.79bn police funds scandal, reco…