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 general 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 by FIRS Executive Chairman Zacch Adedeji on Thursday, the agency 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.
The notice read, “The Deduction of Tax at Source Withholding Regulations, 2024, published in the Federal Government Gazette, takes effect from 1st January 2025.
“The current WHT regime as enshrined in the Companies Income Tax (Rates, ETC, of Taxes Deducted at Source (Withholding Tax) Regulations (S.I. 1.10 of 1997) and relevant WHT provisions remain in force up to and until 31st December 2024.”
