The Federal Ministry of Finance has recently issued the Deduction at Source (Withholding) Regulations 2024 (the “Regulations” or “WHT Regulations”), effective 1 July 2024, except for the rules applicable to the gaming sector which are billed to commence on 1 October 2024. These Regulations have introduced a number of changes to the Withholding Tax (WHT) regime in Nigeria.
Caveat: The Regulations have been signed by the Minister of Finance thus come into force in line with the Interpretation Act. The gazette is expected shortly in line with the Authentication Act as it announces it formally and validates its authenticity. It is less likely that the signed regulation in circulation will change but it is recommended that taxpayers rely on the gazetted version.
PwC has analysed the Regulations and highlighted relevant considerations. Please see our Tax Alert and the Regulations below:
Download PwC Tax Alert - Highlights of the Deduction at Source (Withholding) Regulations 2024
Download DEDUCTION OF TAX AT SOURCE (WITHHOLDING) REGULATIONS 2024