Automation of the withholding tax system – Will migration be seamless?
Federal Inland Revenue Service (FIRS) in its bid to extend the Integrated Tax Administration System (ITAS) initiative to all of its processes, recently indicated its intention to fully automate the withholding tax (WHT) system in Nigeria.
Loss of WHT credit looms as FIRS mandates reconciliation of WHT credit position in 15 days
Federal Inland Revenue Service (FIRS) has started inviting taxpayers for reconciliation of their withholding tax (WHT) credit positon with FIRS’ records summarised in the taxpayer’s K-Card (tax position card). This is necessary to ensure that taxpayers’ records with FIRS are up to date and K-Cards to be uploaded into FIRS’ Standard Integrated Government Tax Administration System are error-free.
Withholding Tax (WHT) rate on building and construction contracts reversed from 2.5% to 5%
The Minister of Finance has approved the reinstatement of Withholding Tax (WHT) rate of 5% on all aspects of building, construction and related activities. The approval was given via an official gazette dated 23 November 2016.