Potential loss of Withholding Tax Credit is imminent as FIRS sets a 30 June 2021 deadline for the validation of Credit Notes

Potential loss of Withholding Tax Credit is imminent as FIRS sets a deadline for the validation of credit notes

The Federal Inland Revenue Service (FIRS), through some of its tax offices, has requested that taxpayers who have unutilised Withholding Tax (WHT) credit notes dating prior to 31 May 2020, should submit these for validation latest 30 June 2021. According to FIRS, failure to validate the WHT credit notes by this deadline will lead to permanent forfeiture of the tax credits.