Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, explains that the new tax reform bills aim to foster inclusive growth and ease the burden on low-income earners. The reforms seek to overhaul Nigeria’s outdated tax system, addressing revenue leakages and...
Kemi Adeosun Minister of Finance, Mrs Kemi Adeosun, said Federal Government was committed to implementing any policy that would boost the country’s tax system and ensure ease of doing business. Adeosun said this on Friday in Abuja while receiving a Progress Report by the National Tax Policy...
What is Withholding Tax?
Withholding Tax (WHT) is an advance payment of income tax.
What is the Rate of Withholding Tax for companies and individuals on transactions?
There are varying rates of WHT ranging from 2.5% to 10% for companies and 5% to 10% for individuals depending on the...
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What is P. A. Y. E?
P. A. Y. E. is an acronym for “Pay As You Earn”. It is a method of collecting personal income tax from employee`s salaries and wages through deduction at source by an employer as provided by the relevant sections of Personal Income Tax Act (PITA). (S.81 of Personal Income Tax...
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