The Finance Minister of Nigeria has issued amended regulations to increase the withholding tax (WHT) rate from 2.5% to 5% for all aspects of building, construction, and related activities (excluding survey, design and deliveries). The Regulation revokes the Companies Income Tax Amendment Regulations, 2015 to reverse the reduced rate, as recommended by the FIRS. A notice regarding the withholding tax rate increase has been released in the official gazette of 23rd November 2016. Taxpayers were directed to apply the 5% withholding tax rate from 9 November 2016.
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