The withholding tax rate has reduced from 5% to 2.5% which is applicable to all aspects of building, construction, and related activities. But for survey, design, and deliveries this withholding tax rate remains 5%. This withholding tax rate effects from 1st January 2015. This reduced rate was made according to the Companies Income Tax Amendment Regulations, 2015 issued jointly by the Ministry of the Economy and Ministry of Finance.
Related Posts
Nigeria introduces new deep offshore tax incentive framework to attract USD 50 billion investment
August 19, 2026
The Nigerian State House has announced that President Bola Ahmed Tinubu approved a new deep offshore investment
Read More
Nigeria: NRS issues new guidelines on capital gains taxation, VAT refund claims
August 11, 2026
The Nigeria Revenue Service (NRS) has published three new guidelines dated 29 June 2026, incorporating changes
Read More Nigeria launches application guidelines for tax credit on priority sector investments
August 10, 2026
The Nigerian Investment Promotion Commission has published the Application Guidelines for the Economic Development Tax
Read More Nigeria: NRS issues virtual asset tax framework, establishes income tax, VAT, and stamp duty obligations
August 07, 2026
The Nigeria Revenue Service (NRS) established a comprehensive framework in 2026 to regulate the taxation of virtual
Read More
Nigeria begins e-invoicing compliance monitoring ahead of July deadline
July 23, 2026
The Nigeria Revenue Service (NRS) has commenced compliance monitoring for large taxpayers under the National
Read More
Nigeria, Portugal negotiating income tax treaty
July 22, 2026
Nigeria's Federal Ministry of Information and National Orientation announced on 17 July 2026 that officials from
Read More