WITHHOLDING TAX
WITHHOLDING TAX
These are taxes paid on contract awarded by establishments; It can also be defined as a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government.
| S/N | WHT ITEM | PERCENTAGE | DEPENDENT VARIABLE |
|---|---|---|---|
| 1 | WHT on Rent | 10% | Value of Rent |
| 2 | WHT on Interest and Deposit | 10% | Interest |
| 3 | WHT on Dividendg | 10% | Value of Dividend |
| 4 | WHT on Consultancy | 5% | Value of Consultancy |
| 5 | WHT on Agency and Contract | 5% | Value of Contract |
| 6 | WHT on Construction | 5% | Value of Construction |
| 7 | WHT on Management Service | 5% | Value of Service |
| 8 | WHT on Commission | 5% | Value of Commission |
| 9 | WHT on Royalty | 5% | Value of Royalty |
| 10 | WHT on Director’s Fee | 10% | Value of Fee |