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Withholding tax is basically an advance and indirect source of taxation deducted at source from the invoices of the tax payer. … The main purpose of WHT is to capture as much tax payers that may have evaded tax into the tax net and the rate is usually 5%-10% depending on the type of transaction
Finance Act, 2020 introduces changes to the Capital Gains Tax Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment, etc.) Act, Customs, Excise Tariff, etc.
Stamp duty is applicable on all dutiable instruments, such as agreements, contracts, receipts, memorandum of understanding, promissory notes, insurance policies and other instruments stipulated in the Schedule to the Stamp Duties Act, Cap S8, Laws of the Federation of Nigeria 2004 (as amended) (SDA or “the Act”).
Value Added Tax is a consumption tax targeted at the supply of certain goods and services in Nigeria. The tax liability is eventually borne by the final consumer.