The Federal Inland Revenue Service (FIRS) has issued a directive on the application of Withholding Tax (WHT) to interest earned on short-term investment securities, raising the question of whether this is a new law.
FIRS's action is an enforcement directive based on existing law, not the creation of a brand-new tax.
Is the WHT on fixed-income instruments new ?
No, the Withholding Tax on fixed-income instruments is not new.
According to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committ
