The Federal Inland Revenue Service (FIRS) recently engaged stakeholders to focus on the practical application of the 2024 Withholding Tax (WHT) Regulations.
The event brought together a diverse group of professionals, including tax consultants, representatives of professional bodies, and compliance experts, to delve into the details of the newly updated WHT framework.
According to a FIRS statement, the forum offered participants the opportunity to interact directly with the agency, seek clarifications on technical aspects of the regulations, and suggest improvements for smoother implementation.
FIRS described the WHT reform as a key milestone in Nigeria’s ongoing tax modernization, aimed at enhancing clarity, simplifying compliance, and aligning tax practices with global standards. The reform is also expected to ease the administrative burden on taxpayers—especially small and medium-sized enterprises (SMEs)—and promote consistency among withholding agents.
Tax consultants attending the session praised the initiative as timely and impactful. They commended FIRS for fostering open dialogue on the new WHT guidelines, noting that such consultations are essential for bridging the gap between tax policy and everyday application. Some experts highlighted the regulation’s potential to improve compliance and reduce deduction burdens, particularly for smaller businesses.
The FIRS encouraged consultants and advisers to provide accurate guidance to their clients and act as channels for feedback on future tax reforms. This two-way communication aims to enhance mutual accountability and improve tax outcomes overall.
Mr. Collins Osagie Omokaro, Special Adviser on Communications and Advocacy to the FIRS Executive Chairman, Dr. Zacch Adedeji, emphasized that the forum reflects the leadership’s commitment to a taxpayer-focused approach. He stated, “Effective tax administration must be based on dialogue and understanding. These forums allow us to clarify issues, listen to feedback, and collaborate with taxpayers to improve results. That’s how trust is built and long-term compliance achieved.”
Additionally, FIRS recognized top-performing taxpayers who have consistently met their tax obligations, underscoring the agency’s commitment to transparency, civic responsibility, and rewarding good compliance.
As Nigeria progresses toward a modern and inclusive tax system, FIRS reaffirmed its dedication to taxpayer education, cooperative policymaking, and excellent service delivery. The ongoing reforms, including the WHT guidelines, are part of a broader vision to make the tax system more transparent, predictable, and efficient for all taxpayers.
The forum addressed major elements of the WHT reform, such as tax deduction rules, exemptions, installment payment options, and updated compliance procedures. Participants gained detailed insights into how these reforms aim to streamline reporting and establish a fairer, more effective system.
