FIRS orders financial institutions to deduct tax at source on interest payments for securities

The Federal Inland Revenue Service (FIRS) has ordered financial institutions and relevant stakeholders to deduct tax at source from interest payments on short-term securities. The new directive is in line with provisions of the Companies Income Tax Act (CITA) and the Withholding Tax Regulations, 2024. In a circular signed by its Executive Chairman, Zacch Adedeji, ...