The Federal Inland Revenue Service (FIRS) has engaged stakeholder to focus on the practical implementation of the 2024 Withholding Tax (WHT) Regulations.

The engagement attracted a cross-section of professionals, including tax consultants, representatives of professional bodies, and compliance experts, to discuss the nuances of the recently revised WHT framework.

A statement from the FIRS said the forum provided an avenue for participants to directly interface with the FIRS, seek clarification on technical provisions of the new regulations, and propose ideas to improve practical implementation.

According to the FIRS, the WHT reform is a significant milestone in Nigeria?s tax modernization efforts, aimed at improving clarity, streamlining compliance, and aligning tax practices with international standards. It is also expected to reduce the administrative burden on taxpayers?especially small and medium-sized enterprises (SMEs)?and ensure more consistent practices among withholding agents.

Tax consultants present at the session welcomed the engagement as both timely and impactful. They commended the FIRS for initiating open dialogue on the WHT guidelines and noted that such consultations are critical to bridging the gap between tax policy and everyday practice. Some practitioners pointed to the new regulation?s potential in promoting better compliance and easing the burden of deductions, particularly for smaller businesses.

The FIRS, in turn, urged consultants and advisers to support their clients with accurate information and to serve as feedback channels for future tax reforms. By encouraging a two-way exchange, the Service aims to promote mutual accountability and improve overall tax outcomes.

Speaking on the significance of the engagement, Mr. Collins Osagie Omokaro, Special Adviser on Communications and Advocacy to the Executive Chairman of the FIRS, Dr. Zacch Adedeji, said the forum exemplifies the leadership?s approach to building a taxpayer-centric administration.

?The Executive Chairman has made it clear that effective tax administration must be built on dialogue and understanding. These forums provide us with an opportunity to offer clarity, listen to feedback, and work collaboratively with taxpayers to improve outcomes. That is how we build trust and ensure long-term compliance,? Omokaro said.

The FIRS honoured top-performing taxpayers who have consistently fulfilled their tax obligations. This gesture, the Service said, is part of its drive to promote transparency, civic responsibility, and reward exemplary compliance.

As the country moves toward a more modern and inclusive tax regime, the FIRS has reaffirmed its dedication to taxpayer education, collaborative policymaking, and service excellence. The Service said ongoing reforms, including the WHT guidelines, are anchored on a broader vision of making Nigeria?s tax system more transparent, predictable, and efficient for all categories of taxpayers.

Key sessions during the forum tackled major aspects of the WHT reform, including tax deduction requirements, exemptions, installment payment arrangements, and updated compliance procedures.

Participants also received detailed insights into how these changes are designed to simplify the reporting process and create a more efficient and equitable system. (The Nation)

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