WHT for Interest Expenses

Navigating the landscape of Withholding Tax (WHT) on interest expenses can be intricate, and misunderstandings or oversights may arise in the process. To shed light on this matter, we’ve outlined eight key points for clarity on the deductibility of WHT on interest expenses in Nigeria: Sunmola David and Co. employs various tools to assist taxpayers and administrators in streamlining tax functions, ensuring transparency and efficiency. Our tax management framework focuses on creating value through strategic concerns, offering process efficiency, time savings, and effective resource allocation. With our dynamic and objective approach, we alleviate tax-related concerns, allowing you more time for value creation. Note: WHT serves as an advance payment of income tax, appointed by the law to be deducted from liable payments, such as interest payable to lenders/creditors. The relevant countries that Nigeria has Double Tax Treaties (DTTs) with are: Belgium, Canada, China, Czech Republic, France, Italy, Netherlands, Pakistan, Philippines, Romania, Singapore, Slovakia, South Africa, and the United Kingdom. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.