Withholding tax is a crucial component of taxation in Nigeria, a mechanism by which the government collects taxes at the source, usually from payments made to suppliers, contractors, or service providers. Withholding tax is not another form of tax but an advance payment of income tax on specified transaction other than those carried out in the ordinary course of business.
In Nigeria, there are definite tax law or legislation for various types of taxes such as the Personal Income Tax Act, Company Income Tax Act, Capital Gain Tax Act, Value Added Tax Act etc but there is no specified law for withholding tax (WHT). It is so because, withholding tax (WHT) on its own is not a new form of or type of tax but an advance payment of the income tax which is due from either taxable persons or an incorporated entity therefore, the source of legality of withholding is traceable to the relevant section of either the Personal Income Tax Act where liable transaction is executed with a taxable individual or the Company Income Tax Act (CITA) where the liable transaction originates from an incorporated entity.
Withholding tax due on income of individual is payable to the State Internal Revenue Services closest to the State of Residence of the taxable person while on the other hand, it is remittable to the Federal Inland Revenue Service (FIRS). It should also be noted that withholding tax due on transactions done with non resident individual or incorporated entity is essentially payable to the FIRS. Below are standard withholding tax rate accruable on liable transactions.
This essay delves into the accounting treatment of withholding tax on expenses and its influence on the Statement of Financial Position (Balance Sheet) and the Statement of Comprehensive Income (Income Statement) of Nigerian companies. It seeks to elucidate key terms, explain the concepts, provide practical examples, and offer valuable advice for accountants to ensure accurate financial reporting. Additionally, this updated essay will detail the withholding tax rates applicable to various types of transactions, such as Rent, Interest, Royalty, Contracts etc across most nations in the world for your reference.
When a Nigerian company incurs expenses that require withholding tax, it significantly impacts the financial statements in various ways.
Impact on the Statement of Financial Position
The Statement of Financial Position is a snapshot of a company’s financial health at a specific point in time. Accounting for withholding tax affects it as follows:
a. Accounts Payable: Expenses accrued for services rendered, including withholding tax, are recorded as accounts payable. This signifies the company’s liabilities that are yet to be paid.
b. Tax Liabilities: The withholding tax represents a liability to the government. It should be reported as a separate line item under current liabilities and sometimes as withholding tax receivable (Withholding Tax Credit Notes) under current assets. This reflects the amount withheld but not yet remitted to the tax authorities or remitted but not yet utilized as tax credit (WHT Credit Notes).
Impact on the Statement of Comprehensive Income
The Statement of Comprehensive Income shows a company’s financial performance over a specific period. Accounting for withholding tax affects it in the following ways:
a. Recognition of Expenses: Under the accrual basis accounting, expenses are recognized when they are incurred. This includes the gross amount of the expense, before withholding tax. The full expense is reported in the income statement.
b. Withholding Tax Expense: The withholding tax amount should also be recognized as an expense on the income statement. This expense reflects the cost of complying with tax regulations.
Withholding Tax Rates on Liable Transactions
It’s important to note the applicable withholding tax rates for various transactions in Nigeria. Here are the rates for some common transactions:
Advice for Accountants
To ensure accurate financial reporting and compliance with tax regulations:
– Accountants should calculate and withhold taxes correctly on applicable expenses to ensure compliance.
– Detailed records of withholding taxes should be maintained for transparency and auditing purposes.
– Financial statements should clearly distinguish between gross expenses and withholding tax expenses to provide transparency and facilitate auditing.
– Accountants must stay updated on changes in tax regulations to ensure accurate accounting and reporting.
In conclusion, accounting for withholding tax on expenses in Nigeria has a significant impact on the financial statements. Proper accounting and reporting are essential for maintaining financial integrity and transparency. Accountants play a pivotal role in ensuring compliance and accuracy in financial reporting, thereby contributing to the financial health and transparency of Nigerian businesses. Understanding the specific withholding tax rates for different transactions is vital for precise financial reporting and tax compliance.
Watch out for our next publication for illustrative examples of accounting for withholding tax on liable transactions such as Expenses, Assets acquired on contracts, Revenue or Income arising from Contracts etc.
Territory WHT rates (%) (Dividends/Interest/Royalties)
Albania (Last reviewed 07 August 2023)
Resident: NA;
Non-resident: 8 / 15 / 15
Algeria (Last reviewed 31 May 2023)
Resident: 15 / 10 /0 but VAT at 19% unless exempted;
Non-resident: 15 / 10 / 30 unless rates provided by
DTTs
Angola (Last reviewed 05 July 2023)
Dividends and royalties are taxed at 10%, and the tax is withheld at source
by the paying entity in Angola. Interest on loans granted by third parties or
shareholders is liable to investment income tax at 15% and 10%, respectively.
Argentina (Last reviewed 22 September 2023)
Registered taxpayer:
Resident: 0 or 7 / 6 / 6;
Non-resident: 7 / 0, 15.05, or 35 / 21 or 28;
Non-registered taxpayer:
Resident: 0 or 7 / 28 / 28;
Non-resident: 7 / 0, 15.05, or 35 / 21 or 28
Armenia (Last reviewed 11 July 2023)
Resident: NA;
Non-resident: 5 / 10 / 10
Australia (Last reviewed 29 June 2023)
Resident: 0 / 0 / 0 (Note that a rate of 49% applies in the case of interest
and certain dividends where a Tax File Number is not quoted to the payer);
Non-resident: 30 / 10 / 30 (Note there are certain exemptions that may apply)
Austria (Last reviewed 13 July 2023)
Resident: 0 or 27.5 / 0 or 24 or 27.5 / 0;
Non-resident: 0 or 27.5 / 0 / 0 or 20
Azerbaijan (Last reviewed 04 September 2023)
Resident: 10 / 10 / 14;
Non-resident: 10 / 10 / 14
Bahrain (Last reviewed 13 September 2023)
NA
Barbados (Last reviewed 03 August 2023)
Resident individual: 15 or NA if paid out of foreign source income
/ 15 / NA
Resident company: NA / 15 / NA
Non-resident individual or company: 5 or NA if paid out of foreign source income / NA / NA
Belgium (Last reviewed 27 July 2023)
Resident and non-resident: 30 / 30 / 30 (but many exemptions or
reduced rates exist)
Bermuda (Last reviewed 29 June 2023)
NA
Bolivia (Last reviewed 01 August 2023)
Resident: NA;
Non-resident: 12.5 / 12.5 / 12.5
Bosnia and Herzegovina (Last reviewed 21 April 2023)
Federation of Bosnia and Herzegovina: 5 / 10 / 10;
Republika Srpska: 10 / 10 / 10;
Brčko District: 0 / 10 / 10
Botswana (Last reviewed 25 September 2023)
Resident: 10 / 10 / NA;
Non-resident: 10 / 15 / 15
Brazil (Last reviewed 26 December 2022)
Resident individuals: NA / 15 to 22.5 / NA;
Non-resident: 0 / 15 / 15;
Non-resident in tax haven countries: 0 / 25 / 25.
Bulgaria (Last reviewed 25 September 2023)
EU resident: 0 (if paid to EU company) / 10 (0 if paid to associated company
as per the EU Interest and Royalties rules introduced into domestic law)
/ 10 (0 if paid to associated company as per the EU Interest and Royalties rules introduced into domestic law);
Non-resident: 5 / 10 / 10
Cabo Verde (Last reviewed 14 July 2023)
Resident: NA / 20 / 20;
Non-resident: NA / 20 / 20
Cambodia (Last reviewed 04 September 2023)
Resident: NA / 15 (except paid to registered financial institutions) / 15;
Non-resident: 14 / 14 / 14
Cameroon, Republic of (Last reviewed 01 August 2023)
Resident: 16.5 / 16.5 / 0;
Non-resident: 16.5 / 16.5 / 15
Canada (Last reviewed 15 June 2023)
Resident: NA;
Non-resident: 25 / 25 / 25, may be reduced by treaty and to 0% for most interest
paid to arm’s-length non-residents.
Cayman Islands (Last reviewed 12 July 2023)
NA
Chad (Last reviewed 25 September 2023)
Resident: 20 / NA / NA;
Non-resident outside CEMAC area: 20 / 25 / 25
Non-résident from CEMAC area: 5 or 10/5/7.5
Chile (Last reviewed 13 June 2023)
Resident: NA;
Non-resident: 35 / 4 or 35 / 30. DTT remedies are available.
China, People’s Republic of (Last reviewed 28 June 2023)
Resident: NA;
Non-resident: 10 / 10 / 10
Colombia (Last reviewed 03 August 2023)
Resident: Between 0% and 20%
Non-resident: 20 / 20 / 20
* See the Withholding taxes section of Colombia’s corporate tax summary.
Congo, Democratic Republic of the (Last reviewed 31 December 2022)
Resident: 10 or 20 / 0 / 20;
Non-resident: 10 or 20 / 0 or 20 / 20
Congo, Republic of (Last reviewed 16 July 2023)
Resident: 15 / 0 / 0;
Non-resident: 15 / 5 or 20 / 10 or 20
Costa Rica (Last reviewed 19 June 2023)
Resident: 15 / NA / NA;
Non-resident: 15 / 5.5 or 15 / 25
Croatia (Last reviewed 30 June 2023)
Resident: 0 / 0 / 0 (corporate);
10 / 10 / 20 (individuals);
Non-resident: 10 / 15 / 15 (corporate);
10 / 10 / 20 (individuals);
For further information, see the Income determination section in the Individual
summary and the Withholding taxes section in the Corporate summary.
Cyprus (Last reviewed 28 June 2023)
Resident corporations: 0 / 30 (only on ‘passive’ interest) / 0. As of 31 December 2022, higher WHT rates apply on if the recipient of the payment is a company in a jurisdiction included on the EU blacklist.
Non-resident: 0 / 0 / 10 (only if royalties earned on rights used within Cyprus)
Czech Republic (Last reviewed 27 July 2023)
Resident: 15 / 0 / 0;
Non-resident: 15 / 15 / 15 (35% WHT applies to residents of countries outside
of the EU and EEA with which the Czech Republic does not have an enforceable
DTT or TIEA)
Denmark (Last reviewed 08 August 2023)
Resident: 27 / 22 / 22;
Non-resident: 27 / 22 / 22
Dominican Republic (Last reviewed 25 September 2023)
Resident: 10 / NA / NA;
Non-resident: 10 / 10 / 27
Ecuador (Last reviewed 01 September 2023)
Resident: 0 to 25 / 0 to 2 / 8;
Non-resident: 0, 10, or 14.8 / 0 or 25 / 0, 25, or 37
Egypt (Last reviewed 14 September 2023)
Resident: 5 or 10 / NA / NA;
Non-resident: 5 or 10 / 20 / 20
El Salvador (Last reviewed 18 July 2023)
Resident: 5 / 10 / 5 or 10;
Non-resident: 5 / 10 or 20 / 20;
Non-resident in a tax haven: 25 / 10 or 25 / 25
Equatorial Guinea (Last reviewed 02 August 2023)
Resident: 10;
Non-resident: 25 / 25 / 15
Estonia (Last reviewed 08 August 2023)
Resident corporate: 0 / 0 / 0;
Resident individual: 0 or 7 / 20 / 20;
Non-resident corporate: 0 / 0 / 10;
Non-resident individual 0 or 7 / 0 / 10
Eswatini (Last reviewed 25 September 2023)
Resident: NA;
Non-resident: 15 / 10 / 15
Ethiopia (Last reviewed 07 December 2022)
Resident: 10 /10
Non-resident: 10 /10
Fiji (Last reviewed 13 July 2023)
Resident: 0 / 10 / 5;
Non-resident: 0 / 10 / 15
Finland (Last reviewed 26 September 2023)
WHT rates on dividends, interest, and royalties for residents and non-residents
vary on a case-by-case basis (as it is, e.g., dependent on a legal form of the payer
and the recipient). See the Finland Corporate tax summary for more information.
France (Last reviewed 01 August 2023)
Resident: NA;
Non-resident (companies): 25 / 0 / 25
Non-resident (individuals): 12.8 / 0 / 25
Gabon (Last reviewed 14 July 2023)
Resident: 20 / NA / NA;
Non-resident: 20 / 20 / 20
Georgia (Last reviewed 19 July 2023)
Resident: NA;
Non-resident: 5 / 5 / 5
Germany (Last reviewed 30 June 2023)
Resident: 25 / 25 / 0;
Generally, only interest paid by banks to a resident is subject to WHT.
Non-resident: 25 / 0 / 15 or upon application as reduced by EU directive/double
tax treaty/domestic law.
WHT is charged on interest from convertible or profit-sharing bonds and
over-the-counter transactions.
Ghana (Last reviewed 15 August 2023)
Resident: 8 / 8 / 15;
Non-resident: 8 / 8 / 15; and
See Ghana’s Corporate summary for a description of other WHTs.
Gibraltar (Last reviewed 05 September 2023)
NA
Greece (Last reviewed 02 August 2023)
Resident: 5/ 15 / 20;
Non-resident: 5/ 15 / 20
Greenland (Last reviewed 08 June 2023)
Resident: 36 to 44 / NA / 30;
Non-resident: 36 to 44 / NA / 30
Guatemala (Last reviewed 01 June 2023)
Resident: NA;
Non-resident: 5 / 10 / 15
Guernsey, Channel Islands (Last reviewed 30 June 2023)
Resident corporation: 0 / 0 / NA;
Resident individual: 0, 10, or 20 / 0 / NA;
Non-resident: 0 / 0 / NA
Guyana (Last reviewed 01 September 2023)
Resident: 0 / 0 / 0;
Non-resident: 20 / 20 / 20
Honduras (Last reviewed 18 July 2023)
Resident: 10 / 10 / 25;
Non-resident: 10 / 10 / 25
Hong Kong SAR (Last reviewed 28 June 2023)
Resident: 0 / 0 / 0;
Non-resident: 0 / 0 / 2.475 to 4.95
Hungary (Last reviewed 11 July 2023)
There is no WHT on any outbound payment made to foreign business entities
based on the Hungarian domestic legislation.
Iceland (Last reviewed 30 June 2023)
Resident: 22 / 22 / 0;
Non-resident: 20 / 12 / 20
India (Last reviewed 13 June 2023)
Resident: 10 / 10 / 2 to 10 / 2 to 10 for fees for technical services;
Non-resident*: 20 / 5 to 40 / 20 / 20 for fees for technical services
(For non-residents, the above are to be enhanced by applicable surcharge and
health and education cess)
*Subject to the rates provided under Double Taxation Avoidance Agreement.
Indonesia (Last reviewed 23 June 2023)
Resident:10 or exempted (individuals), exempted (corporate)* / 10**,
15, or 20 / 15;
Non-resident: 20 / 20 / 20.
* See Dividend income in the Income determination sections.
** See the Withholding taxes section.
Iraq (Last reviewed 06 June 2023)
Resident: NA / 1.8 to 10 / 1.8 to 10 depending on the industry;
Non-resident: NA / 15 / 15
Ireland (Last reviewed 18 July 2023)
Resident: 25 / 20 / 20;
Non-resident: 25 / 20 / 20
Isle of Man (Last reviewed 30 June 2023)
0
Israel (Last reviewed 30 June 2023)
Resident: 0 or 23 / 23 / 30;
Non-resident (non-treaty): 25 or 30 / 23 / 23.
Please note that the above rates are for companies only. We have not addressed
the rates for resident individuals.
Italy (Last reviewed 02 August 2023)
Resident: 0 / 0 or 26 / 0;
Non-resident: 26 / 26 / 30.
Ivory Coast (Côte d’Ivoire) (Last reviewed 20 June 2023)
Resident: 15 / 18 / NA;
Non-resident: 15 / 18 / 20
Jamaica (Last reviewed 11 June 2023)
Resident: 0 or 15 / 0 or 25 / 0;
Non-resident corporate: 33⅓ / 33⅓ / 33⅓;
Non-resident individual: 25 / 25 / 25
Japan (Last reviewed 31 July 2023)
Resident: 20 / 20 / 0;
Non-resident: 15 / 20 / 20
Jersey, Channel Islands (Last reviewed 14 July 2023)
NA
Jordan (Last reviewed 07 June 2023)
Resident: 0 / 5 or 7* / 0;
Non-resident: 0 or 10 / 10 / 10
* Interest paid by Jordanian banks to individuals is subject to 5%, while interest
paid by Jordanian banks to Juristic persons or non-resident person in Jordan is
subject to 7%.
Kazakhstan (Last reviewed 01 July 2023)
Resident: NA;
Non-resident: 15 / 15 / 15
Kenya (Last reviewed 25 September 2023)
Resident: 5 / 10 to 25 / 5;
Non-resident: 15 / 15 to 25 / 20
Korea, Republic of (Last reviewed 27 June 2023)
Resident corporation (individual): 0 (14% for individual, 14% for distribution
of profit from securities investment trusts to corporation) / 14 (14% for individual,
25% for interest from a non-commercial loan) / 0 (20% for individual);
Non-resident: 20 / 20 (14% for interest derived from bonds issued by domestic
corp.’s, etc.) / 20
Kosovo (Last reviewed 03 August 2023)
Resident: NA/10/10;
Non-resident: NA/10/10
Kuwait (Last reviewed 16 July 2023)
NA
Kyrgyzstan (Last reviewed 02 August 2023)
Resident: NA / NA / 10;
Non-resident: 10 / 10 / 10
Lao PDR (Last reviewed 17 July 2023)
Resident: 10 / 10 / 5;
Non-resident: 10 / 10 / 5
Latvia (Last reviewed 03 July 2023)
Resident: NA;
Non-resident: 0 / 0 / 0;
Non-resident in tax haven: 20 / 20 / 20
Lebanon (Last reviewed 03 October 2023)
Resident: 10 / 10 / NA;
Non-resident: 10 / 10 / 7.5;
Interest on bank deposits are subject to 7% starting 31 July 2022 and apply for
residents and non-residents.
The rate was increased from 7% to 10% for 3 years from 1 August 2019
to 31 July 2022.
Libya (Last reviewed 16 July 2023)
NA
Liechtenstein (Last reviewed 10 July 2023)
NA
Lithuania (Last reviewed 27 July 2023)
Resident: NA;
Non-resident: 15 / 10 / 10 (0 / 0 / 0 may be achieved if certain conditions
are met)
Luxembourg (Last reviewed 05 July 2023)
Resident: 15 / 0 / 0;
Non-resident: 15 / 0 / 0
Macau SAR (Last reviewed 16 July 2023)
NA
Madagascar (Last reviewed 01 June 2023)
Resident: 0 / 20 / 0;
Non-resident: 10 / 20 / 10
Malawi (Last reviewed 21 April 2023)
Resident: 10 / 20 / 20;
Non-resident: 15 / 15 / 15
Malaysia (Last reviewed 27 June 2023)
Resident: 0 / 0 / 0;
Non-resident: 0 / 0 or 15 / 10
Maldives, Republic of (Last reviewed 10 September 2023)
Resident: NA;
Non-resident: 10 / 10 / 10;
Non-resident contractor: 5
Malta (Last reviewed 11 August 2023)
Resident*: 0 or 15 / 0 / 0;
Non-resident*: 0 / 0 / 0
* See Malta’s corporate tax summary for more information.
Mauritania (Last reviewed 01 August 2023)
Resident: 10 / 10 / NA
Non-resident: 10 / 10 / 15
Mauritius (Last reviewed 18 September 2023)
Resident: 0 / 0 / 10;
Non-resident: 0 / 15 / 15
Mexico (Last reviewed 01 September 2023)
Resident: 10* / 0.08** / NA;
Non-resident: 10 / 4.9 to 35 / 5 to 35
* WHT on dividend paid to an individual.
** WHT on interest paid by financial institutions.
Applicable on the invested capital.
Moldova (Last reviewed 14 July 2023)
Resident: 6* / 12 / 12;
Non-resident: 6* / 12 / 12;
* 15% on dividends referring to the profit earned incurred during the period
2008 to 2011;
No WHT on distribution of dividends to resident legal entities.
Mongolia (Last reviewed 19 June 2023)
Resident: 10 / 10 / 10;
Non-resident: 20 / 20 / 20
Montenegro (Last reviewed 21 April 2023)
Resident: 15 / NA / NA;
Non-resident: 15 / 15 / 15
Morocco (Last reviewed 04 April 2023)
Resident: NA;
Non-resident:
13,5/10/10
Mozambique (Last reviewed 02 August 2023)
Resident: 20 / 20 / 20;
Non-resident: 20 / 20 / 20
Myanmar (Last reviewed 07 August 2023)
Resident: 0 / 0 / 10;
Non-resident: 0 / 15* / 15
*0 for a Myanmar registered branch of a foreign company
Namibia, Republic of (Last reviewed 03 July 2023)
Resident: NA;
Non-resident: 10 or 20 / 10 / 10
Netherlands (Last reviewed 30 June 2023)
Resident: 15 / 0* / 0*;
Non-resident: 15 / 0* / 0*
*As of 1 January 2021, there is a conditional WHT on interest and royalties
(please see the Withholding taxes section).
New Zealand (Last reviewed 27 September 2023)
Resident companies: 33 / 28 / 0;
Non-resident companies:* 30 / 15 / 15
Resident individuals: 30 / 39 / 0;
Non-resident individuals:* 30 / 15 / 15
*See New Zealand’s Corporate summary for a description of reduced rates
based on shareholder holdings and treaty relief.
Nicaragua (Last reviewed 18 July 2023)
Resident: 15 / 15 / 15;
Non-resident: 15 / 15 / 15
Nigeria (Last reviewed 01 September 2023)
Resident: 10 / 10 / 10;
Non-resident: 10 / 10 / 10;
For non-residents, the WHT rate will be reduced to 7.5% through the use of a
DTT with certain territories.
North Macedonia (Last reviewed 03 July 2023)
Resident: NA;
Non-resident: 10 / 10 / 10
Norway (Last reviewed 17 July 2023)
Resident: NA;
Non-resident: 25 / 15 / 15
The 15% WHT rate applies on the gross payment on interest, royalties, and
certain lease payments to related parties resident in low-tax jurisdictions.
Oman (Last reviewed 11 July 2023)
Resident: NA;
Non-resident: 10* / 10* / 10;
* WHT on dividends and interest is permanently suspended.
Pakistan (Last reviewed 07 July 2023)
Resident: 15 / 15 / 0;
Non-resident: 15 / 10 / 15
Palestinian territories (Last reviewed 18 July 2023)
Resident: NA / 10 / 10;
Non-resident: NA / 10 / 10
Panama (Last reviewed 14 June 2023)
Resident: 5, 10, or 20 / NA / NA;
Non-resident: 5, 10, or 20 / 12.5 / 12.5
Papua New Guinea (Last reviewed 02 September 2023) Resident: 0 / 15 / 0;
Non-resident: 15 / 15 / 10 (non-associate recipient) or 30 (associate recipient)
Paraguay (Last reviewed 06 February 2023)
Resident: 8 / NA / NA
Non-resident corporations: 15 / 6 (bank and financial institutions), 15
(commercial entities), 30 (head office or direct shareholder) / 15
(commercial entities), 30 (head office or direct shareholder)
Peru (Last reviewed 20 July 2023)
Resident: NA;
Non-resident: 5 / 4.99 / 30
Philippines (Last reviewed 01 July 2023)
Resident: 0 / 10, 15, or 20 / 20;
Non-resident: 15 or 25 / 20 / 25
Poland (Last reviewed 08 August 2023)
Resident: 19 / NA / NA;
Non-resident: 19 / 20 / 20
Portugal (Last reviewed 06 July 2023)
Resident: 25 / 25 / 25;
Non-resident: 25 / 0 or 25 / 0 or 25
Puerto Rico (Last reviewed 03 March 2023)
Resident: NA;
Non-resident: 15 (individual) or 10 (corporation) / 29 / 29
Qatar (Last reviewed 04 April 2023)
Resident: NA;
Non-resident: 0 / 5 / 5
Romania (Last reviewed 16 October 2023)
Resident: 8*/ NA / NA;
Non-resident: 8*/ 16 / 16 (the rates can be reduced by applying the
Parent-Subsidiary Directive, the Interest-Royalties Directive, or a DTT)
*WHT rate on dividends may be reduced to 0% in case the beneficiary company
held at least 10% of the shares in the company distributing the dividends for at
least one year.
Rwanda (Last reviewed 18 July 2023)
Resident: 15 / 15 / 15;
Non-resident: 15 / 15 / 15
Saint Lucia (Last reviewed 08 February 2023) Resident: NA;
Non-resident: 0 / 15 / 25
Saudi Arabia (Last reviewed 01 July 2023)
Resident: NA;
Non-resident: 5 / 5 / 15
Senegal (Last reviewed 16 August 2023)
Resident: 10 / 8 to 16 / 20;
Non-resident: 10 / 8 to 16 / 20
Serbia (Last reviewed 21 April 2023)
Resident: NA;
Non-resident: 20 / 20 / 20;
Non-resident in tax haven: 20 / 25 / 25
Singapore (Last reviewed 04 May 2023)
Resident: NA;
Non-resident: 0 / 15 / 10
Slovak Republic (Last reviewed 01 October 2023) Resident: 0 or 7 / 0 or 19* / 0;
Non-resident: 7, 19, or 35 / 19 or 35* / 19 or 35*
*See the Withholding taxes section of the Corporate summary for
more information.
Slovenia (Last reviewed 05 June 2023)
Resident: NA;
Non-resident: 15 / 15 / 15
South Africa (Last reviewed 27 June 2023)
Resident: 20 / 0 / 0;
Non-resident: 20 / 15 / 15
Spain (Last reviewed 30 June 2023)
Resident: 19 / 19 / (19 or 24)*;
Non-resident: 19 / 19 / (19 or 24)*
*See Spain’s corporate summary for more information.
Sri Lanka (Last reviewed 02 August 2023)
Resident: NA;
Non-resident: 15 / 5 / 14
Sweden (Last reviewed 13 June 2023)
Resident: NA;
Non-resident: 30 / 0 / 20.6
Switzerland (Last reviewed 20 July 2023)
Resident: Between 0 and 35 / Between 0 and 35 / 0;
Non-resident: Between 0 and 35 / Between 0 and 35 / 0
Taiwan (Last reviewed 30 June 2023)
Resident: NA / 10 / 10;
Non-resident: 21 / 15 or 20 / 20
Tajikistan (Last reviewed 26 June 2023)
Resident: 12 / 12 / NA;
Non-resident: 12 / 12 / 15
Tanzania (Last reviewed 25 September 2023) Resident: 5 or 10 / 10 / 15
Non-resident: 5 or 10 / 10 / 15
Thailand (Last reviewed 12 July 2023)
Resident: 10 / 1 / 3;
Non-resident: 10 / 15 / 15
Timor-Leste (Last reviewed 28 April 2023)
Resident: 0 / 0 / 10;
Non-resident: 10 / 10 / 10
Trinidad and Tobago (Last reviewed 01 September 2023) Resident: 0 / 0 / 0;
Non-resident: 3 or 8 / 15 / 15
Tunisia (Last reviewed 07 June 2023)
Resident: 10 for individuals and 0 for companies / 0 or 20 / 3 or 10;
Non-resident: 10 / 10 or 20 / 15 or 25
Turkey (Last reviewed 26 July 2023)
Resident: NA;
Non-resident: 10 / 10 / 20
Turkmenistan (Last reviewed 23 June 2023)
Resident: 15 / NA / NA;
Non-resident: 15 / 15 / 15
Uganda (Last reviewed 04 September 2023)
Resident: 15 / 15 / NA;
Non-resident: 15 / 15 / 15
Ukraine (Last reviewed 30 June 2023)
Resident: N/A;
Non-resident: 15 / 15 / 15
United Arab Emirates (Last reviewed 04 September 2023)
0% WHT in case of certain categories of
UAE-sourced income to be specified by way of a
Cabinet decision.
United Kingdom (Last reviewed 29 June 2023)
Resident: 0 / 20 / 20;
Non-resident: 0 / 20 / 20
United States (Last reviewed 08 August 2023)
Resident: NA;
Non-resident: 30 / 30 / 30
Uruguay (Last reviewed 06 July 2023)
Resident: 0, 7, or 12 / 0, 7, or 12 / 0 or 12;
Non-resident: 0 or 7 / 0, 7, or 12 / 0 or 12.
Incomes obtained by entities resident, domiciled or
located in LNTJs, are taxed at 25%.
Uzbekistan, Republic of (Last reviewed 06 July 2023)
Resident: 5 / NA / NA;
Non-resident: 10 / 10 / 20
Starting from 1 April 2022 to 31 December 2024,
dividend income of non-resident legal entities on
shares in joint stock companies is subject to a reduced
WHT rate of 5 % (same as the tax rate applicable to
residents), while interest income on bonds is exempt
from taxation.
Interest paid to non-commercial and budgetary
organisations is subject to 15% WHT at the source
of payment.
Venezuela (Last reviewed 29 September 2023) Resident: 34 / 0 or 5 / 0 – see summary;
Non-resident: 34 / see summary / see summary
Vietnam (Last reviewed 03 April 2023)
WHT applies to most of payments made to foreign
organisations and individuals undertaking business or
earning income sourced from Vietnam,
regardless of the residency status.
WHT rates are nil for dividends. For interest and
royalties, please refer to Vietnam’s Corporate tax
summary.
Zambia (Last reviewed 29 June 2023)
Resident: 15 / 15 / 15 / NA*;
Non-resident: 20 / 20 / 20 / 0*
*Reinsurance placed with non-resident reinsurers
Zimbabwe (Last reviewed 19 May 2023)
Resident: NA / 15 / NA;
Non-resident: 15 / 0 / 15
NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)
NP stands for Not Provided (i.e. the information is not currently provided in this chart)