FIRS directs banks, stockbrokers to deduct withholding tax from short-term securities interest

‎ ‎The Federal Inland Revenue Service (FIRS) has directed banks to deduct withholding tax from all interest payments on short-term investments securities. ‎ ‎Withholding tax is an advance tax deducted at source from certain types of payments made to individuals or companies. ‎ ‎The tax, often withheld by the payer and remitted directly to the...