If its company is limited by shares then YES. But if it’s limited by guarantee then NO. Per section 115 act 896 (investment returns) A resident person shall withhold tax at a rate in the first schedule where that person pays dividends, lottery winnings, and interest. This section does not apply to a payment that is an exempt amount. Section 99 of act 896 ( building society and friendly societies) Subsection 2 The income of a statutory building society or a registered building society is exempt from taxes. This means that the investment of a cooperative society is not liable to withholding taxes.