diff --git a/agora-test/Spec/Effect/TreasuryWithdrawalEffect.hs b/agora-test/Spec/Effect/TreasuryWithdrawalEffect.hs
new file mode 100644
index 0000000..2113624
--- /dev/null
+++ b/agora-test/Spec/Effect/TreasuryWithdrawalEffect.hs
@@ -0,0 +1,59 @@
+{- |
+Module     : Spec.Effect.TreasuryWithdrawalEffect
+Maintainer : seungheon.ooh@gmail.com
+Description: Sample based testing for Treasury Withdrawal Effect
+
+This module tests the Treasury Withdrawal Effect.
+-}
+
+module Spec.Effect.TreasuryWithdrawalEffect(currSymbol, signer, validator, validatorHashTN, withdrawalEffect) where
+
+import Plutarch.Api.V1
+import Plutus.V1.Ledger.Api
+import Plutus.V1.Ledger.Value qualified as Value
+import Plutus.V1.Ledger.Interval qualified as Interval
+
+import Agora.Effect.TreasuryWithdrawal (treasuryWithdrawalValidator)
+
+-- | A sample Currency Symbol
+currSymbol :: CurrencySymbol
+currSymbol = CurrencySymbol "Orange19721121"
+
+-- | A sample 'PubKeyHash'.
+signer :: PubKeyHash
+signer = "8a30896c4fd5e79843e4ca1bd2cdbaa36f8c0bc3be7401214142019c"
+
+-- | Effect validator instance.
+validator :: Validator
+validator = mkValidator $ treasuryWithdrawalValidator currSymbol
+
+-- | 'TokenName' that represents the hash of the 'Stake' validator.
+validatorHashTN :: TokenName
+validatorHashTN = let ValidatorHash vh = validatorHash validator in TokenName vh
+
+withdrawalEffect :: ScriptContext
+withdrawalEffect =
+  ScriptContext
+    { scriptContextTxInfo  =
+        TxInfo
+              { txInfoInputs =
+                  [ TxInInfo
+                      (TxOutRef "0b2086cbf8b6900f8cb65e012de4516cb66b5cb08a9aaba12a8b88be" 1)
+                      TxOut
+                        { txOutAddress = Address (ScriptCredential $ validatorHash validator) Nothing
+                        , txOutValue = Value.singleton currSymbol validatorHashTN 1
+                        , txOutDatumHash = Nothing
+                        }
+                  ]
+              , txInfoOutputs = []
+              , txInfoFee = Value.singleton "" "" 2
+              , txInfoMint = mempty
+              , txInfoDCert = []
+              , txInfoWdrl = []
+              , txInfoValidRange = Interval.always
+              , txInfoSignatories = [signer]
+              , txInfoData = []
+              , txInfoId = "0b2086cbf8b6900f8cb65e012de4516cb66b5cb08a9aaba12a8b88be"
+              }
+    , scriptContextPurpose = Spending (TxOutRef "0b2086cbf8b6900f8cb65e012de4516cb66b5cb08a9aaba12a8b88be" 1)
+    }
diff --git a/agora.cabal b/agora.cabal
index aae5776..689ce97 100644
--- a/agora.cabal
+++ b/agora.cabal
@@ -154,6 +154,7 @@ test-suite agora-test
   other-modules:
     Spec.Model.MultiSig
     Spec.Sample.Stake
+    Spec.Effect.TreasuryWithdrawalEffect
     Spec.Stake
     Spec.Util
     Spec.AuthorityToken