The Federal Capital Territory Internal Revenue Service (FCT-IRS) has launched a specialised unit to oversee the taxation of more than 10,000 high-net-worth individuals (HNIs) in the FCT. This move is part of efforts to increase Internally Generated Revenue (IGR) within the territory.
Michael Ango, the acting Executive Chairman of FCT-IRS, announced the development in a circular issued in Abuja on Sunday. The newly established unit will handle the assessment and collection of income taxes, enforce compliance, and liaise with government agencies on matters concerning HNI taxation.
Ango explained that the unit is also tasked with identifying, profiling, and managing high-net-worth individuals to ensure proper tax compliance. He defined an HNI as anyone with an annual income of N25 million or more, whether from employment, business, or passive sources.
Taxpayers within this category have been given a two-week deadline to settle any outstanding tax liabilities. “We have identified over 10,000 individuals with trillions of Naira in income and begun issuing notices. We encourage voluntary compliance; otherwise, we will apply legal measures to recover unpaid taxes,” Ango stated.
The acting chairman reaffirmed the FCT-IRS’s commitment to enhancing revenue generation to support the ongoing infrastructural projects under the leadership of FCT Minister Nyesom Wike. He also urged all residents of the FCT to fulfil their tax obligations, noting that such contributions are vital for improved infrastructure and public service delivery in both the capital city and satellite towns.
Credit: NAN (Text Excluding Headline)
