FCT-IRS Creates Special Unit To Tax 10,000 High-Net-Worth Individuals

The Federal Capital Territory Internal Revenue Service (FCT-IRS), has created a dedicated unit for taxation of more than 10,000 High-Net-worth Individuals (HNIs) in the FCT.

The acting Executive Chairman of the Service, Mr Michael Ango, announced the development in a circular made available to newsmen in Abuja on Sunday.

The move, according to him, is to boost Internally Generated Revenue (IGR) in the FCT.

Ango explained that the unit would focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of high net worth individuals’ tax obligations in the FCT.

He added that the unit would also be responsible for interface with agencies of government and other organisations, within and outside the FCT regarding the taxation of HNIs in the FCT.

The acting EC further said that the FCT-IRS was equally focused on the proper identification, profiling and management of high-net-worth individuals within the FCT for tax compliance purposes.

He described the HNI as any individual whether in paid employment, self-employed, carrying on business or having passive annual income of N25 million and above in any financial year.

He, therefore, urged all taxpayers that fall within the category to comply with their tax obligations and pay all outstanding liabilities within two weeks.

“For our HNI taxpayers, we believe it is in our mutual interest that they comply voluntarily and we have identified over 10,000 of such individuals, with income in trillions of Naira, to whom we have started to send notices.

“We expect that they will respond and comply voluntarily, otherwise, we will apply the relevant provisions of the law and exercise our powers to recover all the outstanding liabilities,” he said.

Ango reiterated his commitment to enhance revenue generation in the FCT to support the aggressive infrastructural transformation being undertaken by the Nyesom Wike-led FCT Administration.

He assured the FCT-IRS determination to ensure compliance by all taxpayers, irrespective of status, and urged all residents of the FCT to continue to support the efforts of the current administration by paying their tax obligations.

This, he said, would significantly improve the provision of infrastructure and public services in the FCT and satellite towns.

Source-NAN