Minister Nyesom Wike has given the nod to a draft property tax regulation, paving the way for property owners in the Federal Capital Territory (FCT), Abuja, to soon be obligated to pay property taxes.
Haruna Abdullahi, the Executive Chairman of FCT-IRS, announced on Sunday, November 12, that the FCT-Internal Revenue Service has kickstarted the implementation of the Capital Gains Tax as outlined in the Capital Gains Tax Act of 2004.
The Capital Gains Tax mandates a ten percent tax on the total chargeable gains arising from the disposal of chargeable assets within a year of assessment.
Abdullahi underscored the significance of the minister’s approval of the FCT property tax regulation initiative, emphasizing the potential positive impact it could have on the city’s internal revenue generation (IGR).
Abdullahi further elaborated that an inter-agency collaboration, involving stakeholders beyond FCT-IRS, would review the draft proposal. Once the review process is complete and approval granted, the regulation will be signed by the minister, gazetted, and subsequently implemented. This marks a substantial development with promising implications for the enhancement of the city’s IGR.
The move aligns with broader efforts to bolster revenue streams and support the sustainable development of the Federal Capital Territory.
