By Njoku Chijioke
The Federal Capital Territory Internal Revenue Service (FCT-IRS), has launched a dedicated unit to target over 10,000 high-net-worth individuals in Abuja, aiming to boost the Federal Capital Territory’s internally generated revenue.
Michael Ango, the acting executive chairman of FCT-IRS, revealed that the unit will focus on assessing and collecting taxes from individuals earning an annual passive income of N25 million and above.
This category includes salaried employees, self-employed individuals, business owners, and those with significant passive income.
Ango emphasized that the new unit would also ensure compliance and enforce tax obligations among high-net-worth taxpayers.
He urged individuals in this category to settle any outstanding liabilities within two weeks, stressing that voluntary compliance serves the mutual interests of taxpayers and the government.
The FCT-IRS has already identified over 10,000 high-net-worth individuals whose combined incomes total trillions of Naira. Notices have been issued to these individuals, with the expectation of prompt responses.
Failure to comply voluntarily, Ango warned, would compel the agency to enforce the law to recover outstanding taxes.
This initiative aligns with efforts to enhance revenue generation in the FCT, a move crucial to funding the ambitious infrastructural projects championed by the Nyesom Wike-led FCT Administration.
