…To Enforce Rental Income Tax, Other Streams
The Federal Capital Territory Internal Revenue Service (FCT-IRS) collaborated with the Chartered Institute of Taxation of Nigeria (CITN) on a taxpayer education/enlightenment program to keep residents informed about current tax trends in Abuja.
The goal of the campaign was to improve public awareness of taxation and recent changes in tax administration, as well as to properly communicate the FCT-IRS tax processes and focus to FCT residents.
In his welcome address, Mr. Haruna Abdullahi, Acting Executive Chairman, FCT-IRS, said that as a new tax body, the Service is always open to greater collaboration with stakeholders from the Federal Inland Revenue Service CITN, as well as other critical tax professionals and practitioners, in order to broaden the campaign.
Abdullahi said the programme will be rewarding, and FCT and indeed Nigeria would be better for it, given the calibre of the resource persons that handed critical issues, that would contribute positively to the development of taxation system.
He added that in terms of tax operations and compliance, its focus has been on the personal income aspects of the employee under Pays-As-You-Earn (PAYE) scheme at about 75%, self-employed under direct assessment 10% and others 15% respectively.
His words, in order to surpass its revenue target of 202 billion Naira for the year 2022, the Service is re-strategizing and refocusing on three streams of tax- namely tax on rental income, capital gains tax, and business premises registration fee before the end of the year.
He, however, reiterated that resolve of the Service to sustain aggressive public enlightenment and sensitisation campaign to mobilise prospective taxpayers, with a view to boosting the revenue base of the FCT Administration.
In his keynote address, CITN 15th President, Chief Adesina Adebayo, who was represented by Samuel Agbeluyi, CITN’s Vice President, said the programme is highly commendable, as it’s tended to provide enlightenment on taxation of partnership business in Nigeria and recent changes in tax legislation.
Also speaking at the event, the Vice Chairman,
Senate Committee on FCT
Senator Tolu Odebiyi, hinted that the FCT-IRS as one of the key revenue generators for the FCT have done well, especially in putting together needed institutional frameworks.
He described the event as apt, as it will enable the Service to further set up structures required to widen its revenue base and efficiency in the system
He, therefore, assured that the Senate is doing anything possible to work with the FCT-IRS to not only widens its revenue base, but ensure efficiency and accountability in the system.
Similarly, Member, House Committee on FCT, and Deputy Chairman House Committee on Appropriation, Hon. Igariwey Iduma Enwo, said it was a very laudable and deliberate collaborative effort towards improving the tax system in the FCT .
According to him, “Taxes area at the core of the relationship between the govt and citizens as a civic duty, which enables the provision of critical infrastructure and services to the citizens
“We stand ready and committed to amending or enacting laws to enhance a robust tax system in the FCT”, he stressed.
