In a strategic move to bolster revenue generation, the Federal Capital Territory Internal Revenue Service (FCT-IRS) has launched a special unit dedicated to the taxation of High Net-Worth Individuals (HNIs) within the Federal Capital Territory.
This initiative, according to Acting Executive Chairman Michael Ango, is designed to ensure tax compliance among affluent individuals whose annual earnings exceed ₦25 million. It also aims to enhance revenue collection to support the infrastructural transformation agenda of the Federal Capital Territory Administration (FCTA), led by Barrister Ezenwo Nyesom Wike.
Over 10,000 HNIs Identified
Ango disclosed that the unit had already identified over 10,000 HNIs with combined incomes in trillions of Naira. Notices have been dispatched, urging these individuals to meet their tax obligations within two weeks.
“For our HNI taxpayers, we believe voluntary compliance is in our mutual interest. However, if compliance is not achieved, we will enforce the relevant provisions of the law to recover all outstanding liabilities,” Ango stated during the unveiling of the unit.
Taxation as a Catalyst for Development
The Acting Executive Chairman highlighted the critical role of taxation in driving development, emphasizing that enhanced revenue generation is essential for improving infrastructure and public services across Abuja and its satellite towns.
“As residents of the FCT, it is our collective responsibility to support this administration’s efforts by paying our taxes. This will enable the government to deliver on its mandate of transformation and growth,” Ango noted.
Commitment to Taxpayer Compliance
Ango reiterated the FCT-IRS’s commitment to enforcing compliance across all categories of taxpayers, regardless of their status, as part of a broader effort to strengthen the agency’s revenue base.
This proactive step is expected to unlock significant untapped revenue from the HNI demographic, contributing to the ongoing socio-economic development of Abuja and positioning the FCT as a model of fiscal efficiency.
By establishing this unit, the FCT-IRS underscores its resolve to align with global best practices in taxation and promote equity in the tax system.
