FCT-IRS generates over N203bn

According to the Federal Capital Territory Internal Revenue Service, it brought in almost N203 billion in 2023, a 63% rise over the N124 billion it brought in the previous year.

The FCT-IRS’s acting chairman, Haruna Abdullahi, made the announcement on Wednesday at a press conference in Abuja. He also mentioned the service’s goal of generating roughly N250 billion by 2024.

The Service produced N98.5 billion in seven months between January and July 2023, according to a previous report, compared to N65.7 billion in the same period in 2022.

With the backing of FCTA employees, the National Assembly, and other important stakeholders, Abdullahi stated that the revenue tax collection of the Federal Capital Territory had increased from a meagre N46 billion in 2017 to a staggering N124 billion in 2022—a 270% increase. The service expressed optimism that it could generate N250 billion.

In 2022, the FCT-IRS’s Tax Revenue Collection exceeded N124 billion, a rise of almost 270% from just N46 billion in 2017.” Right now, I would want to let the public know that as of December 19, 2023, the FCT-IRS has generated N203,147,090,410.5 in income for the year 2023—beyond the N200 billion threshold for the first time since its founding in 2015. This is a significant achievement for the service and an approximate 63.34% rise in collection over the previous year.

The FCT-IRS has set a target of N250 billion (two hundred and fifty billion naira) for the year 2024. With the help of the service’s devoted and committed staff, the National Assembly, the FCT Administration, and other important stakeholders, including our esteemed taxpayers, we are confident that we will surpass this goal. The task at hand is manageable.

According to the acting chairman, in 2015 there were 543,969 individuals and 284,746 non-individuals in the FCT; by 2023, however, there were 1,108,162 individuals and 389,981 non-individuals.

The FCT-IRS, he continued, would start enforcing Section 31 of the FCT IRS Act 2015 and Section 85 of the Personal Income Tax Act, 2011 (as amended), which mandated that Tax Compliance Certificates be demanded and verified by commercial banks, other corporate bodies, departments, and agencies before any services could be rendered in the FCT.

“As part of its efforts to ensure compliance with return filing, the Service will impose penalties for failure to file annual returns by the 31st of January for employers and the 31st of March for individuals, in accordance with tax legislation. There will be an increased emphasis on a thorough reevaluation of returns, along with ongoing compliance checks and monitoring.

For the avoidance of dispute, the Chairman of the Service may, by virtue of Section 32 of the FCT-IRS Act, 2015, grant any Officer of the Service unrestricted access to the assets and documents of taxpayers in order to ensure that the laws are followed. In addition to using legal means to pursue tax offenders, the Service would make sure that all taxes owed to FCT are collected, the speaker declared.