Federal Capital Territory Internal Revenue Service (FCT-IRS) has created a dedicated unit for the taxation of High Networth Individuals (HNIs) in the Federal Capital Territory (FCT).
A circular, signed by the Acting Executive Chairman of the service, Michael Ango, indicated that the unit would focus on assessment and collection of income and other taxes and oversee compliance and enforcement of tax obligations by HNIs in the FCT.
The unit, according to him, will also be responsible for interface with agencies of government and other organisations within and outside the FCT regarding the taxation of HNIs in the FCT.
According to Ango, the unit focuses on identification, profiling and management of high-net-worth individuals within the FCT for tax compliance purposes.
At a meeting to unveil the unit, the acting executive chairman described the target citizens, saying: “Any individual, whether in paid employment, self-employed, carrying on business or having passive yearly income of N25 million and above in any financial year”.
He urged all taxpayers that fall within the category to comply with their tax obligations and pay up all outstanding liabilities within two weeks.
“For our HNI taxpayers, we believe it is in our mutual interest that they comply voluntarily and we have identified over 10,000 of such individuals, with income in trillions of naira, to whom we have started to send notices. We expect that they will respond and comply voluntarily; otherwise, we will apply the relevant provisions of the law and exercise our powers to recover all the outstanding liabilities”
Recall that since resuming office as Chief Executive of the service, Ango had consistently emphasised the need to enhance revenue generation in the FCT, in order to support the aggressive infrastructural transformation being undertaken by the Federal Capital Territory Administration under the Minister of the FCT, Nyesom Wike.
The acting chairman stated that he would continue to take steps to ensure compliance by all taxpayers, irrespective of status and enjoined all residents of the FCT to continue to support the efforts of the administration to improve infrastructure and public services in the FCT and satellite towns by paying their taxes.
