- The unit will focus on assessing and collecting taxes, ensuring compliance, and engaging with relevant government agencies
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has established a special unit to oversee the taxation of High-Net-Worth Individuals (HNIs) in the FCT, identifying over 10,000 individuals with incomes in the trillions of Naira.
The Acting Executive Chairman of FCT-IRS, Michael Ango, announced a two-week ultimatum for these taxpayers to meet their tax obligations or face sanctions.
The unit will focus on assessing and collecting taxes, ensuring compliance, and engaging with relevant government agencies.
HNIs are defined as individuals earning N25 million or more annually, either through employment, business, or passive income. Notices have already been issued to identified taxpayers, and Ango urged voluntary compliance, warning of legal action to recover outstanding liabilities.
Ango highlighted the initiative’s importance in boosting revenue to support ongoing infrastructural projects under the FCT Administration led by Minister Nyesom Wike. Residents were also encouraged to support development efforts by fulfilling their tax responsibilities.
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