FCT-IRS issues 2-week deadline to Abuja high-income earners, targets 10,000 residents

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has launched a special unit to oversee the taxation of High Net-Worth Individuals (HNIs) within the territory.

The agency revealed it has identified more than 10,000 high-income earners with collective earnings in the trillions of Naira and has given them a two-week deadline to fulfill their tax obligations or face sanctions.

In a statement released on Sunday in Abuja, the Head of Corporate Communications for FCT-IRS, Mustapha Sumaila, disclosed that the Acting Executive Chairman of the Service, Michael Ango, announced the creation of the unit to handle the assessment and collection of income and other taxes from HNIs.

The unit will also ensure compliance and enforce tax obligations while liaising with government agencies and other organizations.

“The unit will also be responsible for interface with agencies of government and other organizations, within and outside the FCT regarding the taxation of HNIs in the FCT,” the statement read.

The FCT-IRS has intensified efforts to identify, profile, and manage high-income earners for tax compliance purposes. At a meeting to unveil the unit, Ango clarified that HNIs include individuals in paid employment, self-employment, business operations, or those earning an annual passive income of N25 million or more.

He urged individuals in this category to settle outstanding liabilities within the stipulated timeframe.

“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,” Ango stated.

Ango also emphasized his commitment to improving revenue generation to support the Federal Capital Territory Administration’s (FCTA) ongoing infrastructure projects under the leadership of the Minister of the FCT, Barrister Ezenwo Nyesom Wike.

He reiterated the importance of tax compliance in enhancing public services and infrastructure across the FCT and its satellite towns, urging all residents to contribute by paying their taxes.