The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has given the green light for the implementation of a property tax regulation in the city. This approval signifies a significant development as property owners within the FCT are now mandated to pay property taxes.
The FCT-Internal Revenue Service has initiated the execution of the Capital Gains Tax in accordance with the provisions outlined in the Capital Gains Tax Act of 2004.
This tax legislation mandates a ten per cent tax on the total chargeable gains accruing to individuals upon the disposal of chargeable assets in a given assessment year.
Haruna Abdullahi, the Executive Chairman of FCT-IRS, revealed this update during a discussion with journalists in Abuja on Sunday. Abdullahi highlighted that the minister has endorsed several key initiatives aimed at enhancing revenue generation for the FCT.
Abdullahi explained, “In the last three weeks, the minister has approved some initiatives that are huge and will certainly change the dynamics in terms of the bottom line. Just the other day, we submitted a draft proposal to the minister for the FCT property tax regulation.”
He further emphasized the collaborative effort involving multiple agencies in the review process. The draft proposal, initially prepared by the FCT-IRS, is subject to scrutiny by various stakeholders. The minister’s approval signals a positive impact on the Internally Generated Revenue (IGR) of the city, with the anticipation of the regulation being gazetted and implemented following a thorough review process.
This move underscores the commitment of the FCT administration to explore avenues for bolstering revenue streams and supporting the city’s financial sustainability.
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