FCT Set For IGR Boost As Wike Approves Property Tax

Eko Hot Blog reports that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved a property tax regulation for the city.

Following the approval, property owners in the Federal Capital Territory would start paying property taxes.

Editor’s Pick 

• Admission Racketeering: Jamb Welcomes Senate Probe, Insists No Cause For Alarm

• Appeal Court Announces Date For Hearing Nasarawa Governorship Dispute

• Aviation Minister, Keyamo Apologises Over Flight Disruptions At Abuja Airport

The FCT-Internal Revenue Service is said to have commenced the implementation of Capital Gains Tax in the FCT, as stipulated in the Capital Gains Tax Act 2004.

The Capital Gains Tax mandates the payment of a ten per cent tax on the total amount of chargeable gains accruing to any person on the disposal of chargeable assets in a year of assessment.

The Executive Chairman of FCT-IRS, Haruna Abdullahi, disclosed this when he spoke to journalists in Abuja on Sunday.

Abdullahi said the minister had approved some key initiatives to drive revenue for the FCT.

President Bola Tinubu

He said, “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.

“The FCT-IRS Act empowers the minister to come up with a property tax regulation for the FCT. So we had a long conversation and we suggested it to the minister, and he asked us to come up with a draft regulation, which we did, and he has approved the initiative.

Further Reading 

• BREAKING: INEC Announces Fresh Elections In Kogi

• Messenger Promoted To Cashier Bags Five Years In Prison For Defrauding Employer Of N64.4M

• JUST IN: PDP’s Duoye Diri Maintains Clear Lead As INEC Resumes Bayelsa Result’s Collation

“So we have an inter-agency collaboration whereby we review it because the draft was just done by the FCT-IRS, but that’s not enough, you need other stakeholders. So he approved the initiative to go ahead and review the draft and then come back.

“Subsequently at the end of the day, he will sign the regulation and is gazetted and implemented. So that alone should tell you that there is a huge positive impact on the bottom line of the IGR in the city.”

Click To Watch Our Video Of The Week

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611