The Federal Capital Territory Internal Revenue Service (FCT-IRS) has identified over 10,000 high-net-worth individuals (HNIs) in the Federal Capital Territory (FCT) with incomes totaling trillions of naira, and has given them a 2-week ultimatum to settle their tax obligations.
Acting Executive Chairman Michael Ango announced the creation of a special taxation unit focused on HNIs, emphasizing the need for voluntary compliance.
“We have identified over 10,000 individuals with income in trillions of naira, and we expect them to respond and comply voluntarily,” Ango stated.
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The unit will assess and collect income and other taxes, ensure compliance, and enforce tax obligations among HNIs in the FCT. It will also collaborate with government agencies and organizations regarding HNI taxation.
To qualify as an HNI, an individual must have an annual income of N25 million or more from paid employment, self-employment, business, or passive income. Ango urged taxpayers in this category to pay outstanding liabilities within two weeks to avoid sanctions.
Since assuming office, Ango has prioritized enhancing revenue generation in the FCT to support infrastructure development under the Federal Capital Territory Administration, led by Minister Ezenwo Nyesom Wike.
The FCT-IRS aims to optimize revenue streams, operationalize non-performing tax types, and conduct strategic tax audits.
The service also plans to improve taxpayer education and collaboration with stakeholders to achieve its N250 billion revenue target for 2024