FCT-IRS Generates Over N203bn

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FCT-IRS Generates Over N203bn

The Federal Capital Territory Internal Revenue Service has disclosed that it generated about N203bn in 2023, representing a 63% increase from the N124bn it generated in 2022.

Acting Chairman of the FCT-IRS, Haruna Abdullahi, disclosed at a news conference in Abuja on Wednesday, where he also revealed that the service hoped to generate about N250bn in 2024.

The PUNCH earlier reported that the Service had generated N98.5bn in seven months between January and July 2023, as opposed to the N65.7bn generated in 2022 within the same period.

Abdullahi said the revenue tax collection of the FCT had grown from barely N46bn in 2017, to N124bn in 2022, representing an over 270% increase, adding that the service was optimistic that it could generate N250bn with the support of staff of the FCTA, the National Assembly, and other key stakeholders.

He said, “The Tax Revenue Collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022, indicating over 270% growth. At this point, I would like to inform the general public that, as of December 19, 2023, the FCT-IRS, for the first time since its inception in 2015, has exceeded the N200 billion mark by generating the sum of N203,147,090,410.5 annual revenue for the year 2023. This is a huge milestone for the service, and it represents about a 63.34% increase in collection from the preceding year.

“For the year 2024, FCT-IRS has a target of N250 billion (Two-hundred and Fifty Billion Naira), we are determined and optimistic that we will realize and surpass that, with the committed and dedicated staff of the service, support from the FCT Administration, the National Assembly, and other key stakeholders, including our esteemed taxpayers, it is achievable, and the task ahead is surmountable.”

The acting chairman explained that the taxpayer base of the FCT had grown from 543,969 individuals, and 284,746 non-individuals in 2015 to 1,108,162 individuals, and 389,981 non-individuals in 2023.

He added that the FCT-IRS would begin the enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended) and Section 31 of the FCT IRS Act 2015, which required Secretariats, Departments and Agencies, commercial banks, and other corporate bodies to demand and verify Tax Compliance Certificates as precondition for rendering services in the FCT.

“As part of our efforts to ensure compliance with filing of returns, the Service will, in accordance with the tax laws apply penalty for non-filing of annual returns by 31st January of every year for employers and 31st March of every year for individuals. A comprehensive reassessment of returns will be intensified, which will be followed by constant monitoring and compliance exercises.

“For the avoidance of doubt, section 32 of the FCT-IRS Act, 2015 empowers the Chairman of the Service to authorize any Officer of the Service to have free access to properties and records of taxpayers for the purpose of compliance with the tax laws. The Service will not only hesitate to prosecute tax offenders through the instrumentality of the law, but will ensure that all taxes due to FCT are recovered,” he said.

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By Abia ThinkTank

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