The Minister of the Federal Capital Territory, Nyesom Wike, has approved a draft property tax regulation for the city.
The FCT-Internal Revenue Service has initiated the implementation of Capital Gains Tax in Abuja, in line with the Capital Gains Tax Act 2004, imposing a 10 percent tax on chargeable gains from the disposal of assets.
See also: “Nobody Will Suspend Me From PDP” – Wike
The Executive Chairman, FCT-IRS, Haruna Abdullahi, highlighted key initiatives approved by the minister, including the implementation of property tax and full enforcement of the Capital Gains Tax. These measures aim to boost the Internally Generated Revenue (IGR) of the FCT, with the property tax regulation providing an anticipated positive impact on the IGR.
Additionally, the full implementation of Capital Gains Tax and adherence to Section 85 of the Personal Income Tax Act and Section 31 of the FCT IRS Act are expected to contribute significantly to revenue targets. Abdullahi emphasized the need for political support and collaboration among stakeholders to overcome challenges and enhance tax collection efforts.
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