The Minister of the Federal Capital Territory Nyesom Wike, has approved a strict implementation of the Personal Income Tax and the FCT Internal Revenue Service Acts 2015, in a bid to improve the revenue base of the nation’s capital.
The Mandate Secretary of the Economic Planning, Revenue Generation, and Public Private Secretariat, Chinedum Elechi, at a press conference in Abuja explained that
a government entity or organization who fails to verify a Tax Clearance Certificate is liable to a fine of Five Million Naira or a three year, jail term or both, upon conviction.
Whenever and wherever the story of Nigeria’s tax system is told, there are usually more failings than positive achievements.
Major indicators such as the ratio of tax to GDP and the ranking on the ease of paying taxes, remind one that there’s a longer journey ahead than the past 55 years since independence.
The establishment of the FCT IRS, made it possible to streamline tax collection in the F.C.T.
Presently, F.C.T minister Nyesome Wike has given a marching order to the FCT IRS to begin the implementation of Section 85 of Personal Income Tax Act (PITA) and Section 31 of the FCT Internal Revenue Service Act, 2015.
The said transactions include Certificate of Occupancy, award of contracts, approval of building plans, application for FCTA loan for housing, business or any other purpose, registration of motor vehicles, among others.
The generating agencies project that FCTA has the capacity to do between 250 to 300 billion naira a month, with a full strict implementation.
