The Federal Capital Territory Internal Revenue Service (FCT-IRS) has launched a dedicated unit to oversee the taxation of High Net-Worth Individuals (HNIs) within the Federal Capital Territory.
In a circular signed by the Acting Executive Chairman, Michael Ango, the unit is tasked with assessing and collecting taxes from HNIs, ensuring compliance, and enforcing tax obligations. It will also collaborate with government agencies and organizations both within and outside the FCT on matters related to HNI taxation.
Focus and Criteria
The unit is responsible for identifying, profiling, and managing HNIs in the FCT to enhance tax compliance. At the unit’s unveiling, Ango defined the target group as:
“Any individual, whether in paid employment, self-employed, running a business, or earning a passive yearly income of N25 million and above in any financial year.”
Voluntary Compliance and Enforcement
Ango urged taxpayers in this category to settle their tax obligations and clear outstanding liabilities within two weeks.
“We have identified over 10,000 HNIs with income in trillions of naira and have begun sending out notices. While we encourage voluntary compliance, we will enforce the law to recover outstanding liabilities if necessary.”
Boosting Revenue for Development
Since assuming office, Ango has emphasized the importance of increasing revenue to support the Federal Capital Territory Administration’s (FCTA) aggressive infrastructural transformation under the leadership of FCT Minister Nyesom Wike.
He reiterated the service’s commitment to ensuring compliance across all taxpayer categories and called on FCT residents to support the administration’s development efforts by paying their taxes promptly.
This initiative is expected to significantly boost revenue generation and improve infrastructure and public services across the FCT and its satellite towns.
