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| Nyesom Wike |
Property owners in the Federal Capital Territory, Abuja, are set to commence payments of property taxes following the approval of a draft property tax regulation by Minister Nyesom Wike.
Haruna Abdullahi, the Executive Chairman of FCT-IRS, revealed on Sunday, November 12, that the FCT-Internal Revenue Service has initiated the implementation of the Capital Gains Tax as outlined in the Capital Gains Tax Act of 2004.
The Capital Gains Tax mandates a ten percent tax on the total chargeable gains accrued to any individual upon the disposal of chargeable assets in a year of assessment.
Abdullahi stated, "In the last three weeks, the minister has approved some initiatives that are huge and will certainly change the dynamics in terms of the bottom line. Just the other day, we submitted a draft proposal to the minister for the FCT property tax regulation.
The FCT-IRS Act empowers the minister to create a property tax regulation for the FCT. So we had a long conversation, and we suggested it to the minister. He asked us to come up with a draft regulation, which we did, and he has approved the initiative.
We have an inter-agency collaboration whereby we review it because the draft was just done by the FCT-IRS, but that’s not enough; you need other stakeholders. So he approved the initiative to go ahead and review the draft and then come back.
Subsequently, at the end of the day, he will sign the regulation, and it is gazetted and implemented. So that alone should tell you that there is a huge positive impact on the bottom line of the IGR in the city."
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