FCT-IRS Establishes Dedicated Unit For Taxation Of High Net Worth Individuals

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has established a specialised unit aimed specifically at the taxation of High Net Worth Individuals (HNIs) within the FCT.

In a circular released by the acting executive chairman, Michael Ango, it was announced that this new unit will concentrate on assessing and collecting income and other taxes while ensuring compliance and enforcement of tax obligations among HNIs.

Additionally, the unit will coordinate with various government agencies and organisations, both within and outside the FCT, regarding HNIs taxation.

In a statement signed by the head of Corporate Communications of FCT-IRS, Mustapha Sumaila, the chairman further clarified that the FCT-IRS is now concentrating on accurately identifying, profiling, and managing HNIs in the FCT to enhance tax compliance.

During a meeting to launch the unit, Ango defined HNIs as individuals, irrespective of employment status—whether salaried, self-employed, or earning passive income, who generate an annual income of N25,000,000 or more.

He urged all taxpayers in this category to adhere to their tax responsibilities and settle any outstanding liabilities within two weeks.

“For our HNI taxpayers, we believe it is in our mutual interest that they comply voluntarily and we have identified over 10,000 of such individuals, with income in trillions of Naira, to whom we have started to send notices.

“We expect that they will respond and comply voluntarily, otherwise, we will apply the relevant provisions of the law and exercise our powers to recover all the outstanding liabilities,” he said.

Since assuming leadership, Ango has consistently reiterated the importance of boosting revenue generation in the FCT to support the extensive infrastructural initiatives spearheaded by the Federal Capital Territory Administration (FCTA) under the leadership of the minister, Nyesom Wike.

The acting chairman assured that he would persist in efforts to ensure all taxpayers, regardless of status, fulfill their obligations.

He called on all FCT residents to contribute to improving infrastructure and public services in the FCT and surrounding areas by fulfilling their tax obligations.