FCT-IRS Warns Annual Returns Defaulters Of N500,000 Penalty

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has warned that individuals who fail to file their annual returns may face a minimum penalty of N500,000.

This warning was issued by the acting executive chairman of the FCT-IRS, Michael Ango, during an annual awareness campaign in Abuja aimed at encouraging tax compliance among residents.

Ango stated that individuals who do not submit their 2024 annual returns by the deadline of January 31, 2025, will incur the minimum penalty as mandated by law.

He noted that many companies have already fulfilled their filing obligations.

While praising compliance by businesses, Ango indicated that those who fail to file will receive formal notifications of penalties rather than commendations.

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“We have already reached out to some defaulters, informing them of the N500,000 penalty. We also possess the authority to prosecute those who do not comply,” he said.

Ango reminded everyone, regardless of employment status, that they must file their annual income tax returns by March 31 each year. “This campaign aims to boost compliance rates significantly,” he added.

The acting executive chairman, while appealing to citizens, explained that tax payment is a legal responsibility.

He said that while the FCT-IRS prefers to encourage voluntary compliance, enforcement measures may become necessary for those who do not comply.

“We urge those yet to register with the FCT-IRS to do so. We aspire to achieve 100 percent tax compliance in Abuja, enabling residents to proudly say they contribute to the city’s development,” he stated.

Ango also shared the administration’s focus over the past two years on improving infrastructure, including roads, schools, and healthcare facilities.

He reiterated the FCT Minister Nyesom Wike’s vision of transforming Abuja into a world-class capital that rivals other major cities.

“We are committed to partnering with Abuja residents to enhance public amenities, such as quality roads, reliable water supply, healthcare, security, and educational facilities, as well as recreation parks and streetlights. Our goal is to create a city that is not only functional but also desirable,” Ango said.