FCTA Woos Investors With Revenue Collection Harmonisation

The Federal Capital Territory Administration (FCTA) has said that its ongoing efforts at mobilising stakeholders and harmonising revenue collection systems in Abuja, were designed to woo both local and foreign investors to the capital city.

The FCTA made this known yesterday at a one-day town hall meeting, organised by the FCT-IRS to further harness stakeholders’ support for the implementation of the harmonisation initiative.

The permanent secretary of FCTA, Adesola Olusade, who addressed participants, said there was a need to make Abuja more investment-friendly for intending investors.

Olusade explained that the decision to embark on the revenue collection harmonisation drive in collaboration with the six area councils, was also in sync with global best practices.

“By simplifying and consolidating our revenue collection systems, we aim to attract more investment, stimulate economic growth, and create employment opportunities. This will enhance the FCT’s reputation as an investment-friendly destination and contribute to the overall development of the region,” he said.

Also, the chairman of FCT-IRS, Haruna Abdullahi, said the processes of the harmonisation were duly backed by extant laws and regulations.

Apart from increasing revenue generation for the benefit of both the government and citizens, the promoters of the initiative also want to enshrine transparency and accountability in the systems.

“The Federal Capital Territory Internal Revenue Service Act entrusts us, the FCT-IRS, with the duty to collaborate with relevant stakeholders and agencies in harmonising and improving our tax practices.

“This is aimed at optimizing our revenue generation efforts while ensuring simplicity, transparency, and accountability in our tax systems. Section 45 of the Act establishes the FCT Joint Revenue Committee, while Section 46 of the same Act outlines the functions of the FCT Joint Revenue Committee (FCTJRC), which are to Harmonise tax administration in the FCT.

“Deal with revenue matters of common concern to the FCT and Area Council. Enlighten members of the public generally on FCT and area council revenue matters. Consider relevant resolutions of the Joint Tax Board for implementation in the FCT, advise the Joint Tax Board, FCT, and area councils on revenue matters,” he said.