FCT-IRS to Profile High Networth Individuals Earning N25m for Taxation 

Olawale Ajimotokan in Abuja

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has revealed its plan to profile for the purpose of proper identification and management high-net-worth individuals within the FCT earning N25 million and above for tax compliance purposes.

The Acting Executive Chairman of the Service, Michael Ango, disclosed this in a circular issued over the weekend.

He added that to ensure success of the scheme, the service has also created a dedicated unit for taxation of High Networth Individuals (HNIs) in the FCT. 

He said the unit would essentially focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of tax obligations by HNIs in the FCT.

In addition , the unit will also be the body to interface with agencies of government and other organisations, within and outside the FCT regarding the taxation of HNIs in the FCT.

 At a meeting to unveil the unit, the Acting Executive Chairman described the HNIs as “any individual whether in paid employment, self-employed, carrying on business or having passive annual income of N25m and above in any financial year.  

To this effect, he urged all taxpayers that fall within this category to comply with their tax obligations and pay up all 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,” Ango said.