FCT Minister Approves Property Tax In Abuja

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FCT Minister Approves Property Tax In Abuja

TEC News!

 

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved a property tax regulation for the capital city, Abuja.

 

Following the development , property owners in the Federal Capital Territory would start paying property taxes.

 

The Internal Revenue Service, FCT is said to have commenced the implementation of Capital Gains Tax in the FCT, as stipulated in the Capital Gains Tax Act 2004.

The Capital Gains Tax mandates the payment of a ten percent tax on the total amount of chargeable gains accruing to any person on the disposal of chargeable assets in a year of assessment.

The Executive Chairman of FCT-IRS, Haruna Abdullahi, disclosed this when he spoke to journalists in Abuja on Sunday.

Abdullahi said the minister had approved some key initiatives to drive revenue for the FCT.

He said, “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.

FCT is one of the largest cities in Africa which has thousands of properties that can generate a huge revenue for the capital city, as one of the suburb towns such as Kubwa is acclaimed to be the largest community in west Africa.

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