UPDATE: Wike Approves Implementation Of Personal Income Tax In FCT

UPDATE: Wike Approves Implementation Of Personal Income Tax In FCT

by Victor Ndubuisi
A+A-
Reset

The 2015 Personal Income Tax and FCT Internal Revenue Service Acts must be enforced, according to Federal Capital Territory (FCT) Minister Ezenwo Nyesom Wike.

The action is intended to improve the revenue profile of the area.

According to Anaedoonline.ng, Wike instructed all Ministries, Departments and Agencies MDAs, Commercial Banks, as well as FCT Secretariats, Departments and Agencies SDAs in a memo dated October 4, 2023 to ensure strict adherence to the law, particularly Section 85 of the Personal Income Tax Act (PITA) and Section 31 of the FCT Internal Revenue Service Act 2015.

Customers: Investigate Sources Of Income – EFCC Orders Banks

Wike had given the go-ahead for the implementation of Sections 31 and 85 of the FCT Internal Revenue Service Act of 2015, according to Chinedum Elechi, the Mandate Secretary of the FCT Economic Planning, Revenue Generation, and Public Private Partnerships Secretariat.

Advertisement

He clarified that anyone found guilty of giving false information or obtaining a TCC through fraud or forgery would face a punishment of N50,000, three years in prison, or both.

The government entity or organisation, he continued, is subject to a fine of N5,000,000 or a three-year prison sentence, or both, upon conviction for failing to authenticate a TCC prior to any transaction.

According to him, “Section 31 of the FCT-IRS Act provides that all SDAs, corporate bodies, or any person empowered by law, shall demand a TCC from any person or enterprise for the last three years preceding the current year of assessment as a precondition for transacting any business in the FCT”.

The Five Sectors Most Affected By IPOB’s Sit At Home Orders

“The said transactions include Certificate of Occupancy, award of contracts, approval of building plans, application for FCTA loan for housing, business or any other purpose, registration of motor vehicles, land applications and a host of others.

“Taxes are essential to the foundation of any government, and it is important that everyone pays their fair share. Payment of tax is a civic duty and responsibility. Implementation of these laws is intended to ensure that all eligible taxpayers in the FCT comply with their tax obligations”.

 

Advertisement

Follow us on Facebook

Post Disclaimer

The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.

You may also like

Advertisement