The Federal Capital Territory International Revenue Service (FCT-IRS) has gone into partnership with the Chartered Institute of Taxation of Nigeria (CITN) resulting in the taxpayer education/enlightenment campaign in Abuja on Thursday, to derive revenue to meet its 2022 target.
It was gathered that the campaign aimed at creating awareness on taxation and some recent changes in tax administration as well as conveying the FCT-IRS tax processes and focus clearly to the residents of FCT.
In his welcome address, the Acting Executive Chairman, FCT-IRS, Mr Haruna Abdullahi, said the service, as a young tax authority, is always open to more collaborations with stakeholders from Federal Inland Revenue Service (FIRS), CITN, other critical tax professionals and practitioners in widening the campaign.
Abdullahi said the programme will be rewarding, and FCT and indeed Nigeria would be better for it, given the calibre of the resource persons that handed critical issues, that would contribute positively to the development of the taxation system.
He added that in terms of tax operations and compliance, its focus has been on the personal income aspects of the employee under the Pays-As-You-Earn (PAYE) scheme at about 75 per cent, self-employed under direct assessment 10 per cent and others 15 per cent respectively.
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According to him, in order to surpass its revenue target of 202 billion Naira for the year 2022, the Service is re-strategizing and refocusing on three streams of tax; namely tax on rental income, capital gains tax, and business premises registration fee before the end of the year.
He reiterated the resolve of the service to sustain aggressive public enlightenment and sensitisation campaign to mobilise prospective taxpayers, with a view to boosting the revenue base of the FCT Administration.
In keynote address, CITN 15th President, Chief Adesina Adebayo, who was represented by Samuel Agbeluyi, CITN’s Vice President, said the programme is highly commendable, as it’s tended to provide enlightenment on taxation of partnership business in Nigeria and recent changes in tax legislation.
Also speaking, Vice Chairman, Senate Committee on FCT, Senator Tolu Odebiyi, noted that the FCT-IRS as one of the key revenue generators for the FCT has done well, especially in putting together needed institutional frameworks.
Similarly, Member, House Committee on FCT, and Deputy chairman House committee on Appropriation, Hon Igariwey Iduma Enwo, said it was a very laudable and deliberate collaborative effort towards improving the tax system in the FCT.
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FCT-IRS partners CITN to surpass N202bn target
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