The Federal Capital Territory Internal Revenue Service (FCT-IRS) has revealed that failure of organisations, employers of labour or Ministries Departments and Agencies (MDAs) to file their annual tax returns on or before January 31, 2022 will attract penalty of five hundred thousand naira (N500, 000).
The Director of Tax Operations, Mr Malik Tukur, reveal this when he led top management team and staff of the Service to second Day sensitisation road walk show from Connoil Filling Station Jabi-Utako, Abuja.
The Director further hinted that those of the individuals attracts who failed to file their Tax returns on or before March 31, 2022 will attract the fines of fifty thousand Naira (50000).
He warned that FCT-IRS maybe left with no choice, but to begin the enforcement of the tax laws on defaulters.
Mr Malik who emphasized that taxation was essential for the running of Government, said filing of annual returns enhances transparency and accountability.
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“The Employers has the mandate by law to deduct employees tax from sources and remit same to government. They as trying. This area of remittances is were accountability is lacking. For instance,when all employees file their personal income tax return, it will bring accountability and transparency. Come and file annual returns does not mean come and pay tax. Just file your annual returns , you pay tax only when you make profit or earning income,” Tukur said.
According to Mr Tukur, it cost government huge resources to put infrastructure in place as well as the maintainance.
He, therefore encouraged all tax payers, particularly FCT residents to embrace the culture of paying taxes, especially now that the revenue from the nation’s crude oil could no longer cater for the myriad yearnings of the citizenry.
Other areas covered on day 2 tax drive awareness creation include: Jabi Lake Area, through to the popular Berger roundabout, Offices and shops around Wuse Market, zone 3, zone 4 to Bannex Plaza and terminated at the City Park, Wuse 2.
Meanwhile, a renown economist, Aliyu Yusha’u has called on the newly created Economic Planning, Revenue Generation and Public Private Partnership Secretariat in the FCT Administration to evolve new ways towards revamping internal generated revenue, and reducing costs of governance.
Acccording to Yusha’u, “In my own opinion, unless we coordinate economic activities, there is no way we can profer solutions to our budgetary deficiencies, so therefore the creation of that Secretariat is a welcome development.
“First of all, there is need to identify areas of where the Public will capacity and interests, these two things must be put into cognizance.
“Then create an awareness and go ahead to institutionalize the body that can coordinate investors within the city, Nigeria and outside the country. You also have to look at the challenges of the city, identify the basic challenges of the city.
“One of the basic challenges in FCT, is deficient transportation system, the residents, especially those at the suburb depends on transportation system.
“The new Secretariat has to find a way to make the transport system standard and look for investors both within and outside Nigeria,” he said.
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