FCT-IRS rakes in N43Bn In January

The Federal Capital Territory Internal Revenue Service (FCT-IRS) says it has generated ₦43 billion from taxes in January, 2025 alone.

Acting Executive Chairman of the Service, Michael Ango, stated this during a roadshow sensitization exercise on compliance with tax obligation.

He also noted that the FCT-IRS was on track towards achieving similar feat this month.

According to him, sources of taxation for the Service includes personal income tax, capital gain taxes, stamp duties from, property taxes, and entertainment tax, which he said was its main focus this year.

The FCT-IRS Chairman recalled that about ₦262 billion was collected by the Service last year as against the set target of about ₦250 billion, even as he stated this year’s target was yet to be set by the FCT Administration and the National Assembly.Stressing that the numerous projects being executed by the FCT Minister, Nyesom Wike, were possible because of taxation.

Ango charged the residents to always file their taxes return as at when due.

He stated that the first filing deadline for the year was 31st of January, while the second deadline would take another 30 days.

Ango, while commending some companies for compliance, however, warned that defaulting ones would soon be served appropriate notices, even as recommendation letters would be given to performing firms and individuals.

“We are going to write them a letter and commend them. And for those who did not file, we are also going to write them a letter, but this is not a letter of commendation. We are going to be sending out penalties for non-compliance, and then giving them a chance to comply,” he said.

“We have another deadline coming up in another 30 days or so, which is the individual annual returns. The law mandates every person, whether in employment or not, to file their annual income tax returns by the 1st of March, every year. And this is one of the things that we hope this roadshow will be able to achieve”, he restated.

Ango said that the FCT-IRS would expand into new areas and establish kiosks to widen its tax base and carry out enforcement of tax laws against non-compliance.

Noting that many hotels have complied with many taxes, he decried poor compliance with entertainment tax, urging them to also comply with it.

He revealed that penalty for non-complinace was ₦500, 000; adding letters would soon be sent out to those who defaulted to pay.