FCT-IRS commits to supporting business Success

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has reaffirmed its dedication to supporting the growth and development of businesses in the territory.
Ango made the promise when he received a delegation from the Abuja Chamber of Commerce and Industry (ACCI) led by the President, Chief Emeka Obegolu who paid him a courtesy visit in Abuja.
Head Corporate Communications, FCT-IRS, Mustapha Sumaila in a statement quoted Ango to have reiterated the interconnectedness of business success and revenue generation, highlighting the FCT-IRS’s role in creating an enabling environment for economic growth.

He noted that the current administration’s focus on improving the ease of doing business aligns with the FCT-IRS’s goals.

He explained that it is a known fact that revenue collection or administration does not exist in a vacuum rather it exists in the context of the larger economy and whatever happens in the economy would certainly have impact on revenue collection adding that when businesses thrive, it would have a positive impact on revenue generation and if businesses are in bad shape, it will also affect the collection.

The FCT-IRS boss noted that the focus of the current administration was to improve the ease of doing business and create a conducive environment for businesses to grow.

“One of the major policy statement that the President made in terms of taxation and revenues, is that we should not tax the seeds, but we should tax the fruits and this demonstrates his commitment to enhance ease of doing business” he stated.

Meanwhile the Acting Executive Chairman disclosed that henceforth the Service would be seen doing more on Corporate Social Responsibility (CSR) to give back to businesses and communities across the territory.

“The FCT-IRS as a tax authority will now be visible in the area of CSR. We can go to the market, plazas and offer assistance by improving their facilities in order to have a conducive environment. In doing this, they will understand that we are not only coming to take from them but to also give to support their businesses”

Ango said the Service under his leadership was mapping out strategies to promote voluntary compliance by the taxpayers adding that, in taxation voluntary compliance was the best form of compliance.

He thanked the ACCI team for the visit and assured them of his support and continued collaboration by the Service to promote business activities in the FCT. The chairman however harped on the need to maximise the relationship to guarantee mutual benefits between the two organisations.

Earlier in his remarks, the President Abuja Chamber of Commerce and Industry (ACCI) Chief Emeka Obegolu, congratulated the FCT-IRS Chairman on his appointment and expressed gratitude for the historical support the Service has rendered, emphasizing the positive impact on business opportunities.

He said “the ACCI as you know is the voice of the private sector in the FCT our major mandate is to advance the ease of doing business in the FCT and advocate for policies of government that will support it. We work with four focal centers in ACCI.
“The first is the national chambers of commerce dispute resolution center, it is a center established within ACCI with mandate to promote effective dispute resolution in commercial disputes. Second is the national chamber of commerce dispute which serves the business community in the FCT and we believe that with the appropriate policies of government it can serve in tax dispute resolution.
“We also have the Abuja trade center with mandate to organize business to business meetings with trade missions, trade fairs and generally to promote commerce within and outside the FCT. We have the BEST center which is the Business Enterpreneurial Skills and Technology center of the ACCI.

“This center serves to train skilled workforce for the business entities in the FCT what we do is to conduct a survey of the needs the workforce needs of FCT businesses and tailor skills training to support those needs and the last center is the policy and advocacy center which is the arm of the ACCI that advocates continuous engagements with legislature and government parastatals to promote ease of doing business”.

Speaking on the upcoming Abuja International Trade Fair starting on 20th of September 2024, with the opening ceremony on the 23rd, the ACCI President sought to deepen collaboration for mutual benefit and strengthen the existing relationship by supporting tax education and advocacy within the territory.

Also present was the Former President of the Chamber a former Attorney-General of the Federation and Minister of Justice, Prince Adetokunbo Kayode who expressed joy at the warm reception from the FCT-IRS acknowledged the critical role of the institution in the development of the FCT.

He eiterated the importance of collaboration and support, proposing that the FCT-IRS becomes a council member of the chamber to enhance cooperation for public welfare and economic growth.

Highlighting the significance of broadening the tax base as a key focus, he buttressed the need for advocacy and outreach, especially towards individuals and small businesses. He also stressed the essential role of tax policies in economic development, emphasising the importance of supporting SMEs for inclusive growth.

“We know you are dealing with individuals and SMEs and I think the government really needs to strengthen the policy of FCT even other state IRS which is the heart and soul of our economic development. We have millions of SMEs and these are people that you deal with too so there is a conjunction there so we assure you of our cooperation” he added.