The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced the establishment of a dedicated unit to oversee the taxation of High Net-Worth Individuals (HNIs) within the Federal Capital Territory.
In a circular signed by the Acting Executive Chairman of FCT-IRS, Michael Ango, the new unit will focus on assessing and collecting income and other taxes from HNIs, ensuring compliance, and enforcing tax obligations. It will also coordinate with government agencies and other organizations on issues related to the taxation of HNIs.
Head, Corporate Communications of the service, Mustapha Sumaila in a statement indicated that Mr. Ango spoke at a meeting to unveil the unit where he highlighted the importance of proper identification, profiling, and management of high-net-worth individuals for tax compliance purposes.
He defined HNIs as individuals earning an annual income of N25 million or more, including those in paid employment, self-employment, or earning passive income.
Mr. Ango disclosed that over 10,000 such individuals with combined incomes in trillions of Naira have been identified. The service has already begun issuing notices to these taxpayers and expects voluntary compliance within two weeks.
“For our HNI taxpayers, we believe it is in our mutual interest to comply voluntarily. Otherwise, we will apply the relevant provisions of the law to recover all outstanding liabilities,” he stated.
The Acting Executive Chairman emphasized that enhanced revenue generation is critical to supporting the Federal Capital Territory Administration’s ongoing infrastructure transformation under the leadership of the Honourable Minister of the FCT, Barrister Ezenwo Nyesom Wike.
He reiterated the commitment of the FCT-IRS to ensuring compliance across all tax categories and urged residents to support government efforts by fulfilling their tax obligations.
The establishment of the HNI Unit marks a significant step in the FCT-IRS’s drive to boost revenue and ensure equitable taxation in the Federal Capital Territory.
