Abuja rich residents to pay more as FCT-IRS creates special tax unit

High-net-worth residents of the Federal Capital Territory would how have a specially designated tax unit at the FCT-Internal Revenue Service.

Michael Ango, the acting executive chairman of the FCT-IRS said the service has created a dedicated unit to tax over 10,000 rich residents of the FCT.

In a circular issued on Sunday in Abuja, Ango said the initiative is aimed am boosting revenue generation in the FCT.

According to Ango, the new unit would focus on assessing and collecting income and other taxes.

The unit will also oversee the compliance and enforcement of high net-worth individuals’ tax obligations in the FCT.

Stating the new unit would also interface with various agencies – both government and private – the FCT-IRS chair said the HNI is any individual whether in paid employment, self-employed, carrying on business or having a passive annual income of N25 million and above in any financial year.