The Minister of the Federal Capital Territory, Nyesom Wike, has approved a draft property tax regulation for the city, signaling the commencement of property tax payments for property owners in Abuja.
The FCT-Internal Revenue Service has reportedly initiated the implementation of the Capital Gains Tax in the FCT, in accordance with the provisions of the Capital Gains Tax Act 2004. This tax mandates a ten percent levy on the total chargeable gains arising from the disposal of chargeable assets in a given assessment year.
Haruna Abdullahi, the Executive Chairman of FCT-IRS, shared this information during a conversation with journalists in Abuja on Sunday. Abdullahi revealed that the minister had endorsed significant initiatives aimed at enhancing revenue for the FCT.
He stated, “In the last three weeks, the minister has approved some initiatives that are huge and will certainly change the dynamics in terms of the bottom line. Just the other day, we submitted a draft proposal to the minister for the FCT property tax regulation.”
Abdullahi explained that the FCT-IRS Act empowers the minister to formulate a property tax regulation for the FCT. The minister, after a thorough discussion, requested the submission of a draft regulation, which was subsequently approved. Abdullahi highlighted an ongoing inter-agency collaboration to review the draft involving various stakeholders.
He further explained, “Subsequently at the end of the day, he will sign the regulation and [it] is gazetted and implemented. So that alone should tell you that there is a huge positive impact on the bottom line of the IGR in the city.”