The Federal Capital Territory Internal Revenue Service (FCT-IRS) said it has generated over N203.1 billion in 2023, an increase of about N79.1 billion over the N124 billion it realised in 2022.
Acting executive chairman of the Service, Mr Haruna Abdullahi, disclosed this at a news conference Wednesday in Abuja, saying the Service projects to generate N250 billion in 2024.
“The tax revenue collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022, indicating over 270% growth.
“At this point, I would like to inform the general public that as at 19th December 2023, the FCT-IRS for the first time since its inception in 2015, has exceeded the N200 billion mark by generating the sum of N203, 147,090,410.5 as annual revenue for the year 2023. This is a huge milestone for the Service and it represents about 63.34% increase in collection from the preceding year.
“For the year 2024, FCT-IRS has a target of N250 billion; we are determined and optimistic that we will realise and surpass that, with the committed and dedicated staff of the Service, support from the FCT Administration, the National Assembly and other key stakeholders especially our esteemed taxpayers, it is achievable and the task ahead is surmountable”.
He also revealed that the taxpayer base of the FCT has grown from about 543,969 for individuals and 284,746 for non-individuals in 2015 to 1,108,162 for individuals and 389,981 for non-individuals in 2023.
“In collaboration with other sister agencies in the FCT, the FCT-IRS has commenced enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended) and Section 31 of the FCT IRS Act, 2015 for MDAs, FCT SDAs, Commercial Banks, and other Corporate bodies to demand and verify TCC as precondition for rendering services in FCT,” he stated.
According to him, the Service has invested in modern working tools such as hardware and software, adding that the processes of registration, payment, receipting, assessment, Tax Clearance Certificate (TCC) issuance, filing of returns, TCC verification, and generation of withholding tax credit note have all been automated.
“In order to encourage voluntary compliance and to allow taxpayers perform their tax obligations at the comfort of their homes or offices, the FCT-IRS Self Service portal (www.fctirs.gov.ng) enables Taxpayers to perform functions such as; request for Taxpayer Identification Number (TIN), file annual returns, make payment and request for TCC.
“As part of our efforts to ensure compliance with filing of returns, the Service will in accordance with the tax laws apply penalty for non-filing of annual returns by 31st January of every year for employers and 31st March of every year for individuals. A comprehensive reassessment of returns will be intensified, which will be followed by constant monitoring and compliance exercises,” he said.