Nyesim Wike, the Minister of the Federal Capital Territory, has endorsed a draft property tax regulation for the city.
This development means that property owners in Abuja would start paying tax on their properties.
The FCT-Internal Revenue Service is reported to have begun the implementation of Capital Gains Tax in the FCT, as mandated in the Capital Gains Tax Act 2004.
The Capital Gains Tax stipulates the payment of 10% tax on the total amount of chargeable gains resulting to any person on the ejection of chargeable assets in a year of evaluation.
The Executive Chairman, FCT-IRS, Haruna Abdullahi, had made this revelation when he spoke to journalists in Abuja on Sunday, November 12.
According to Abdullahi, the minister had given to go ahead signal, for some key initiatives to boost revenue for the Federal Capital Territory.
In his words:
“The FCT-IRS Act authorizes the minister to come up with a property tax regulation for the FCT. We had a lengthy conversation and we proposed it to the minister, and he asked us to come up with a draft regulation. Afterwards, he approved the initiative.”
