FCT IRS Generates N126.54bn From January to June
The Federal Capital Internal Revenue Service (FCT-IRS), has collected and remitted N126.54 billion from January to June 2024.
The acting Executive Chairman, Mr Haruna Abdullahi, made this known during the FCT-IRS mid-year news conference in Abuja on Monday.
The executive chairman was represented at the event the Director Tax Operations, Mrs Chioma Anohu-Ndu.
He said that the figure was 53.5 per cent higher that the N82.46 billion collected in the first half of 2023.
He added that the N126.54 billion was also 119.7 per cent higher than the N57.59 billion collected in the half year of 2022.
This, according to him, is an indication of a year-on-year growth.
“This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation.”
Abdullahi pointed out that the FCT-IRS achieved these impressive results within six months in spite of economic challenges.
He attributed the successes to the service’s resolve to leverage technology and build one of the most functional e-service portals in the revenue sector.
“We also owe this accomplishment to the high compliance rate of taxpayers in the FCT.
“We, therefore, urged everyone to continue choosing voluntary compliance over compulsion,” he said.
On enforcement, the executive chairman said that the revenue service has commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT.
He added that non-compliant businesses have been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.
Abdullahi said that FCT-IRS was investing in technological advancements for seamless revenue collection in the FCT.
“We are currently optimising and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency.
“This will enable us to build a more resilient tax system that will enhance revenue generation while making the tax paying process seamless for our taxpayers,” he said.
He said that FCT-IRS plays a critical role in stabilising the economy during economic challenges by generating revenue for the government to fund essential public services.
“Key expectations include maximising tax collection to increase government revenue and ensuring efficient tax administration by streamlining tax processes, reducing bureaucracy, and combating tax evasion and fraud while educating and enlightening taxpayers.
“The service is also committed to aligning with Federal Government tax policy reforms aimed at stimulating economic growth.
“The service is also dedicated to engaging with taxpayers, businesses, and other stakeholders to understand their challenges to continuously develop solutions that will enhance tax compliance and eliminate tax evasion,” he added.
He commended the Minister of the FCT, Mr Nyesom Wike for his exemplary leadership, support, and commitment to boosting revenue generation in the FCT.
The FCT-IRS boss said that the service was working tirelessly to surpass the N500 billion 2024 revenue target, by remaining focused and sustaining the momentum.
“We encourage all taxpayers in the FCT to prioritise tax compliance, describing it as a crucial aspect of development and nation-building.
“By fulfilling your tax obligations, you contribute directly to the growth and prosperity of the FCT and the nation at large,” he said. #FCT IRS Generates N126.54bn From January to June
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