A proposed property tax law for the city has received approval from Nyesom Wike, the Minister of the Federal Capital Territory.
Property owners in Abuja will have to begin paying property taxes as a result of the change.
According to the Capital Gains Tax Act of 2004, the FCT’s Internal Revenue Service is credited with starting the implementation of capital gains tax in the territory.
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The Capital Gains Tax requires that 10% of all chargeable gains that are accumulated by an individual upon the sale of chargeable assets within a year of assessment be paid in tax.
This revelation was revealed by FCT-IRS Executive Chairman Haruna Abdullahi during a Sunday speech to reporters in Abuja.
According to Abdullahi, the minister has given the go-ahead for a few significant projects that will increase FCT earnings.
“The minister has approved some huge initiatives in the last three weeks that will definitely change the dynamics in terms of the bottom line,” the man stated. We recently sent the minister a draft proposal for the FCT property tax policy.
The minister is authorized by the FCT-IRS Act to develop property tax regulations for the FCT. After a lengthy discussion, we recommended it to the minister, who requested us to prepare a regulation. We complied, and he gave his approval to the idea.
Since the FCT-IRS completed the draft, we are reviewing it as part of an interagency partnership. However, additional stakeholders are required. He therefore gave his approval to the effort to evaluate the text now and return later.
At the end of the day, he will sign the regulation after it has been gazetted and put into effect. Thus, that should indicate to you that the city’s IGR is seeing a significant boost in profitability.