The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has given the green light to a draft of property tax regulation aimed at compelling property owners in Abuja to contribute to the city’s revenue. This decision aligns with broader efforts to enhance financial sustainability in the FCT.
The FCT-Internal Revenue Service has promptly acted on this directive, initiating the implementation of the Capital Gains Tax (CGT) in Abuja. Governed by the Capital Gains Tax Act of 2004, this tax imposes a rate of 10 percent on the total chargeable gains, factoring in allowable deductions. The tax is applicable to individuals on the disposal of chargeable assets in a given assessment year.
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Haruna Abdullahi, the Executive Chairman of the FCT-IRS, revealed these developments to the press in Abuja on Sunday. He highlighted that Wike’s approval of key initiatives underscores a commitment to ensuring the success of tax regulation and payment processes in Abuja.
