FCT-IRS generates N203.1bn in 2023, targets N250bn in 2024 – Chairman
The Federal Capital Internal Revenue Service (FCT-IRS) says it has generated N203.1 billion in from January to date and set N250 billion target for 2024.
The acting Executive Chairman of the service, Mr Haruna Abdullahi made this known during the FCT-IRS end-of-year media briefing, in Abuja on Wednesday.
Abdullahi explained that the tax revenue collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022 indicating over 270 per cent growth.
He added that as at Dec. 19, the service has generated N203.1 billion representing a 63.3 per cent increased from the N124 billion generated in 2022.
“I would like to inform the general public that as at Dec. 19, the FCT-IRS for the first time since its inception in 2015, has exceeded the N200 billion mark by generating the sum of N203.1 billion as annual revenue for the year 2023,” he said.
On the N250 billion 2024 target, the acting chairman expressed optimism that it would be realised and possibly surpassed the target.
Abdullahi added that the taxpayer base has equally grown from about 543,969 for individuals and 284,746 for non-individual in 2015 to 1.1 million for individuals and 389,981 for non-individuals in 2023.
He recalled that the Service commenced operation in 2015, with an interim Chairman, Secretary and 12 staff from FCT Administration and only one office located at Kaura District.
He added that currently, the Service has a staff strength of 623 spread across 17 offices within the FCT.
He also said that the FCT-IRS in collaboration with other sister agencies has commenced the enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended).
He equally said that Section 31 of the FCT-IRS Act, 2015 mandating government agencies, commercial banks, and corporate bodies to demand and verify TCC as recondition for rendering services was also being enforced.
He said that Service envisaged a growth stage from January 2024 to December 2028, with an annual revenue target of N500 billion.
To actualize the target, the acting chairman said that the Service would optimise the current revenue streams, operationalise non-performing tax types and strategic tax audit of individuals and non-individuals.
“The Service also intends to improve the taxpayer base through tax education, town hall meetings, media engagements, inter-agency collaboration within FCT Secretariat, Departments and Agencies and other key stakeholders.
“Some of the stakeholders include the Federal Inland Revenue Service, Joint Tax Board, tax practitioners, development partners and other professional bodies among others,” he said.
