- October 24, 2023
- Posted by: admin
- Category: Business, Finance & accounting, Taxation
The Minister of the Federal Capital Territory (FCT), Barr Ezenwo Nyesom Wike, has ordered strict implementation of the Personal Income Tax and the FCT Internal
The Minister of the Federal Capital Territory (FCT), Barr Ezenwo Nyesom Wike, has ordered strict implementation of the Personal Income Tax and the FCT Internal Revenue Service Act 2015 with a view to improving the revenue base of the territory. To this effect, all Ministries, Departments and Agencies (MDAs), commercial banks and FCT Secretariats, Departments and Agencies (SDAs) have been enjoined to ensure strict compliance with the laws, particularly Section 85 of the Personal Income Tax Act (PITA) and Section 31 of the FCT Internal Revenue Service Act 2015.
Both sections provide for demand and verification of Tax Clearance Certificate (TCC) by the MDAs, commercial banks and FCT SDAs before any transaction is allowed
Penalties ranging from N1000,000 fine to three years jail as provided in the acts await defaulters as the new revenue generation exercise takes off.
Mandate Secretary for Economic Planning, Revenue Generation and Public Private Secretariat, Hon Chinedum Elechi, disclosed this at a press conference in Abuja on Monday.