Connect with us

Headlines

IGR: FCTA inaugurates tax implementation committee

Published

on

IGR: FCTA inaugurates tax implementation committee

IGR: FCTA inaugurates tax implementation committee

The Federal Capital Territory Administration (FCTA) has inaugurated a Capital Gain Tax (CGT) Implementation Committee to boost Internally Generated Revenue (IGR) in the territory.

Mr Chinedum Kelechi, the Mandate Secretary, Economic Planning, Revenue Generation and Public Private Partnership, FCTA, inaugurated the committee in Abuja on Tuesday.

The News Agency of Nigeria (NAN) reports that the committee would be chaired by the Executive Chairman, FCT-IRS, while the Director, Tax Operations, FCT-IRS would serve as secretary.

Other members of the committee include the Solicitor General; the Director of Land Department; the Director of Development Control; the Director of Abuja Geographic Information System; and the Chairman of the Nigerian Bar Association (NBA).

Kelechi explained that the committee became necessary following FCT Minister Nyesom Wike’s approval for the implementation of the CGT Act, Cap. CI LFN 2004.

“The Act imposes a CGT tax rate of 10 per cent on the total amount of chargeable gains accruable to any person upon disposal of his or her chargeable asset.

“Or assets in a year of assessment after deduction of the allowable expenses from the gains made on the asset’s disposal.

Read Also: Nigerian Senate faults IGR profile of institutions in agric sector

“This is to be remitted to the FCT Internal Revenue Service (FCT-IRS) as required by the extant law,” he said.

He added that Wike had equally approved inter-agency collaboration and synergy between the FCT-IRS and other relevant agencies to ensure smooth implementation of the CGT Act.

The mandate secretary said that the committee would conduct comprehensive awareness and education campaigns to improve citizens’ understanding.

He also said that the committee would conduct regular stakeholder engagement through business associations, chambers of commerce, NBA and other relevant organisations.

He added that the committee would monitor transactions across stakeholders, and agencies as well as enforce the CGT implementation in accordance with extant laws.

Kelechi urged members of the committee to collaborate with the judiciary to handle cases of severe non-compliance or fraud as well as establish a transparent dispute resolution mechanism among others.

Earlier, the acting Executive Chairman of FCT-IRS, Mr Haruna Abdullahi, said that the CGT was part of taxes that FCT-IRS was empowered by law to collect.

Abdullahi decried the situation where the collection of the CGT due to FCT was less than five per cent.

He commended Wike for bringing relevant stakeholders together to work with FCT-IRS to enhance the revenue in the territory.

(NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Kano inaugurates 14-member committee to review education policies

Published

on

The Kano State Government has inaugurated a 14-member committee tasked with reviewing existing education policies in the state.

Inaugurating the committee on Thursday in Kano, the Commissioner for Education, Dr Ali Makoda, said that the committee was constituted by the Kano State Executive Council to assess the state’s education policies.

“This committee was originally scheduled to be inaugurated by the governor, but due to prior engagements, he has delegated the responsibility to me so that we can begin our work immediately,” Makoda stated.

The Commissioner outlined the committee’s terms of reference, which include reviewing the four existing education policies in the state to assess whether they align with the cultural and religious beliefs of the people.

“Evaluating the feasibility of implementing the policies, and making recommendations to strengthen the state’s education system.”

He noted that the four policies to be reviewed include the Kano State Girls’ Education Policy, Kano State Gender Equity and Social Inclusion Policy, Kano State Non-State School Policy, and Kano State Teacher Development Policy.

Makoda announced that the committee has been given three weeks to submit its report, and urged the members to leverage their expertise to produce recommendations that would enhance the state’s education sector.

In his response, the committee chairman, Malam Abdullahi Dutse, assured the commissioner of the committee’s commitment to work collaboratively to meet the expectations placed on them.

“Considering the diverse expertise of the committee members, I believe the government has selected individuals with the right skills to address the challenges facing education in the state. We will work diligently to provide the necessary report,” he said.

The committee’s members include Malam Abdullahi Dutse (Chairman), Prof Abdallah Uba -Adamu, Habibu Dan Almajiri, Alhaji Danlami Garba, Kano State Commissioner for Women, Children, and Disabled Affairs Hajiya Amina Abdullahi, and Isa Ahmad.

Other members are Prof Tijjani Naniya, Malam Kabiru Hanga, Munzali Mustapha, Prof Auwal Halliru Arzai, and Dr Bashir Aliyu -Umar.

The remaining include the representatives of the Emirate Council and Civil Society Organizations, and Ibrahim Bawa, Director of Archives and Publications, who will serve as Secretary of the committee.

Continue Reading

Headlines

U.S commends Nigeria over Galactica funds repatriation efforts

Published

on

The U.S. Deputy-Secretary of State, Kurt Campbell, has extolled Nigeria’s partnership in the successful repatriation of funds linked to forfeited luxury real estate and Galactica Star Superyacht. (more…)

Continue Reading

Headlines

Tinubu congratulates Nigerian scientists, engineers on making Biden’s honour list

Published

on

Tinubu commiserates with Rashidi Ladoja over wife’s death

President Bola Tinubu has congratulated six Nigerians named by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States.

This recognition, established by former President Bill Clinton in 1996, is the highest honour bestowed by the United States government on outstanding scientists and engineers in the early stages of their careers.

This year’s awardees, announced by Biden on Jan. 14, are employed or funded by 14 participating United States government agencies, Mr Bayo Onanuga, the President’s Spokesman, said in a statement on Thursday in Abuja.

The Nigerian honourees include Azeez Butali, Gilbert Lilly Endowed Professor of Diagnostic Sciences, College of Dentistry, University of Iowa; and Ijeoma Opara, Associate Professor of Public Health (Social and Behavioral Sciences), Yale School of Public Health, Yale University.

Others are: Oluwatomi Akindele, Postdoctoral researcher at Lawrence Livermore National Laboratory; and Eno Ebong, Associate Professor of Chemical Engineering, Bioengineering, and Biology at Northeastern University;

The rest are: Oluwasanmi Koyejo, Assistant Professor of Computer Science at Stanford University; and Abidemi Ajiboye, Executive vice Chair of the Case School of Engineering, Department of Biomedical Engineering, and Case Western Reserve University.

Tinubu commended the awardees for their achievements in science, technology and engineering.

He noted that recognising the talents of the awardees underscored Nigerians’ vast potential to excel both at home and on the global stage.

Tinubu looked forward to the honourees sharing their multidisciplinary expertise to benefit Nigeria’s development efforts under the Renewed Hope Agenda. (more…)

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights