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IGR: FCTA inaugurates tax implementation committee

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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)

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FRSC warns truck drivers against speeding, reckless driving

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Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.

He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.

The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.

He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.

“All these are factors responsible for accident when drivers are not conscious of the driving rules.

“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”

He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.

Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.

He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.

He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024

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Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters

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Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters

Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.

At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”

“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”

Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.

“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.

In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.

As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.

“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.

Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”

While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.

“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.

The contrasting scenes highlighted the nation’s deep political divide on election night.

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Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties

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Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties

President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.

The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.

Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.

Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”

Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.

Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”

The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.

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