Abuja property owners to face new tax regime as Wike approves property tax implementation

The Federal Capital Territory Minister, Nyesom Wike, has given the green light to a proposed property tax regulation for the city.

This move indicates that property owners in Abuja will soon be obligated to pay property taxes.

Reports suggest that the FCT-Internal Revenue Service has begun enforcing the Capital Gains Tax in accordance with the Capital Gains Tax Act of 2004.

The Capital Gains Tax demands a ten percent tax on the total chargeable gains accrued by any individual upon the disposal of chargeable assets in a given assessment year.

Haruna Abdullahi, the Executive Chairman of FCT-IRS, revealed this during discussions with journalists in Abuja on Sunday.

Abdullahi highlighted that the minister had sanctioned significant initiatives to bolster revenue for the FCT.

He remarked, “In recent weeks, the minister has approved substantial initiatives that are poised to significantly impact the financial outcomes. We recently submitted a proposal for the FCT property tax regulation to the minister.”

“The FCT-IRS Act empowers the minister to establish a property tax regulation for the FCT. We engaged in extensive discussions and proposed the draft to the minister, who subsequently approved the initiative after reviewing it.”

“We’re now engaging in an inter-agency collaboration to refine the draft, recognizing that the input from various stakeholders is imperative. Upon completion, the minister will sign and gazette the regulation for implementation. This development alone indicates a substantial positive impact on the city’s revenue.”