Property owners in Abuja should get ready to start paying taxes on their properties as the Minister of the Federal Capital Territory, Nyesom Wike, has approved a draft property tax regulation for the city.
It was gathered that the FCT-Internal Revenue Service had commenced the implementation of Capital Gains Tax in Abuja, as stipulated in the Capital Gains Tax Act 2004.
The CGT imposes a tax of 10 percent on the total amount of chargeable gains (after making allowable deductions from the computation of such gains) accruing to any person on the disposal of chargeable assets in a year of assessment.
The Executive Chairman, FCT-IRS, Haruna Abdullahi, who disclosed this to journalists in Abuja on Sunday, also stated that the capital city’s revenue service had been able to grow its Internally Generated Revenue to about N140bn.
