FCT-IRS achieves remarkable growth, collects N126.54bn in first half of 2024

FAVOUR ISHEMBER,  Abuja

 

The Federal Capital Internal Revenue Service (FCT-IRS) has announced a significant increase in revenue collection, with N126.54 billion collected and remitted between January and June 2024.

 

This represents a 53.5% increase from the N82.46 billion collected in the same period in 2023 and a 119.7% increase from the N57.59 billion collected in the first half of 2022.

 

Acting Executive Chairman, Mr. Haruna Abdullahi, attributed the growth to the service’s commitment to leveraging technology and building a functional e-service portal.

 

“This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation.”

 

He also praised the high compliance rate of taxpayers in the FCT and urged continued voluntary compliance.

 

The FCT-IRS has commenced an enforcement drive to tackle tax evasion and ensure revenue collection. Non-compliant businesses have been sealed, and legal actions taken to recover tax liabilities.

 

“We also owe this accomplishment to the high compliance rate of taxpayers in the FCT.

 

“We, therefore, urged everyone to continue choosing voluntary compliance over compulsion,” he said.

 

Abdullahi highlighted the service’s investment in technological advancements for seamless revenue collection and its critical role in stabilizing the economy during challenges.

 

“We are currently optimising and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency.

 

“This will enable us to build a more resilient tax system that will enhance revenue generation while making the tax paying process seamless for our taxpayers,” he said.

 

He commended the Minister of the FCT, Mr. Nyesom Wike, for his leadership and support, and expressed the service’s commitment to surpassing the N500 billion 2024 revenue target.

 

Abdullahi encouraged taxpayers to prioritize compliance, emphasizing its importance in development and nation-building.

 

“We encourage all taxpayers in the FCT to prioritise tax compliance, describing it as a crucial aspect of development and nation-building.

 

“By fulfilling your tax obligations, you contribute directly to the growth and prosperity of the FCT and the nation at large,” he said.

 

For a better society

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